Online Payment Agreements, a brief update. Prerequisite for any payment alternative. Collection Information Statements: Your guide to the appropriate payment option. Selling or refinancing property when there's a tax lien.
Learn about the requirements a 501(c)(7) organization must meet; types of social club organizations; how to obtain and maintain tax-exempt status; unique aspects that make 501(c)(7) organizations different from other tax-exempt organizations; and important IRS resources.
Please click here to listen to the recording and/ or review the transcript of the phone forum, ACA Provisions: What You need to Know. The phone forum discusses the following ACA provisions: W-2 reporting of employer sponsored health coverage and the Additional Medicare Tax on High Income Earners.
When is accumulated sick and vacation leave pay subject to Federal Employment Taxes? When can taxes be deferred and for how long? What is an elective contribution?
If you are an employer, coverage provider, or transmitter filing information returns, this video has information to help you better understand the reporting requirements, and how to identify and correct errors made on these forms and when to file corrections.
"Your Guide to an IRS Audit” takes the viewer through the steps of an audit, from notification to closing. The video series is composed of scenarios that demonstrate the stages of each type of audit; correspondence, office and field. The scenarios address issues that are common to audits of small businesses.
Audit Technique Guides explain industry-specific examination techniques and include common, as well as, unique industry issues, business practices and terminology. A great place for a small business owner to look who wants to do the right thing when it comes to business taxes.
Do you know what can happen if you don’t file your taxes or pay on time? You get interest and penalty charges. You can avoid them both by filing and paying on time.
Learn about the tax benefits available to you and how best to avoid common mistakes small business owners may make. IRS representatives will also be available for a question and answer session directly after the presentation.
Poor recordkeeping and a failure to recognize all items that constitute gross receipts, otherwise known as taxable business income, are two of the major pitfalls businesses need to be aware of. Small business owners also need to avoid common tax schemes and unscrupulous tax preparers. Learn about all the top mistakes small business owners often make and how you can avoid them.
If a business pays a “non-employee”, such as an independent contractor $600 or more in a year, that business must file Form 1099 Miscellaneous, and may be required to backup withhold on the payments.
Learn which payments to vendors might be subject; what kind of tax is backup withholding; when is withholding taken; and how to respond to the CP2100 Notice.
Learn about arbitrage in tax-advantaged bond context; yield restriction: limits on investment yield and exceptions; arbitrage rebate; post issuance compliance: problems and remedies; voluntary Closing Agreement Program (VCAP).
This video give a short explanation of what constitutes business income and expenses, that good recordkeeping is key to help with balanced tax reporting and recommends resources on IRS.gov for more information.
En este seminario en español, usted aprenderá acerca de la diferencia entre el tratamiento tributario de un empleado contra un contratista independiente, la Forma SS-8, y el Programa de Acuerdo de Clasificación Voluntaria (In this Spanish language webinar, you will learn about the difference between the tax treatment of an employee versus an independent contractor, the Form SS-8, and the Voluntary Classification Settlement Program.)
If you are closing a business, or already have, here are a few reminders for small business owners about what you need to know and do regarding federal taxes.
An Offer in Compromise is an agreement with the IRS to settle your tax debt for less than the full amount owed. This video will help you determine whether you are a good candidate for the IRS's Offer program and prepare your application.
Learn about when to use the Form 941X; statute of limitations for Form 941; differences between adjustments and claims; finding the Forms you need at IRS.gov.
Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. This video will help Individual taxpayers and small business owners to properly claim this tax deduction.
Learn about determining full-time employees for purposes of the Employer Shared Responsibility Provisions; how to determine full-time status for employees who are seasonal, part-time or work non-traditional schedules; using the look-back method and the monthly measurement method; and initial measurement, stability, standard measurement and administrative periods.
This webinar highlights the "Don't Take the Bait" campaign and provide tax professionals with detailed, step by step overview of what actions they can take to protect their data and avoid various cybercriminal data-theft tactics.
Learn about low-cost retirement plans; low-maintenance alternatives to traditional 401(k)s; points to consider in choosing a plan for your business; and resources for setting up and operating your plan, and avoiding plan mistakes (60 mins.)
