The IRS has penalty relief for small business that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to quickly come back into compliance.The program is designed to provide some relief for small businesses that may have been unaware of the reporting requirements that apply to their retirement plans.
Reduce your home office deductions burden.In an attempt to reduce the administrative, recordkeeping and compliance burdens of small business owners, the IRS provides an optional safe harbor method, called the simplified home office deduction, to compute the allowable deduction for the business-use portion of your home.
Bartering Income: The value of property or services you receive. If you barter, you should know that the value from bartering is taxable income. This is true even if you are not in business. Bartering is the trading of one product or service for another. Often there is no exchange of cash. Some businesses barter to get products or services they need. For example, a gardener might trade landscape work with a plumber for plumbing work.
The Internal Revenue Service recently reminded taxpayers that they offer year round tax help, a wide range of publications and online resources in six languages on IRS.gov.IRS.gov features online resources in Chinese, Korean, Russian and Vietnamese, as well as English and Spanish. These multilingual resources are available throughout the year, not just during tax season.
There are typical actions that are taken when closing a business.You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. Also attach a statement to your return showing the name of the person keeping the payroll records and the address where those records will be kept.