eNews for Small Business: Issue 2010-01

On January 6, 2009, the IRS released Issue 2010-01 of eNews for Small Business, which addressed the following topics:

1. Estimated taxes
2. New online small business tax workshop
3. Filing 2009 tax returns
4. National Taxpayer Advocate's 2009 Annual Report
5. Recent IRS announcements 

1. Estimated taxes

Many individuals with income not subject to withholding need to make estimated tax payments. Estimated tax includes both income tax and self-employment tax.
If you do not pay enough tax, either through withholding, estimated tax, or a combination of both you may have to pay a penalty.

Generally, the last payment for the 2009 tax year is January 15.

Link:
Publication 505, Tax Withholding and Estimated Tax

2. New online small business tax workshop

The revised Virtual Small Business Tax Workshop offers updated content with interactive features and a new reference section.

3. Filing 2009 tax returns

Choosing a tax return preparer is an important decision. Even if the return was prepared by an outside individual or firm, you are legally responsible for what's on the return you file with IRS.

See FS-2010-3 for information on choosing a tax return preparer and avoiding preparer fraud.

4. National Taxpayer Advocate's 2009 Annual Report

The National Taxpayer Advocate delivered her 2009 Annual Report to Congress today. The report addresses issues affecting small businesses in the current economic situation.

Link:
IR-2010-2, National Taxpayer Advocate focuses on taxpayer service, collection and preparer regulation.

5. Recent IRS announcements

IR-2010-1, IRS Proposes New Registration, Testing and Continuing Education Requirements for Tax Return Preparers Not Already Subject to Oversight

Posted by Joshua Hock, Associate Editor, The Wealth Strategies Journal