The Backbone of American Business

National Small Business Week: IRS.gov offers A-Z resources for small businesses

IRS YouTube Videos

IRS Small Business Self-Employed Tax Center – English | ASL

IR-2023-96, May 3, 2023

WASHINGTON- The Internal Revenue Service today encouraged small businesses to take advantage of the numerous resources available on IRS.gov. As part of National Small Business Week April 30 to May 6, the IRS is highlighting tax benefits and resources to help small businesses.

National Small Business Week is an annual effort led by the Small Business Administration to recognize the hard work, ingenuity and dedication of America’s small businesses and to celebrate their contributions to the economy. The IRS has a variety of resources available for small business owners to help them understand and meet their tax responsibilities.

Small business owners can use IRS.gov for a wide range of tax related information resources for their enterprise.

The best place to start

Small businesses should make the Small Business and Self-Employed Tax Center their first stop for finding just about everything to stay informed and compliant with their tax obligations. Whether that small business owner isself-employed, an independent contractor, a gig worker or a business with employees, the site provides in-depth information, tools and helpful education.  

A road map from start to finish

IRS.gov’s small business pages map out the entire life cycle of a business and its tax implications. Sections include:

• Starting a Business: Basic federal tax information for those starting a business, as well as a checklist to assist in making basic business decisions.
• Business Structure: Help in choosing what form of business entity to establish because it determines which form of business income tax return forms must be filed.
• Operating a Business: Tools and tips on how to get an Employer Identification Number, how to keep good records and how to file and pay taxes.

• Closing a Business: Help navigating the closure of a business from a federal tax perspective; how to take care of employees, which forms to file, which records to keep and what tax related moves need to happen before shutting down.

Stay on top of things and learn more

The education and online learning products offered on IRS.gov ensure small businesses have the latest tax related information for their enterprise.

• IRS Video Portal: Video and audio presentations on a variety of tax topics for small business including archived versions of live panel discussions and webinars.
• Webinars for Small Businesses: Topics vary from a general overview of taxes to more specific topics such as what constitutes business income and expenses.
• Workshops, Meetings and Seminars: Scheduled events held throughout the country; on occasion, the IRS participates in these events virtually.

Keep up to date  

Staying informed on possible tax law changes that affect small business and staying up to date with tax obligations like withholding deposits and quarterly filing is easier with IRS.gov’s small business resources.

• Subscribe: e-News for Small Businesses is a free e-mail service designed to provide tax information for small businesses. It includes the latest news, upcoming tax date reminders and tips to help small businesses.
• Small Business Events: The IRS holds small business workshops, seminars and meetings at various locations throughout the country. They’re designed to help the small business owner understand and fulfill their federal tax responsibilities.
• Online Tax Calendar: Shows due dates and actions for each month. Users can have reminders sent to their email inbox or import the calendar into their calendar program.

For more information featuring useful tax-related tools and resources to help small business owners, employers and self-employed individuals succeed, visit the IRS.gov Small Business Week webpage here

Upcoming IRS improvements for small business owners

FS-2023-13, May 2023

As part of National Small Business Week, April 30 to May 6, the Internal Revenue Service wants

small business taxpayers to know they will soon see changes to help them better interact with the Internal Revenue Service in ways that work best for them. New improvements to phone service, in-person and online options will allow small business taxpayers get the help they need when they need it.

These improvements are a result of the Inflation Reduction Act (IRA) that passed in August of 2022. TheStrategic Operating Plan describes how the agency plans to use funding from IRA to improve customer service and other priorities.

These are some of the enhancements to help small business taxpayers in the near future:

Expanded online service tools

Before next filing season, the IRS will launch Business Online Accounts. This tool is designed with small business taxpayers in mind. Additional features are scheduled to rollout in 2024. As the tool evolves through 2024, small businesses will be able to:

• Use their account to see their tax information, track refunds, and schedule and track payments.
• Access business tax transcripts will also be available online in an easy-to-read format.

Additional ability to respond to notices and file documents online

• The IRS recently launched an online portal for businesses to file Form 1099 series information returns electronically. Businesses used to have to submit these forms by mail.
• later this summer, small business owners will be able to respond to certain notices online like LTR0143C, Signature Missing. The IRS will continue to improve and expand these features.
• By 2024, small business owners will be able to respond to the correction of self-employment income, employment-related identity theft notifications and dozens of other online notices. The IRS will also simplify the language in the notices sent to taxpayers. These notices will have clear instructions on what taxpayers need to do.

