Friday, December 1, 2017

One-Stop Resource Center For Preparing, Filing And Paying IRS 2018 Income Taxes

The Internal Revenue Service wants new small business owners, including those involved in the sharing economy, to know that IRS.gov has an online resource center to help them learn all they need to know about the tax implications of running a small business.

The Small Business and Self-Employed Tax Center offers a variety of useful tools that small business owners can access to prepare, file and pay taxes.

The Center is a virtual one-stop tax shop with an A to Z index that gives answers for most business-related tax questions. It includes the Virtual Workshop, an educational video series that walks small business owners step-by-step through the basics. New owners can learn the ins and outs of their taxes at their own pace with other educational tools and products linked from the page. One of the Center’s newest features is the Sharing Economy Tax Center for those who use various online platforms to rent rooms, provide rides and offer other goods and services. Those involved in the Sharing Economy may visit the Pay as You Go, So You Don’t Owe page to learn more about ways to avoid paying the Estimated Tax Penalty.

Getting an Employer Identification Number (EIN) is often the first step for new small businesses, and the Center’s page makes it easy. There are links to the downloadable tax calendar and a variety of videos. Figuring out what is the best form of business entity to establish is easier with the selecting a business structure section. It explains the tax implications of  setting up a Sole Proprietorship, Partnership, Corporation, S Corporation or a Limited Liability Company (LLC) .

The Center features relevant tax forms and instructions for small businesses. It serves as a resource on how to handle employment taxes, if employees are part of a business, or figuring out self-employment taxes for the sole proprietor. The section on filing and paying business taxes details which IRS forms to use for what sort of business entity and when to file.

The resources on Small Business and Self-Employed Tax Center are not just for new small businesses but can be used for every stage of a small business lifecycle; from starting up and operating a business to selling or closing one. In addition, the page has information on topics like recordkeeping, types of retirement plans and the Affordable Care Act.

Additional IRS Resources:

For help with your legal needs contact a business, tax, and health care law attorney at the offices of AttorneyBritt.

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Texas Case Shows Why Single Member LLCs Not Good For Asset Protection

COURT OF APPEALS SECOND DISTRICT OF TEXAS FORT WORTH NO. 02 - 16 - 00213 - CV JULIA TERESA HECKERT APPELLANT V. CLYDE L. HECKERT, JR . APPELLEE  MEMORANDUM OPINION 

This appeal and cross - appeal involve the propriety of a turnover order . In her appeal, Julia Teresa Heckert (Teresa) –– who obtained the turnover order against her former husband Clyde L. Heckert , Jr......... 

"and (3) the only way his nonexempt interests in a sole - member limited liability company and a limited partnership may be reached by a judgment creditor is by charging order. We reverse the part of the trial court’s order requiring Clyde to turn over his Vanguard account, but we affirm the remainder of the trial court’s order ".

Additional Info From Jay Adkisson:

Charging Order Not Exclusive Remedy For SMLLC Interest In Heckert
The Texas Court of Appeals has held that a debtor/member's interest in a single-member LLC and partnership may be subject to a turnover order, despite language in the Texas statutes which says that the charging order is the "exclusive remedy". 
Nov 23, 2017
FDCPA Overrides State Law Limitations Period And Charging Order Exclusivity In Wilhite
The U.S. District Court for the District of Colorado has held that the Federal Debt Collection Practices Act (FDCPA) overrides contrary state law as to limitations periods for fraudulent transfers and charging order exclusivity.
   Full Details And Read More 
More from Jay Adkisson

Get Ready For 2018 IRS Tax Filings: IRS.gov Offers Free Tax Help

WASHINGTON – As tax filing season approaches, the Internal Revenue Service encourages taxpayers to visit IRS.gov first for tax tools and resources before calling. Nearly every tax issue can be resolved online.

The recent IRS website redesign makes it easier for people to navigate IRS.gov. The front page is more task-based so actions like paying a tax bill, getting a tax record or checking refund status are easily accessible.

The IRS has also simplified the main navigation tool, added more drop-down menus and made it more mobile-device friendly.

Additionally, the IRS has a special page on IRS.gov with steps to take now for the 2018 tax filing season.

IRS.gov provides many self-service tools and features, including:
  • Where’s My Refund. Taxpayers can check tax refund status 24/7. Updates daily.
  • Get Transcript. Access various transcript types online. Taxpayers may also ask the IRS to mail a Tax Return Transcript to them by requesting it online or by calling 800-908-9946. Allow 5 to 10 days for delivery.
  • Direct Pay. Make tax payments directly from a checking or savings account. People can view their account balance if taxes are owed.
  • Electronic Federal Tax Payment System. EFTPS is convenient and easy. Taxpayers and business can use it for various types of federal tax payments including estimated tax payments.
  • Online Payment Agreements. Eligible taxpayers can pay their taxes by easily setting up a monthly payment plan.
  • Answers to Tax Law Questions. The Interactive Tax Assistant takes people through a series of questions and provides the answers.
  • Forms, Instructions and Publications. Taxpayers can download and view popular tax forms, publications and instructions anytime. Increasingly popular eBooks are available as well as PDF and HTML versions. Accessible versions for people with disabilities and prior year forms are also available.
  • Where’s My Amended Return. Taxpayers can track the status of an amended return.
Employers and self-employed taxpayers will find many useful features on IRS.gov as well. The self-employed individuals tax center is a tax resource available around the clock. People can:
Business owners can find free small business tax workshops and seminars at various locations around the country.
Use the Understanding Your IRS Notice or Letter page to get more information and answers to many notice-related questions related to IRS notices and letters.
The Let Us Help You page on IRS.gov provides online tools and resources related to:
  • Identity Theft, fraud and scams
  • Links to help taxpayers determine who needs to file and options to e-file.
  • Assistance with renewing an expiring Individual Taxpayer Identification Number (ITIN) should visit the ITIN information page on IRS.gov.

IRS YouTube Video: IRS.gov Website Refresh -- English 

For help with your legal needs contact a business, tax, and health care law attorney at the offices of AttorneyBritt.

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