subject: The IRS Feels Your Pain: The Agency Extends A Helping Hand to Small Businesses [print this page] The IRS Feels Your Pain: The Agency Extends A Helping Hand to Small Businesses
According to one advocacy group, "In the beginning of 2009 many businesses felt as if they were at the brink, not knowing how or if they would survive," In the first three quarters of 2009, small businesses represented nearly 60 % of the total net job losses, with the greatest losses in the first quarter. By the third quarter, that figure fell to one-third. This positive trend has been interpreted as evidence that the federal government's 2009 American Recovery and Reinvestment Act was working. Since then the government has demonstrated an even greater commitment to helping smaller businesses recover by strengthening the relationship between this community and the IRS. Over the past several years the agency has developed a multi-pronged effort aimed at helping business owners-from start-ups to full-fledged businesses-launch and manage their business operations and ventures.
Likewise, the professionals whose responsibility it is to help nurture this relationship-the CPA, enrolled agent and other registered tax preparers-have taken a leading role. EA CPE and tax CPE, continuing education tax courses required by the federal government, routinely devote entire sessions to issues of taxation that apply primarily to small businesses. These courses are not only required to maintain EA certification and the EA license; they ensure tax preparers are well positioned to help smaller businesses at every step of the way, both during tough economic times and on a regular basis.
IRS Guides
With tax season upon us, tax professionals would be well served to review the various guides for small businesses designed by the IRS. These guides are more than a collection of tax tips. They offer a plethora of information on topics-from making key business decisions and selecting a business structure to managing a retirement plan and hiring employees-all with tax ramifications in mind.
Tool Set
Below is a more detailed description of the different components of this tool set for small businesses:
Starting a Business - The IRS guide entitled, "Starting a Business Guide," explains in plain English everything a business owner needs to know to ensure compliance with federal tax law.
Operating a Business - Once up and running, the IRS' "Operating a Business" guide helps businesses meet these obligations while also managing the business and employees.
Closing a Business - The IRS-sponsored guide, "Steps for Closing a Business," offers businesses closing down various checklists and advice for following the right legal steps.
Business Tax Guidance
The IRS' Business Taxes guide helps businesses come to grips with all the necessary tax obligations (income tax, employment tax, estimated taxes, and more), whatever the business type.
Calendar
Each year the IRS offers a print and/or online version of its interactive calendar, the IRS Tax Calendar for Small Businesses and the Self-Employed. This tool is chop full of timely tax and business, highlights a different tax topic each month and includes key tax reminders and instructions.
Business Management Tools
The more advanced IRS Small Business and Self-Employed Tax Center offers a sizable lot of tools and resources to help businesses manage issues of taxation and regulatory matters at all stages of business. These include:
IRS Virtual Small Business Tax Workshop (online training tool)
Retirement Plans Navigator (enabling small employers to find, compare and manage a variety of retirement plan options)
IRS Small Business E-News
To help smaller business keep up with changing tax laws, tax dates and updates on the IRS website, the IRS offers IRS E-News for Small Businesses on a subscription basis.
IRS Circular 230 Disclosure
Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.
Fast Forward Academy is a leading publisher of education for enrolled agent and tax professionals. Access to free questions for the EA CPE is available on their website.
