[OSSSA218] FYI - IRS Headliners & Event Updates

Thu Dec 11 16:08:33 PST 2008

More opportunities

Karen Park
State Social Security Coordinator
Oregon PERS
503 603-7633
karen.park at state.or.us

SL2

Please note: I will be out of the office starting the afternoon of Thursday, Dec 17, 2008 returning Monday, Jan 5, 2009. 

Happy Holidays!

>>> On 12/11/2008 at 4:05 PM, in message <9687ABA174F26649B8F916101422A5BF03BE9E0D at FRS0010CP3MB02.ds.irsnet.gov>, "Marshall KayDel D" <KayDel.Marshall at irs.gov> wrote:

Dear Business Organization:

We are pleased to provide you with the latest IRS News Releases and Headliners to distribute to your small business members.  We hope that the information will be helpful and we encourage publication in your association's magazines, newsletters, email distributions and/or website.  

Below are summaries and links to the most recent headliners and news releases your members might be interested in.  The title and summary are designed to give you a brief overview of the article's content -- the link to the full article is at the end of each summary. I encourage you to use any or all of these in newsletters or emails to your members, or on your web site.  

If someone else in your organization is a more appropriate contact point for these types of emails, please let me know.  And if you do not want to receive future emails like this one, please reply and request your name be removed.

Happy Holidays!

Kay Del,

 Kay Del Marshall 
Senior Stakeholder Liaison
Small Business & Self-Employed C/L/D
1220 S.W. 3rd Avenue, Mail Stop O-185 
Portland, Oregon 97204 
503-326-5240 Phone 
503-326-5957 Fax 
E-Mail: KayDel.Marshall at irs.gov 
ID #93-10646

Event Updates:
Coffee & Issues at 4:00pm, Thursday, December 11th With the participation of:Ted Wheeler, Multnomah County Chairman; John Jackley, Director of Communications and Business Equity, Portland Development Commission  Special recognition:  Mayor Tom Potter 
Followed by Business After Hours at 5:00pm Where you can enjoy music, food and a no host bar *Don't forget to bring a guest, and donate some items for the raffle. All the proceeds will go to our Youth Program.
Friday, December 12th A&E / Contractors meeting 7:30am With presentations of:  J E Dunn, Housing Authority Of Portland,  Walsh Construction, CJ Jackson, Portland Community College
All the events will be held at the OAME, Large Conference Room, 4134 N. Vancouver Ave., Portland Oregon. For more information, please contact us at (503) 249-7744.  OAME is accepting Donations to the Oregon Food Bank

SSA/IRS Employment Tax Updates Webinar You can register for the January 21 Webinar Event from 1:00 to 3:00 p.m. at Registration Link: https://cc.readytalk.com/r/itvawwqc1jzt  
OR See and Hear Recording at:  https://cc.readytalk.com/play?id=4n8huglk  

Oregon Small Business Forum,  January 22, 2009 from  8:00 to Noon at OAME, 4134 N. Vancouver, Portland, Oregon  Focus Area Speakers on the topic of "Finding Capital During Tough Times."

OAME21st Annual Conference and Tradeshow on May 7th 2009, at the Oregon Convention Center and be a part of this wonderful experience. To know more of this event, please contact us at oame at oame.org. 

Oregon Small Business Fair, September 19, 2009, Oregon Convention Center, Contact Linda Repp for Exhibitor Information at 503-329-4260 or e-mail her at Linda.E.Repp at state.or.us. 

IRS Updates & News Releases:  

New on IRS.gov: Small business Video and Audio Presentations
A new page on IRS.gov features video and audio presentations on a variety of topics for small businesses and self-employed taxpayers. Visit it here:  http://www.irs.gov/businesses/small/article/0,,id=97726,00.html

An online audio podcast for first-time Schedule C filers includes basic tips to help new business owners avoid potential problems.  Visit it here: http://www.irs.gov/businesses/small/article/0,,id=200424,00.html

Wage Compensation for S Corporation Officers
http://www.irs.gov/newsroom/article/0,,id=200293,00.html
The Internal Revenue Code establishes that any officer of a corporation, including S corporations, is an employee of the corporation for federal employment tax purposes.  S corporations should not attempt to avoid paying employment taxes by having their officers treat their compensation as cash distributions, payments of personal expenses, and/or loans rather than as wages.  This fact sheet clarifies information that small business taxpayers should understand regarding the tax law for corporate officers who perform services.

