Wednesday, May 17, 2017

Small Business Week Reminder:

Small Business Week Reminder: Startups Can Choose New Option for Claiming Research Credit

WASHINGTON –Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service. During National Small Business Week—April 30 to May 6—the IRS is highlighting tax benefits and resources designed to help new and existing small businesses.

Thursday, May 11, 2017

IRS Offers Tips for Disaster Preparedness

IRS Offers Tips for Disaster Preparedness

Hurricane Preparedness Week is May 7-13. The IRS wants to remind taxpayers to prepare for hurricanes and other natural disasters now. By taking a few steps before disaster strikes, taxpayers can reduce their stress when it comes time to file claims or rebuild after the catastrophic event.
Here are some things to consider:

  • Update Emergency Plans -- Because a disaster can strike any time, be sure to review emergency plans annually. Personal and business situations change over time, as do preparedness needs. Make plans ahead of time and be sure to practice them.

Tax-Exempt Organizations Must File by May 15

Many Tax-Exempt Organizations Must File by May 15; Do Not Include Social Security Numbers or Personal Data

WASHINGTON — The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline for Form 990-series information returns in mid-May.
With the May 15 filing deadline fast approaching, the IRS cautions these groups not to include Social Security numbers or other unnecessary personal information on their Form 990. The agency also asks them to consider taking advantage of the speed and convenience of electronic filing.
Form 990-series information returns and notices are due on the 15th day of the fifth month after an organization’s tax-year ends. Many organizations use the calendar year as their tax year, making May 15 the deadline to file for 2016.