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News from Seattle's Office of Economic Development

IRS Hosting Workshops for Small Business

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The IRS has released their latest list of events and resources that provide small business with current information about tax policy essential to keeping business finance procedure up to date. Check out what they are offering.

Understanding the Affordable Care Act and Washington State’s Health Benefit Exchange

The Affordable Care Act (ACA) is moving closer to full implementation. Washington State has chosen to establish a Health Benefit Exchange, a marketplace where individuals and businesses can shop for insurance plans. The business marketplace is called SHOP (Small Business Health Options Program). The SHOP is for companies with fewer than 50 employees and opens on October 1, 2013. Enrollment for individuals opens October 1, 2013 and ends March 31, 2014. This is a good opportunity to learn about significant changes to health care delivery and what they mean for business and employees.

When: Monday, August 5 — 9:00 a.m. to 11 a.m.

Where: Environmental Services Building, 9850 64th Street W., University Place, WA 98467

Register Online or call Hans Kueck at: 253.798.2335

New Business Tax Workshops – Washington State Department of Revenue

Learn the basics of Washington State taxes. This free workshop will help explain tax reporting responsibilities. Tax reporting classifications, deductions, sales tax collection, and record keeping requirements will be discussed. There will be an opportunity to ask questions regarding taxes that apply specifically to individual business. To find out when the next workshop will be held in your area, and to register, click here.

Can’t attend a workshop in person? Watch an online workshop or tutorial.

Tips for Employers Who Outsource Payroll Duties

Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities.  Though most of these businesses provide very good service, there are, unfortunately, some who do not have their clients’ best interests at heart. Over the past few months, a number of these individuals and companies around the country have been prosecuted for stealing funds intended for the payment of payroll taxes. Examples of these successful prosecutions can be found on IRS.gov.

Like employers who handle their own payroll duties, employers who outsource this function are still legally responsible for any and all payroll taxes due.  For an overview of how the duties and obligations of agents, reporting agents and payroll service providers differ from one another, see the Third Party Arrangement Chart on IRS.gov. The full article lists some steps employers can take to protect themselves from unscrupulous third-party payers.

Here are some steps employers can take to protect themselves from unscrupulous third-party payers.

IRS Has Updated Online Small Business Tax Workshop

The Internal Revenue Service has updated one of its most popular tools, the virtual small business tax workshop. We’ve also renamed it … Small Business Taxes: The Virtual Workshop.  The online workshop now has updated content, enhanced navigation, interactive features and a completely new look and feel.  The nine interactive lessons still provide training for small business owners who want to learn about their tax rights and responsibilities.

View Small Business Taxes: The Virtual Workshop

Get All the Tax Benefits You Deserve

Find out if you are taking out all the deductions you’re entitled to,  and what business tax credits you’re eligible for.  Watch this one hour webinar and find out!

 

 

 

New Withholding Guidelines for Employers in 2013

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Employers should take note; the IRS has released new 2013 guidelines for withholding.

The guidelines have updated income-tax withholding tables as well as pertinent information for implementing the changes. In addition, employers should also begin withholding Social Security tax at the rate of 6.2 percent, as the two-year payroll tax cut for 2011 and 2012 has drawn to a close.

The IRS has said that employers should be using the updated withholding tables no later than February 15.

The IRS announcement of the new guidelines is here.

The new guidelines enacted by the IRS are available in Notice 1036.

Order the IRS’s Small Business Calendars to stay on top of 2012’s tax deadlines for your business

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The 2012 IRS Tax Calendar for Small Businesses is a resource for taxpayers who own small businesses or are self-employed. It has the due dates for the current year that most taxpayers will need. It also contains useful information on general business taxes, recordkeeping requirements, electronic filing and payment options, retirement plans, business publications and forms, common tax filing and deposit dates, federal legal holidays and IRS and SSA customer service contacts.

The English version of the 2012 Tax Calendar will be shipped late November, and the Spanish version will be shipped late December. 

If you miss this opportunity to pre-order your calendar supply, you can download a PDF version of the calendar to print or download the calendar information to your Outlook Calendar or ICAL (for the MAC) from the IRS website at:

http://www.irs.gov/businesses/small/article/0,,id=176080,00.html

You may recall that the 2011 calendars became available last November and were completely gone by January.  Expect them to be out of stock even sooner this year, so get your order in today!

For more tax information for businesses, please visit the IRS Business web page:

http://www.irs.gov/businesses/index.html

Free local events to help you with your taxes

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IRS Holds Saturday Open House on March 26 to Help Taxpayers
http://www.irs.gov/newsroom/article/0,,id=236526,00.html
Nearly 100 IRS offices will be open on Saturday, March 26, to help taxpayers. The location of participating offices is listed on IRS.gov.