Learn about the taxability of certain fringe benefits for state and local governments; accountable plans, allowances, tool allowances, stipends, bonuses, gift cards, day meals, group term life insurance and health flexible savings accounts.
Learn about the elimination of determination letter application requirements; new methodology for determining Audit CAP sanctions; modifications to the Self Correction Program; and consolidation of prior guidance.
Learn about new guidance for individually designed plans; when letters may be available in the future; new approach to remedial amendment periods; changes to interim amendment rules and new tools to help plans make required amendments.
Learn about Internal Revenue Code Section 4980H; how to determine if you are an Applicable Large Employer (ALE); defining who is considered to be a full-time employee; and when an ALE may be subject to an Employer Shared Responsibility Payment.
A big advantage to operating your own business is the ability to hire family members. The rules vary, depending on the family relationship and the business entity type such as sole proprietorship, partnership, etc.
The FAST video series is designed to provide internal SPEC employees as well as external partner organizations a better understanding of the various models that make up the Free Assisted Self-service Tax Prep (FAST) as well as how the program works. This installment focuses on the collocated model and how this type of site can serve a wide range of taxpayers. In addition, the partners discuss how they developed their site and why the model interested them.
The FAST video series is designed to provide internal SPEC employees as well as external partner organizations a better understanding of the various models that make up the Free Assisted Self-service Tax Prep (FAST) as well as how the program works. This installment focuses on the steps needed to get your site up and running with the FAST model so you can use this new model to serve your taxpayers.
The FAST video series is designed to provide internal SPEC employees as well as external partner organizations a better understanding of the various models that make up the Free Assisted Self-service Tax Prep (FAST) as well as how the program works. This installment focuses on the standalone FAST site model and how this type of site can serve a wide range of taxpayers. In addition, the partners discuss how they developed their site and why the model interested them.
The FEAB 101 video series is designed to provide internal SPEC employees as well as external partner organizations a better understanding of the various topics that make up Financial Education and Asset Building (FEAB). This installment focuses on the growing Bank On movement and the impact for the individual taxpayer of having a bank account. FEAB is a major focus for the organization and this video series will help partners and employees to see the possibilities for the program.
The FEAB 101 video series is designed to provide internal SPEC employees as well as external partner organizations a better understanding of the various topics that make up Financial Education and Asset Building (FEAB). This installment focuses on the importance of banking and the impact for the individual taxpayer of having a bank account. FEAB is a major focus for the organization and this video series will help partners and employees to see the possibilities for the program.
The FEAB 101 series travels around the country showcasing partners’ efforts around Financial Education and Asset Building (FEAB). In this installment, Robin McKinney from Maryland CASH in Baltimore, MD provides and overview of the Maryland CASH Academy.
The FEAB 101 series travels around the country showcasing partners’ efforts around Financial Education and Asset Building (FEAB). In this installment, representatives from Capital Area Asset Builders in Washington, DC share their experiences around the topic of Credit Counseling and how to integrate these efforts into a VITA site.
The FEAB 101 video series is designed to provide internal SPEC employees as well as external partner organizations a better understanding of the various topics that make up Financial Education and Asset Building (FEAB). This installment focuses on Individual Development Accounts (IDA) and the impact they can have on the financial well-being of taxpayers. In addition, the partners discuss how they developed their efforts around IDAs.
Providing information on Revenue Procedure 91-40 that sets forth rules relating to the minimum retirement benefit requirement prescribed under Employment Tax Regulations.
This webcast serves as an opportunity to hear from partners involved in the highest range of FEAB. This range involves direct one-on-one contact with the client and long-term case management. These activities are high impact and directly tied to asset accumulation and behavioral changes, extensive long-term tracking of outputs and outcomes by partners.
"Turning Partnerships Into Opportunities” is a webcast series that showcases various best practices such as grant opportunities, product development/use, and banking the “unbanked”.
Partners discuss financial education and asset building activities that involve direct contact with low-to-moderate income taxpayers through community education and outreach, i.e. contact maybe one touch or through group counseling or workshops.
Partners discuss financial education and asset building efforts that include short-term direct contact with the low- to-moderate income taxpayers. Helping taxpayers to open or create asset vehicles that can be utilized to develop long term financial stability.
