Archive for January, 2011

IRS One-Stop Resource Guide for Small Businesses

January 3, 2011

The IRS provides many products and services to assist small businesses meet their federal tax responsibilities.  Whether you are a new business or have been in business many years, the information below will help you understand and comply with those responsibilities.   We have also listed IRS phone numbers commonly used by small businesses as well as links to business related forms and publications.  Whatever your needs, the IRS has the information for you.  Just click, read and learn.

Federal Tax Basics for Small Business Owners

Filing Information

Filing and Paying Taxes Information about how to file and pay your business taxes.

Electronic Filing Options for Business Returns Most business returns can be filed electronically including employment taxes and information returns, plus returns for partnerships, corporations, estates & trusts, and exempt organizations.

Businesses with Employees Guidance on tax-related responsibilities for an employer.

Employment Taxes for Small Businesses A wealth of information for your employment tax filing needs.

Self-Employed Individuals or Independent Contractors The basics on self-employment, filing requirements, and reporting responsibilities for independent contractors.

Employee vs. independent contractor Helpful information in determining your status as an employee or an independent contractor.

Employer Identification Number (EIN) Find out if you need an EIN and how to apply for one.

Filing Late and/or Paying Late: Information You Should Know Before you decide not to file your tax return on time or not pay all of your taxes when they are due, consider this.

Payment Information

Electronic Federal Tax Payment System EFTPS EFTPS is a tax payment system provided free by the U.S. Department of Treasury.  Pay federal taxes electronically – on-line or by phone 24/7.

Electronic Funds Withdrawal and Credit Card for Businesses Taxpayers who file electronically can e-file and e-pay in a single step by authorizing an electronic funds withdrawal.

Estimated Taxes Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go: withholding and estimated taxes.

Reporting Information

Information Returns Processing Understand your Information Reporting Requirements. Included are help-line telephone numbers and direct links to aid you in reporting information returns. You will also find information about how to file returns electronically or magnetically.

SSA Online Wage Reporting System Register and transmit Forms W-2 to SSA over the Internet.

Recordkeeping Unless you are a professional bookkeeper, you probably don’t like to spend valuable business time keeping records. But keeping good records can actually help you save money.

Tax Products for Small Businesses

Tax Calendar
for Small
Businesses and
Self-Employed

Publication 1518
Order now
View Online
Virtual Small
Business
Workshop CD
Publication 3700
View Online
Small Business
Resource Guide CD

Publication 3207
Order now
View Online
Introduction to
Federal Taxes CD
Publication 3693
View Online
Home-Based
Business Tax
Avoidance
Schemes Brochure
Publication 4035
Order now
View Online
Recognizing
Illegal Tax
Avoidance
Schemes Brochure
Publication 3995
Order now
View Online

IRS Contacts for Small Businesses

Title Telephone Number Hours of Operation
Business and Specialty Tax Line 800-829-4933 M-F, 8:00 a.m. – 8:00 p.m., local time.
Refund Hotline 800-829-1954 M-F, 8:00 a.m. – 8:00 p.m., local time.  Automated Service available after business hours.
Forms and Publications 800-829-3676 M-F, 8:00 a.m. – 8:00 p.m., local time.
National Taxpayer Advocate’s Help Line 877-777-4778 M-F, 8:00 a.m. – 8:00 p.m., local time.
Centralized Lien Payoff 800-913-6050 M-F, 8:00am – 11:00pm ET
Electronic Federal Tax Payment System 800-555-4477 24 hour operation; POC is available M-F 8:00am  – 4:30pm
Extension to File 800-829-4477 N/A
Automated Collection System (Business) 800-829-3903 M-F, 8:00 a.m. – 8:00 p.m. local time.
Employer Identification Number (EIN) 800-829-4933 M-F, 8:00 a.m. – 8:00 p.m., local time.
Excise Tax and Form 2290 Help Line 866-699-4096 Mon – Fri 8:00 am – 6:00 pm EST
Information Return Reporting 866-455-7438 M-F, 8:30am – 4:30pm (EST)

IRS Forms and Publications for Small Businesses

FORMS PUBLICATIONS

 

 

Order Multiple copies of Employer Forms Place your order for information returns and employer products. Your request for products for 2006 will be held until they become available. Please do not reorder these products as they will be automatically shipped and may arrive in multiple shipments.

Other Electronic Resources

Interact Electronically with the IRS

Small Business Mailing List Free electronic mail service designed to provide tax information for small business owners.

Subscribe to IRS Newswire News releases via e-mail from the National Media Relations Office in Washington, D.C.  Topics cover the entire range of tax administration, including tax law changes, filing season updates, statistics, etc.  Two to three news releases are sent each week.

Join the IRS Digital Dispatch The IRS Digital Dispatch is our national list server. The Digital Dispatch provides national tax news and information about new developments on the IRS Web site.

Join the Employee Plans News The Employee Plans News is issued periodically during the year and provides information about current developments and upcoming events within the retirement plan arena.

Subscribe to IRS Tax Tips Subscribe to Tax Tips to get tax information via e-mail from the IRS daily during the tax-filing season and periodically the rest of the year.

Subscribe to Retirement News for Employers A publication of the Employee Plans office of the Tax Exempt and Government Entities Operating Division, this newsletter is issued periodically during the year and provides information for employers about current developments and upcoming events within the retirement plan arena.

General Tax Information

Starting a Business This section provides information on everything from a checklist for a new business, to selecting a business structure.

Financing a Business The links on this page provide information about financing your business.

Operating a Business Learn about operating a business with employees, business deductions and tax credits, filing and paying taxes, recordkeeping, and choosing an accounting method.

Business Name Change Explanation for businesses on how to make a name change.

Closing a Business This section provides procedures for getting out of business, including what forms to file and how to handle additional revenue received or expenses you may incur after your business is closed.

Tax Information for Partnerships Comprehensive tax information for Partnerships.

S Corporations An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation.

IRA Resource Guide CD ROM for Small Businesses A one-stop source for information on traditional or Roth IRA or IRA-based SEP, SIMPLE IRA, SARSEP or Payroll Deduction IRA retirement plan. Sections on how to set up, contribute, invest and withdraw are included along with frequently asked questions, video clips, research materials and web site links.

Industry Specific Tax Information Tax information specific to your industry or profession.

Industry Issue Resolution Program The Industry Issue Resolution (IIR) Program resolves frequently disputed or burdensome tax issues. IRS solicits suggestions for issues for the program from taxpayers, representatives and associations.

International Businesses Provides links to information on a variety of International topics including Tax Treaties, Know-Your-Customer (KYC) Rules, Transfer Pricing and Qualified Intermediaries (QI).

Abusive Tax Shelters and Transactions The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors

Links to Other Government Agencies and Business Organizations

Small Business Resources This section offers links to a broad range of resources across federal and state agencies

Industry Agencies and Organizations Private-sector links to sources for business and tax-related information

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