Small Business

Tax pros: Follow the “Security Six” steps to help protect taxpayer data

2019, Individual, Small Business / By

IRS Tax Tip 2019-117, August 27, 2019 Tax professionals should review security steps to make sure they are fully protecting sensitive taxpayer data. All tax pros should give their data safeguards a thorough review. Part of this review is following the “Security Six” protections. Here is more info about these basic protections that everyone – …

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Employers who provide leave might qualify to claim valuable credit

2019, Small Business / By

IRS Tax Reform Tax Tip 2019-115, August 22, 2018 Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It’s called the employer credit for family and medical leave. Here are some facts about the credit to help employers find out if …

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IRS Video Portal features tax info for small businesses and employers

2019, Small Business / By

IRS Tax Tip 2019-113, August 20, 2019 Small business owners and others with tax questions can check out the IRS Video Portal to get more information on a wide range of topics. Taxpayers can visit the site to find videos and recorded webinars on topics such as: Starting a business Tips for new businesses Business taxes for …

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Business owners may be able to benefit from the home office deduction

2019, Individual, Small Business / By

IRS Tax Tip 2019-104, August 5, 2019 Taxpayers who use their home for business may be eligible to claim a home office deduction. It allows qualifying taxpayers to deduct certain home expenses on their tax return. This can reduce the amount of the taxpayer’s taxable income. Here are some things to help taxpayers understand the home office deduction …

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Tips to help organizations understand the tax-exempt application process

2019, Small Business / By

IRS Tax Tip 2019-92, July 15, 2019 Organizations that want to apply for tax-exempt status under Section 501(c)(3) of the tax code use a Form 1023-series application. Here are some things organizations should know to help them understand the process: The application must be complete. It must also include the user fee. The application process on IRS.gov includes …

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Here’s what taxpayers should know if they get a notice from the IRS

2019, Individual, Small Business / By

IRS Tax Tip 2019-78, June 18, 2019 Certain taxpayers might get a letter from the IRS this year. It’s called an IRS Notice CP 2000. It gives detailed information about issues the IRS identified. The IRS sends this notice when information from a third party doesn’t match the information the taxpayer reported on their tax …

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Got tip income? Here are some tips about tips from the IRS

2019, Individual, Small Business / By

IRS Tax Tip 2019-71, June 5, 2019 Aside from regular wages, many taxpayers have jobs where they get tips from their clients or customers.  Generally, income received as a tip is taxable. Here’s some information to help taxpayers correctly report the income they receive as a tip: Use the Interactive Tax Assistant. This tool on IRS.gov …

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Tips for taxpayers who may need to amend their tax return

2019, Individual, Small Business / By

IRS Tax Tip 2019-70, June 4, 2019 Although the IRS often finds and corrects errors during processing, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Here are some quick tips for anyone who discovered they made a mistake or forgot to include something on their tax …

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