 On Saturday, March 26, the IRS offices will be open from 9 a.m. to 2 p.m. local time. During the open-house hours, IRS personnel will be available to provide services such as tax return preparation, assist with account questions and help with a variety of other issues. IRS offices in 10 locations will also offer free seminars designed to provide information on new tax laws affecting federal tax returns and detail other services provided by the IRS.

StartZone Tax Preparation Workshop & Tax Center for Self-Employed Individuals
https://startzone.highline.edu/sz/seti.php
FREE Tax Prep Workshop:  Thursday, March 31 — 6-9pm
Highline Community College (2400 S. 240th St ~ Des Moines, WA 98198) , Building 21 Room 105

StartZone offers tax preparation workshops and filing assistance to self-employed individuals in King County with a total combined household income of less than $50,000 who are required to report self-employment income on Schedule C. 

The StartZone Business Tax Center is open every Tuesday and Thursday until April 15th, 4pm – 8pm at Highline Community College – please call for location (206) 878-3710 x3388 (map).  StartZone’s Business Tax Center offers FREE filing assistance to self-employed individuals in King County with total household income of less than $50,000. Eligible individuals will receive assistance from a trained and professionally supervised volunteer who will help complete and file 1040, Schedule C, applications for the Making Work Pay and Earned Income tax credits, and other forms. For more information or to schedule an appointment, contact Nigam Shah, StartZone’s Business Tax Center Manager, by phone at (206) 878-3710, ext. 6510 or by email at nshah@highline.edu

Financial Fitness Day – Saturday April 2
http://www.skcabc.org/fitness_fair/

StartZone will be at the event helping those who are self-employed the opportunity to meet with trained and supervised volunteers who can help you prepare your Schedule C, and help prepare and file your tax returns. Scheduling an appointment to file your taxes is STRONGLY encouraged. Please contact Nigam Shah, StartZone’s Business Tax Center Manager, by phone at (206) 878-3710, ext. 6510 or by email at nshah@highline.edu

Financial Fitness Day is a free event where you can have your tax return prepared; print and analyze a free credit report; consult with a certified financial planner; get advice about opening a small business; and more. Talk to the experts and get moving on improving your finances!  For more information visit: Financial Fitness Day. Registration is strongly encouraged if you need child care or interpretation services so you may be better served.
Saturday, April 2nd — 10am-3pm
Rainer Community Center
4600 38th Avenue S, Seattle

Small Business Taxes & Bookkeeping for the Small Business Owner – Seattle SBA Education and Training Center
2nd & 4th Thursday of each month – 10:00 am to 11:00 am
Upcoming workshop dates: Mar 24, April 14 & 28
4th & Battery Building – 2401 Fourth Avenue, Suite 450, Seattle

Learn about important information regarding your tax responsibilities as a small business owner, find out what taxes to pay and when they are due. Please pre-register by calling 206-553-2664 or e-mail workshops@sba.gov.

SBA and SCORE also offer a variety of other workshops for small business owners – find out more here: http://www.sba.gov/about-offices-content/2/3157

Seattle SCORE Workshops
http://www.seattlescore.org/ContentFiles/Workshops/ScoreWorkshops.aspx

SCORE offers workshops designed to give you the skills necessary to start your own successful business. 
Apr 6 — Starting a New Business
4th & Battery Building – 2401 Fourth Avenue, Suite 450, Seattle

Employer’s Introduction to L&I Workshops
http://www.lni.wa.gov/Safety/TrainTools/Workshops/Available/EmpOrien/default.asp
This workshop is designed for new businesses or businesses that plan to hire workers for the first time. It explains an employer’s rights and responsibilities and provides an overview of the services and resources available at Labor and Industries.

Mar 30 – Tumwater – 9am – 12 pm
Apr 6 – Tukwila – 9am – 12 pm
Apr 12 – Mt Vernon – 9am – 12 pm
Apr 12 – Spokane – 9am – 12 pm
Apr 19 – Yakima – 9am – 12 pm

Online seminars to help you with your taxes

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Free IRS Webinar – Business Taxes for the Self-Employed: The Basics
http://www.visualwebcaster.com/IRS/77024/reg.asp?id=77024
March 29 — 11 a.m. Pacific/noon Mountain

Go to the link above to register.
Learn about:

  • Reporting profit or loss from a business or profession
  • Self employment tax and estimated tax payments
  • Schedule C and C-EZ
  • Deducting business expenses
  • Husband and wife businesses
  • Recordkeeping

Free IRS Webinar – Easy, Low Cost Ways to Start Your Small Business Retirement Plan
http://www.visualwebcaster.com/IRS/76865/reg.asp?id=76865
April 7 – 11:00 a.m. Pacific

Wondering which retirement plan will work for your small business?

