IRS NEWS FOR SD BUSINESS
MAY 2012
? Find last minute 1040 fililng help in 2012 Tax Tips and IR 12-40. Prepare and e-file tax returns at no charge through IRS Free File. IR 12-8 has more information.
EMPLOYERS
? IR 12-3 3 With business tax-filing deadlines fast approaching, make sure you are not overlooking the small business health care tax credit. Tax T i p 12-51 Health Insurance Tax Breaks for the Self-employed. IR 12-3 3 SP
? The spring 2012 issue of SSA/I R S Reporter includes: Matching social security and IRS earnings totals, New ADA requirements for businesses, and Reducing the risk of identity theft. (Spani s h)
? Read the latest edition of the Emplo y ee Plans News page.
? REG-135491-10 The IRS has proposed regulations that would require taxpayers with Employer Identification Numbers to periodically provide the IRS with up-to-date information.
FARMERS
? Explore the Social Media and Mobile Technol ogy for Ag Businesses webinar series.
? Recent 2012 Tax Tips include Tax Tip 12-56 Farm Income and Deductions - 10 Key Points
? IR 12-37 IRS will provide relief to farmers who incur penalties because they didn't timely receive Forms 1099 from MF Global or its court appointed trustee, and were unable to file their 2011 tax return by March 1, 2012.
VOLUNTEER OPPORTUNITIES
? The IRS seeks civic-minded volunteers to serve on the Taxpayer Advocac y Panel, a federal advisory committee that listens to taxpayers, identifies key issues and makes recommendations for improving IRS service. Apply by April 27, 2012. www.improveirs.org.
? IR 12-39 The IRS opened the nomination season for the Information Reporting Program Advisory Committee.
? The SC O RE organization is seeking volunteers. Volunteer counselors/mentors with this very worthwhile organization help small businesses and start ups in person or by e-mail.
Sioux Falls, contact Carrie Fossum
Aberdeen contact Kelly Weaver at SBDC
Rapid City contact Mari Ann Carver
? LIMITED ENGLISH PROFIENCY
? Tax Tip 12-64: Tips for Taxpayers Who Can't Pay Their Taxes on Time. IR 12-64SP
? You can find Spanish Tax Tips on IRS.gov under Cons e jos Tributarios
? The online version of Pub 1518 Tax Calendar for Small Businesses and Self-Employed is available in English and Spanish.
?LOCAL; OTHER AGENCIES
? Following the 24/7 Preparedness Plan Template will give you more peace of mind. It is straightforward, but requires action on your part.
? Small Business Dat a Resources is a hyperlinked grid that lists online databases by federal agency or private sector source, and keys them to the small-business-related topics on which they provide information—all in two one-page summaries.
? Forming an LLC – Key Documents You’ll Need to File and Create. For many small business owners considering how to organize their company, becoming a Limited Liability Company (LLC) is a great choice, thanks to the liability protection and pass-through tax status they afford. Here’s a quick overview of what you need to know about completing these key documents.
? Grant Opportunity -The Obama Administration today announced a $15 million multi-agency Rural Jobs and Innovation Accelerator challenge to spur job creation and economic growth in distressed rural communities.
? Explore the Social Media and Mobile Technology for Ag Businesses webinar series
? The Small Business Administration offers a variety of resources to help women business owners.
? Wyoming, South Dakota and Montana were among states with the best state business tax climate, according to a study by The Tax Foundation. South Dakota and Wyoming pay among the least taxes.
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MAY 2012