e-News for Small Businesses March 5, 2008  Tax Resources for Small Businesses

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Issue Number:  2008-5 Inside This Issue

1. Free phone forum explains Income Verification Express System

2. Some farmers, fishermen have until March 10 to e-file

3. Updates on stimulus payments

4. Why can’t I get blank Federal Tax Deposit Coupons?

5. Fewer business forms hit mailboxes in 2008

6. SBTV tax tips offer help and information

7. Recent IRS announcements

1. Free phone forum explains Income Verification Express System

Generally, the Income Verification Express Service program is used by the financial community to confirm the income of a borrower when processing a loan application. 

This free March 19 phone forum will explain IVES and how small businesses can benefit from using the system. 

Register by March 14 at AT&T TeleConference Services. Make sure you use the correct access code when registering:

• 10:00 a.m. EST 501432

•   1:00 p.m. EST 832436

•   4:00 p.m. EST 342657

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2. Some farmers, fishermen have until March 10 to e-file

For eligible farmers and fishermen who electronically file returns with Form 4136, Credit for Federal Tax Paid on Fuels the return will be considered timely if the return is e-filed and accepted on or before March 10 and all tax due is paid on or before March 10.

This does not affect farmers and fishermen who are not attaching Form 4136 or are filing paper returns.

IR-2008-24 has more information.

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3. Updates on stimulus payments

This week, IRS begins mailing special letters to people that may be eligible for the economic stimulus payment.

The IRS.gov Economic Stimulus Payments Information Center has up to the minute information.

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4. Why can’t I get blank Federal Tax Deposit Coupons?

Employers currently using paper tax deposit coupons usually receive new coupon booklets automatically.

Under certain circumstances, blank Federal Tax Deposit Coupons, Form 8109-B are available. However, blank coupons should be used only when absolutely necessary and not on a continuing basis.

Small Businesses are encouraged to take advantage of the Electronic Federal Tax Payment System to avoid common errors and automate the payment process.

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5. Fewer business forms hit mailboxes in 2008

With more small businesses e-filing and downloading forms from the IRS Web site, the IRS is decreasing the number of tax packages mailed, including Forms 1120S, 1065, and 941.

If you need a business tax form this year but didn’t receive it in the mail, go to IRS.gov or call (800) 829-3676.

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6. SBTV tax tips offer help and information

E-mail phishing scams are proliferating. Today’s tax tip on SBTV can help you resist taking the bait. Next Wednesday’s daily news segment will feature a tip on keeping good records.

The IRS page on the SB Organizations link has the entire tax tip series, and other videos and information from the IRS.  

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7. Recent IRS announcements

• IR-2008-21, More Information on Stimulus Payments Posted to IRS.gov; New Details for Recipients of Social Security, Veterans Benefits

• IR-2008-22, 2008 Economic Stimulus Act provides tax benefits to businesses

• IR-2008-30, Interest Rates Drop for the Second Quarter of 2008

• IR-2008-31, IRS Seeks New Issues for the Industry Issue Resolution Program  

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