For Small Business Week, IRS Features Series of Webinars for Entrepreneurs

WASHINGTON — The Internal Revenue Service is marking National Small Business Week, May 1 to 7, by encouraging small business owners and self-employed individuals to check out several products to help them understand and meet their tax obligations.

The products include a series of educational webinars to help them not only be tax compliant, but also to help their businesses thrive. The webinars start at 2 p.m. Eastern (11 a.m., Pacific; noon, Mountain; 1 p.m., Central). Each webinar topic has a tax tip or fact sheet with more information:

• Tax Tips for your New Business, May 2 Register at https://www.webcaster4.com/Webcast/Page/445/14468 IRS Tax Tips for Starting a Business
• Staying Afloat: Planning for Emergencies Before they Happen, May 3 Register at https://www.webcaster4.com/Webcast/Page/445/14492 Look to the IRS for Tax Help in the Event of a Disaster
• Worker Classification: Employee or Independent Contractor? (in Spanish), May 4 Register at https://www.webcaster4.com/Webcast/Page/445/14546 Payments to Independent Contractors
• Tip Reporting and Tips vs. Service Charges, May 5 Register at https://www.webcaster4.com/Webcast/Page/445/14436 Tips Versus Services Charges: How to Report

Other Small Business Products

• The IRS video portal contains video and audio presentations on a variety of topics of interest to small businesses.
• The IRS YouTube video channel also offers videos for small businesses including:
• IRS Tax Calendar
• Audits by Mail – What to Do?
• Simplified Home Office Deduction
• The Small Business and Self-Employed Tax Center  is a complete online resource featuring links to a variety of useful tools, including Small Business Taxes: The Virtual Workshop, a downloadable tax calendar and common forms and their instructions. The Center provides help on everything from how to get an Employer Identification Number online to how to engage with the IRS during an audit.
• The Self-Employed Individuals Tax Center is for sole proprietors and others who are in business for themselves. This site has many useful tips and references to the tax rules that a self-employed person may need to know.
• The Online Learning and Educational Products page has tools to help taxpayers learn about taxes on their own time, and at their own pace. For example, the IRS Tax Calendar for Businesses and Self-Employed has important tax dates for businesses. Download the Calendar Connector tool to get the dates even when offline.
• e-News for Small Businesses is a free electronic mail service providing tax information for small business owners and self-employed individuals.
• SSA/IRS Reporter is a quarterly, online-only publication for businesses, payroll professionals and others who deal with payroll taxes and employee issues.

Do some or all of your employees lack access to a retirement savings plan? You can help them get started saving for retirement with myRA, a simple, safe and affordable retirement savings option from the U.S. Treasury. Learn more here: https://myra.gov/employers/

Reminder for Employers and Providers: File Health Coverage Information Returns

If you are a self-insured employer, applicable large employer or health coverage provider, remember that the deadlines to file information returns with the IRS are approaching. The deadline to provide information returns to employees or responsible individuals was March 31 but for some the deadline to file them with the IRS just over one month away.

This chart provides a reminder about the upcoming filing requirements and the 2016 deadlines.

Action	Reporting Due Dates in 2016 for…
	Applicable Large Employers – Including Those That Are Self-Insured	Self-insured Employers That Are Not Applicable Large Employers	Coverage Providers – Other Than Self-Insured Applicable Large Employers*
File 1094-B and  1095-B with the IRS	Not Applicable **	Paper: May 31 E-file: June 30*	Paper: May 31 E-file: June 30*
File 1095-C and 1094-C with the IRS	Paper: May 31 E-file: June 30*	Not Applicable **	Not Applicable **

*If you file 250 or more Forms 1095-B or Forms 1095-C, you must electronically file them with the IRS. Electronically filing ACA information returns requires an application process separate from other electronic filing systems. Additional information about electronic filing of ACA Information Returns is on the Affordable Care Act Information Reporting (AIR) Program page on IRS.gov and in Publications 5164 and 5165.

**Applicable large employers that provide employer-sponsored self-insured health coverage to non-employees may use either Forms 1095-B or Form 1095-C to report coverage for those individuals and other family members.

This chart applies only for reporting in 2016 for coverage in 2015.  In future years, the due dates will be different; see IRS Notice 2016-04 for information about these dates.

Now is a Good Time to Plan for Next Year’s Taxes

You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find.  Here are some IRS tips to give you a leg up on next year’s taxes:

• Take action when life changes occur.  Some life events can change the amount of tax you owe. Examples  include a change in marital status or the birth of a child. When these happen, you may need to change the amount of tax withheld from your pay. To do that, file a new Form W-4, Employee's Withholding Allowance Certificate, with your employer. Use the IRS Withholding Calculator tool on IRS.gov to help you fill out the form.
• Report changes in circumstances to the Health Insurance Marketplace.  If you enroll in insurance coverage through the Health Insurance Marketplace for  2016 coverage, you should report changes in circumstances to the Marketplace when they happen. Report events such as changes in your income or family size. Doing so will help you avoid getting too much or too little financial assistance.
• Keep records safe.  Print and keep a copy of your 2015 tax return and supporting records together in a safe place. This includes  W-2 Forms, Forms 1099, bank records and records of your family’s health care insurance coverage. If you ever need your tax return or records, it will be easier for you to get them. For example, you may need a copy of your tax return if you apply for a home loan or financial aid for college. You should use your tax return as a guide when you do your taxes next year.
• Stay organized.  Make tax time easier. Have your family put tax records in the same place during the year. That way you won’t have to search for misplaced records when you file next year.
• Shop for a tax preparer.  If you want to hire a tax preparer to help you with tax planning, start your search now. Choose your tax preparer wisely. Use the Directory of Tax Return Preparers tool on IRS.gov to find tax preparers in your area with the credentials and qualifications that you prefer.
• Think about itemizing.  You may be able to lower your taxes if you itemize deductions instead of taking the standard deduction. Owning a home, paying medical expenses and qualified donations to charity could mean more tax savings. See the instructions for Schedule A, Itemized Deductions, for a list of deductions.
• Stay informed.  Subscribe to IRS Tax Tips to get emails about tax law changes, how to save money and much more. You can also get Tax Tips on IRS.gov or IRS2Go, the IRS mobile app. You’ll receive Tips each weekday in the tax filing season and three days a week in summer. You will also get Special Edition Tax Tips at other times during the year.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

Additional IRS Resources:

• Publication 505, Tax Withholding and Estimated Tax
• Publication 5152, Report changes to the Marketplace as they happen
• Publication 17, Your Federal Income Tax, see Chapter 1, “What Records Should I Keep?”