IRS e-News for Small Businesses

  1.  Expanded penalty relief and installment agreements


An expansion of the Fresh Start initiative provides new penalty relief for the unemployed and raises the dollar threshold for streamlined installment agreements.

IR-2012-31 has more information.

Back to top


  2.  Form 1099-K reporting on tax returns for TY 2011


For the 2011 tax year the IRS is not requiring a separate reporting of payment card and third party network payments from Form 1099-K on tax returns.

Instead, taxpayers should report all gross receipts and sales (including the Form 1099-K amounts) as indicated in the instructions  for the appropriate tax return.


  3.  Small business health care tax credit


A recent news release encourages small employers that provide health insurance coverage to their employees to check out the small business health care tax credit.


  4.  Upcoming phone forum from Employee Plans


IRS is offering a free phone forum, EP Determination Letter Program Updates, on March 30.


  5.  Recent IRS announcements


  • IR-2012-29, Tax Scam Warning: Beware of Phony Refund      Scheme Abusing Popular College Tax Credit; Senior Citizens, Working      Families and Church Members Are Targets
Share

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>