This webinar covers the basics of the Foreign Earned Income Exclusion Webinar Objectives: • List the requirements for claiming the foreign earned income exclusion. • Identify which form to use, Form 2555 or 2555-EZ. • Specify the information to include on the Form 2555 or Form 2555-EZ
Are you purchasing real estate property in the U.S. from a foreign owner? If yes, you may be required to withhold 10 percent of the amount realized from the sale due to the Foreign Investment in Real Property Act of 1980 also known as FIRPTA.
Many charities are not aware of the tax implications of their fundraising activities. We'll briefly discuss ways that organizations raise money and review the important tax rules associated with each.
This brief video explains the reduction in the FUTA credit rate for employers in states that have outstanding loans to the Federal Unemployment Trust Fund.
The presentation will provide helpful information that assists employers in meeting their employment tax responsibilities. The prominent employment tax topics being covered are based on comments often receive from the public. Those issues are: Worker Classification, Voluntary Classification Settlement Program, Fringe Benefits, Officer Compensation, and Back-up Withholding & Information Return Penalties.
Learn about Tribal General Welfare exclusion principles in Revenue Procedure 2014-35; safe harbors benefits provided by the guidance; procedural requirements for falling within the safe harbor; and specific benefits that are not compensation for services
A review of direct pay bonds and refundable credit payments under Section 6431 of the Internal Revenue Code, including new clean renewable energy bonds, or New CREBs, qualified energy conservation bonds, qualified zone academy bonds, or QZABs, and qualified school construction bonds. Discusses Forms 8038-CP, 8038-B, 8038-TC and 8038-G, including common errors made in their filing.
Learn about Form W-9 - what is it and why is so important; Forms 1099 - who gets one and when; Form 945 - what does it have to do with backup withholding taxes; how to avoid penalties and interest.
Learn how you can prove your “tax-exempt” status as a government entity; why government entities do not require a determination letter from the IRS to secure tax-exempt status; and what it means to be a dual-status entity.
This video companion to Pub 4465A provides contractors who work for IRS with basic information about: the provisions of § 6103 that protect tax returns and return information and the civil and criminal penalties for unauthorized accesses or disclosures.
This video companion to Pub 4761 provides state tax and federal agency employees with basic information about: the provisions of § 6103 that protect tax returns and return information and the civil and criminal penalties for unauthorized accesses or disclosures.
This video companion to Document 6986 provides basic information about: the provisions of § 6103 that protect tax returns and return information and the civil and criminal penalties for unauthorized accesses or disclosures.
Health Plan and Third Party Administrators should review the requirements for participation in the 2017 Advance Monthly Payment program of the Health Coverage Tax Credit.
This workshop helps small business owner understand their tax obligations when hiring people who are not U.S. citizens. At the end of this lesson, small business owners should be able to: Verify the employee’s identity and status with proper documentation; Withhold federal taxes at the proper withholding or treaty rate; Properly deposit or pay the tax withheld; and File accurate and timely withholding tax returns and provide copies to the individual.
Discussion, summary, and tax consequences in which Tribal members may receive payments in the: Cobell settlement, Notice 2013-1, and the Keepseagle settlement.
Learn about Collections: Who is contacting you; why are they contacting you; what you should do; what you should not do; penalties abatement and the role of IRS Office of Indian Tribal Governments.
Learn who is responsible for the 26 USC 5000C Excise Tax; what an acquiring agency is; who is a foreign contract party, or FCP; and why Form W-14 is important.
Learn What Backup Withholding is; Who is responsible for Backup Withholding; When Backup Withholding is taken; How Backup Withholding is reported; What a B-Notice is.
SPEC Grant Program Office VITA Recipient Orientation will include an overview of grantee responsibilities, including reporting requirements, accessing funds using the Payment Management System, review, maintaining financial records.
The Submission Processing Pipeline begins with the opening of mailed tax returns, then how it is sorted and how payments are deposited. The returns are coded, edited and numbered. Return data is entered into the computer. Validity checks are run and errors are corrected.
Learn about tracking Federal tax due dates on your computer or mobile device, the online Tax Calendar, the Desktop Calendar Tool (IRS CalendarConnector), the Mobile Calendar Tool (IRS CalendarConnector), how to Subscribe/Download into Your Calendar and how to Obtain Calendar Reminders (RSS Feeds).