Two Free IRS Webinars For Small Businesses In May 2014

According to the Internal Revenue Service (IRS), it will hold two free webinars for small businesses on this year’s “Small Business Week,” May 12 to 16. The Webinars focus on several key tax benefits and a special relief program for employers who reclassify their workers as employees.

The webinars will cover payments to independent contractors and filing requirements for Form 1099 on Tuesday, May 13, and avoiding common mistakes on Thursday, May 15. Both webinars will begin at 2 p.m. Eastern Time and last an hour. To register visit the IRS Webinars for Small Businesses page.

Voluntary Classification Settlement Program

The Voluntary Classification Settlement Program, or VCSP, is available to many businesses, tax-exempt organizations and government entities that currently treat their workers or a class or group of workers as nonemployees or independent contractors, and now want to correctly treat these workers as employees in the future. According to the IRS, to be eligible, an employer must:

• Consistently have treated the workers in the past as nonemployees,
• Have filed all required Forms 1099 for the workers for the previous three years
• Not currently be under audit for employment taxes by the IRS
• Not currently be under audit by the Department of Labor or a state agency on the classification of these workers. If either IRS or Labor previously audited the employer on the classification of the workers, the employer must have complied with the results of the audit and not currently be contesting the classification in court.

The experienced attorneys at the Law Office of Williams and Associates can advise you as to whether participation in the VCSP is a good idea for your business.

The webinars will also cover the below programs.

Health Care Coverage Credit

Small employers paying at least half of the premiums for employee health insurance coverage may be eligible for the small business health care tax credit. Eligible small employers can claim the credit for 2010 through 2013 and for two additional years beginning in 2014.

Self-Employed Health Insurance Deduction

Business owners who qualify for the self-employed health insurance deduction, may qualify for a deduction for premiums paid for medical, dental and qualified long-term care insurance covering the taxpayer, spouse and dependents.

Simplified Option Available for Claiming the Home Office Deduction

Starting in 2013, people with home-based businesses can choose a new simplified option for figuring the deduction for business use of a home, commonly referred to as the home office deduction.

In accordance with Circular 230 Disclosure

Original Source By:  Betty Williams

Betty Williams has a broad range of experience handling civil and criminal tax controversy matters including income tax, employment tax, sales and use tax, property tax and IRS, FTB, and SBE audits, protests, and appeals. She has represented clients before the U.S. Tax Court and the U.S. District Courts in California. Betty has obtained penalty abatement for numerous clients ranging from a few thousand to more than $2 million in late filing and late payment penalties. She has assisted numerous clients in the United States and abroad in the 2009, 2011 and 2012 IRS and FTB voluntary disclosure initiatives. She also represents foreign financial institutions regarding Foreign Account Tax Compliance Act (FATCA) compliance. She has experience defending criminal tax matters and negotiating plea agreements in areas such as structuring, tax evasion, and the failure to file a tax return.

Subscribe to TaxConnections Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.