Watch this FREE webinar to learn about easy, low cost ways to start a small business retirement plan. Go to the link above to register.

Tax season made easy with the IRS new social media tools

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Tax season is in full swing, and the IRS would like to share some of their small business web pages and new social media tools to help you keep up with all the latest information.

The IRS has launched IRS2Go, a smartphone application for iPhone and Android that lets you interact with the IRS using your mobile device. If you have an Apple iPhone or iTouch, you can download the free IRS2Go app by visiting the iTunes app store. If you have an Android device, you can visit the Android Marketplace to download the free IRS2Go app. The mobile application allows taxpayers to get their refund status, tax updates and follow the IRS.

Find information and receive tax tips on the following social media platforms:

YouTube ― The IRS has video channels that provide short, informative videos on various tax related topics in English, American Sign Language (ASL) and a variety of foreign languages.

Twitter ― IRS tweets on various tax-related announcements, @IRSnews

IRS Small Business & Self Employed Tax Center
This section offers a broad range of resources across federal and state agencies, as well as industry/profession specific information for self-employed entrepreneurs, employers and businesses. You will also find links to starting and operating a business, employment taxes, tax law changes for business, business-related forms and publications, and online learning options.

IRS Virtual Small Business Tax Workshop
Nine interactive lessons designed to help new small business owners learn their tax rights and responsibilities.

IRS Video Portal
The IRS Video Portal offers video and audio presentations on tax topics for small businesses, individuals and tax professionals.

Industries/Professions
Visit this page for tax information specific to certain industries and professions.

Self-Employed Individuals Tax Center
The basics of tax responsibilities if you are self-employed or an independent contractor.

There is also a small business page/tax center in Spanish:
Información y Recursos para Pequeñas Empresas

IRS.gov has the latest tax news, online tools, research services, guidance and contact information. IRS en Español is available for information in Spanish.

Need help filing taxes for your small business? StartZone and the IRS are here to help

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StartZone is a program that helps women, people of color, immigrants, and persons with disabilities start or grow small businesses in King County. They are currently offering tax preparation workshops and filing assistance to self-employed individuals with a total household income of less than $50,000.

Tax preparation workshops will be held at Highline Community College in Des Moines, WA throughout the tax season. Filers are encouraged to first attend a tax prep workshop where they will get additional information on how to apply for tax filing assistance at the Business Tax Center.

StartZone’s Business Tax Center, a workshop offered every Tuesday and Thursday, will provide free professional filing assistance for self-employed individuals in King County with a total household income of less than $50,000.

Additionally, the next Tax Prep for the Schedule C Filer workshop will be held on March 10 from 6 p.m. – 9 p.m. in the INSCAPE building at 815 Airport Way S, Seattle WA 98134. This three-hour workshop is focused on sole proprietors, but corporate filers and business filers who don’t report income will find this workshop useful as well.

Check out their calendar of events to view workshop dates, times and locations.

Another resource for tax help and preparation is the IRS. Their online tax help website is targeted to small businesses and the self-employed. Here you can study video tutorials, FAQs and various resources to answer all your tax questions.

IRS enhances health insurance tax credit for small businesses

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IRS enhances health insurance tax credit for small businesses
Atlanta Business Chronicle
The Internal Revenue Service has given small businesses additional breaks in its guidance on the new health insurance tax credit. Beginning this year, businesses with fewer than 25 full-time-equivalent employees who make less than $50,000 a year, on average, are eligible for the tax credit.

Developers, restaurateurs find recipe for success 
Daily Journal of Commerce
Across the U.S., restaurant trend forecasters are predicting an increase in casual dining restaurants, with a comfy atmosphere, high-value menu items and fun gourmet twists. Restaurateurs can boost struggling communities by filling vacant commercial space and attracting other tenants. 

Grocers react to proposed measure to open up liquor sales
Seattle Times
Whereas large grocers support the measure to open liquor sales and downsize the state liquor board, small grocers largely oppose Initiative 1100, saying it would be difficult for them to compete against big chains offering low liquor prices.

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As a service to the Seattle business community, the Office of Economic Development curates a daily business news blast, Daily Digest. As a new trial feature on Bottom Line, we’re posting a handful of stories from the Daily Digest every day.  Find the stories informative or helpful? Keep checking Bottom Line or sign up for Daily Digest to receive the full version in your inbox every day. Subscribe to the Daily Digest here.