On January 20, 2010, the IRS released Issue 2010-02 of eNews for Small Business, which addressed the following subjects:
- Tax Calendar
- Filing forms W-2
- Earned Income Tax Credit
- Purchasing Real Property from a foreign person
- Foreign corporations
- Recent IRS announcements
1. Tax calendar
The online Publication 15 (Circular E), Employer's Tax Guide offers a tax calendar with useful reminders of what forms employers must file by January 31 and in the coming months.
Form W-2 --Where, When, and How to File offers detailed instructions for preparing and filing the forms timely and correctly.
Employers filing 250 or more Forms W-2 must file electronically unless granted a waiver. However, all employers are encouraged to file Forms W-2 electronically.
Related link:
Social Security Administration Business Services Online
Self-employed individuals and employees earning $48,821 or less could qualify for an Earned Income Tax Credit worth up to $5,657.
Related link:
4. Purchasing real property from a foreign person
There may be tax obligations for both the buyer and the seller when a foreign person sells real property in the United States.
Certain U.S. citizens and residents who are officers, directors or shareholders in a foreign corporation may be required to file Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations.
6. Recent IRS announcements
IR-2010-9, COBRA Subsidy Eligibility Period Extended Through February; 15-Months Subsidy Now Available to Those Who Qualify
IR-2010-6, New Homebuyer Credit Form Released; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents
IR-2010-5, Free File Now Available to Almost All Taxpayers; Software Can Help Find New Economic Recovery Tax Breaks that Could Be Overlooked
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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