IRS Announces 2009 Standard Mileage Rates
http://www.irs.gov/newsroom/article/0,,id=200505,00.html
Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
55 cents per mile for business miles driven 
24 cents per mile driven for medical or moving purposes 
14 cents per mile driven in service of charitable organizations
The new rates for business, medical and moving purposes are slightly lower than rates for the second half of 2008 that were raised by a special adjustment mid-year in response to a spike in gasoline prices. The rate for charitable purposes is set by law and is unchanged from 2008.  The business mileage rate was 50.5 cents in the first half of 2008 and 58.5 cents in the second half. The medical and moving rate was 19 cents in the first half and 27 cents in the second half. 

Job Loss Creates Tax Issues: IRS Publication 4128 Provides Helpful Information
http://www.irs.gov/pub/irs-pdf/p4128.pdf
The Internal Revenue Service recognizes that the loss of a job may create new tax issues. This IRS publication provides the information on severance pay, unemployment, getting a W-2 from an employer that’s out of business or in bankruptcy, what to do if you owe taxes and cannot pay them right away, and more.

Winter Issue of SSA/IRS Reporter Available
http://www.irs.gov/pub/irs-utl/ssa_irs_reporter_winter_08_english.pdf
The SSA/IRS Reporter provides small to medium-sized employers and the self-employed with information on electronic tax-filing and payment of employment taxes. The Reporter also carries general information about best payroll and employment tax practices, and announcements about IRS and SSA products and services. Articles in the winter issue include: 
Social Security Announces Wage Base Increase for 2009 
Business Information Reporting and Backup Withholding Responsibilities 
2009 Changes in IRS Forms 
Employer Responsibilities: Outsourcing Payroll 
SBA Disaster Loans 
Reminders for Successful Year-End Processing 
Many Employees Overlooking Valuable EITC Tax Credit 
A quarterly newsletter, the Reporter is a collaborative effort among the Social Security Administration, IRS, and other federal government agencies. It is enclosed with quarterly Forms 941 mailed to approximately 2,000,000 employers. Past issues, in English and Spanish, are also available online at http://www.irs.gov/businesses/small/article/0,,id=109886,00.html

IRS Offers Tips for Year-End Donations
http://www.irs.gov/newsroom/article/0,,id=201076,00.html
Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.
One provision offers older owners of individual retirement arrangements (IRAs) a different way to give to charity. There are also rules designed to provide both taxpayers and the government greater certainty in determining what may be deducted as a charitable contribution. Some of these changes include the following.

Interest Rates Drop for the First Quarter of 2009
http://www.irs.gov/newsroom/article/0,,id=201115,00.html
The Internal Revenue Service today announced in Revenue Ruling 2008-54 that interest rates for the calendar quarter beginning Jan. 1, 2009 will drop by one percentage point. See article for new rates.

IRS Issues Fall 2008 Statistics of Income Bulletin
http://www.irs.gov/newsroom/article/0,,id=200506,00.html
The Internal Revenue Service today released the fall 2008 issue of the Statistics of Income Bulletin, which features information on 138.4 million individual income tax returns filed for tax year 2006.

Recent Articles from e-News for Small Businesses
SBA’s frequently asked questions
The latest update to the Small Business Administration’s Office of Advocacy small business publication, Frequently Asked Questions, has a variety of statistical data and other information for small businesses. 

APA reminders for a successful year-end
The American Payroll Association has some tried-and-true tips to help ease year-end processing for employers. 

Information on SBTV.com
Visit SBTV.com’s IRS Partner Page for archived videos and other resources. 

Retirement news for employers
The fall issue of Retirement News for Employers covers hardship withdrawals, loans from retirement plans and more. 

Due date extended for some 2008 returns
Since Feb. 28 is a Saturday, the deadline for filing 2008 returns normally due that day is extended to March 2. This includes: 
Form W-2, Wage and Tax Statement (for wages paid to employees) 
Form 1099-MISC, Miscellaneous Income (for payments made in the course of a trade or business to nonemployees) 
Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips  
Electronic filers have until March 31 to file these returns. 

Subscribe to e-News for Small Businesses
If you would like to receive e-News for Small Businesses, please visit this link to subscribe: http://www.irs.gov/businesses/small/content/0,,id=154826,00.html

Recommend e-News for Small Businesses
If you already receive e-News for Small Businesses, you can share it with a business acquaintance, colleague or employee. Just forward this link to them to view a sample edition and subscribe.

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