Simplified, mobile-friendly forms

• Small business owners who file their own taxes will save time with new simplified tax forms.
• The IRS will modernize tax forms that small businesses most frequently use, including Forms 940, 941 and 944. The updated forms will be streamlined, mobile-friendly and available in multiple languages.

Digitization to eliminate paper-based processes

• Improved processing times and faster refunds are on the way as the IRS automates paper-based processes and makes more forms available online. The IRS is expanding its scanning of paper forms to include the most popular forms, Forms 1040 and 941. The IRS is on track to scan millions of returns in 2023, which will save small businesses time and money by speeding up processing and refund delivery.

-30-

ALSO:

Small Business Owners Unite for Powerful S.C. Advocacy Day

SC Chamber Hosts Small Business Day at the State House

COLUMBIA, S.C. – Today, the South Carolina Chamber of Commerce (SC Chamber), the state’s unified voice for business, hosted its first Small Business Day at the State House, presented by BlueCross BlueShield of South Carolina. The advocacy day was a free event to unite small business owners and supporters from across the state to ensure their voices are heard at the center of state policymaking.

“Small business owners have a unique perspective on the challenges and opportunities facing our state, and it's critical that their voices are heard in the policymaking process,” said Karen Jenkins, president and chief executive officer of KRJ Consulting and chair of the SC Chamber’s Small Business Committee. “It's an honor to join together today with like-minded individuals who are committed to advocating for policies that will help our small businesses continue to grow and thrive.”

More than 200 attendees heard from various state leaders on the North Steps of the State House during the main program. Governor Henry McMaster presented a proclamation declaring May 3, 2023, ‘Small Business Day at the State House.’ S.C. Senate President Thomas Alexander and S.C. Speaker of the House of Representatives Murrell Smith presented Senate and House Resolutions recognizing May 3, 2023, as ‘Small Business Day at the State House.’

“Our small businesses are the backbone of our state and have helped lead South Carolina to unprecedented economic success,” said Governor Henry McMaster. “We must continue to dedicate ourselves to supporting our small business community so South Carolina can continue to thrive."

“As a businessman, I support our small businesses across South Carolina, recognize their importance to our economy and celebrate our small business owners,” said President Alexander.

“Small businesses are the backbone of our state and I’m proud to support them as the Speaker of the South Carolina House,” said Speaker Smith. “With small businesses accounting for over 99% of all South Carolina businesses, it’s important to recognize that they are not only crucial to our economy of today, but also to our economy of tomorrow. I am eager to maintain our prosperous partnership as we ensure South Carolina remains the best place to live, work, and do business!”

Following the main program, attendees headed into the State House to connect with their local General Assembly Members. They also attended a panel with lawmakers who are also small business owners moderated by the National Federation of Independent Business (NFIB). The panel included Senator Mike Reichenbach (District 31 - Florence), Representative Shannon Erickson (District 124 - Beaufort), Representative Bart Blackwell (District 81 - Aiken) and Representative Roger Kirby (District 101 - Florence).

"Small businesses are the lifeblood of our state’s robust economy. As a small business owner and former chairman of the Greater Florence Chamber of Commerce, I take particular interest in hearing from the small and independent business operators that employ hundreds of thousands of citizens all across South Carolina and help bolster our local communities,” said Senator Reichenbach. “Today’s Small Business Day at the State House is one of many important ways to ensure the voices of small business is heard, to advocate for issues that help spur job-creation, reduce burdensome red tape and equip the next generation of South Carolina’s workforce with the tools and education needed to thrive well into the future.”

Small Business Day at the State House has the support of multiple sponsors, including Colonial Life, Duke Energy, Meta and Wells Fargo.

-###-

About SC Chamber 

The South Carolina Chamber of Commerce is the State’s leading voice for business with a vision to make South Carolina’s economy the most vibrant in the United States, creating opportunity and prosperity for all. A statewide organization that fights for pro-job and business policies at the state and federal level, it strives to promote free enterprise; define and advocate for the business agenda; convene, connect, and educate businesses; and partner with key allies. Our member insights shape the policies we write and the agenda we promote at the State House. Learn more at http://www.scchamber.net.