Wednesday, September 23, 2009

Small Business Tax Resources from the IRS

1. What kind of records should you keep?
Business transactions often require various documents to support the entries in your books and on your tax return. has information on the types of records you should keep as supporting documents.

2. Retirement and savings initiatives
New guidance makes saving and choosing a retirement plan easier.
The IRS Retirement Plans Navigator also offers an easy retirement plan guide for small employers.
Related links:
Summer edition of Retirement News for Employers
Special edition of Employee Plans News

3. Small business tax workshops
Local workshops, sponsored and presented by IRS partners who are federal tax specialists, offer everything from a general overview of taxes to information on specific topics. has more information and a state-by-state list of workshops.

4.’s weekly tax news for small businesses
Today, has information for small businesses that outsource payroll duties. Next Wednesday, learn about the tax implications of employing family members.

5. Recent IRS announcements
IR-2009-79, Deadlines Near for Business to Choose Expanded NOL Election; Sept. 15 for Many Corporations, Oct. 15 for Individuals
Special Edition Tax Tip 2009-07, Five Facts about the Making Work Pay Tax Credit
IR-2009-78, Special IRS Web Section Highlights Back-to-School Tax Breaks; Popular 529 Plans Expanded, New $2,500 College Credit Available

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