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IRS E-News for Small Business Issue 2020-17

9/25/2020

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Issue Number: 2020-17Inside This Issue
  1. IRS highlights online resources during Small Business Week; including resources available in multiple languages
  2. Three employer credits available that grant relief to businesses
  3. Reminder: Taxpayers may be eligible for the home office deduction
  4. Tips for people starting a new business

1. IRS highlights online resources during Small Business Week; including resources available in multiple languages


In support of National Small Business Week – Sept. 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business.

The IRS has a long history of providing resources in Spanish and also provides products in Chinese, Korean, Vietnamese, Russian and Haitian-Creole, such as the Small Business and Self-Employed Tax Center.

To help more people, the IRS is translating other tax resources into more languages. In the meantime, the IRS is offering basic tax information in 20 languages, including a section on filing for a business.
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2. Three employer credits available that grant relief to businesses


The Internal Revenue Service reminds business owners and self-employed individuals of three employer credits available to them during COVID-19. During Small Business Week, the IRS wants to ensure all eligible people know about the relief these credits provide.

The Employee Retention Credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

The Paid Family Leave and Sick Leave Credit is designed to allow business to get a credit for an employee who is unable to work (including telework) because of Coronavirus quarantine, self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis.

Employees are also entitled to paid family and medical leave equal to 2/3 of the employee's regular pay, up to $200 per day and $10,000 in total. Up to 10 weeks of qualifying leave can be counted towards the Family Leave Credit.

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3. Reminder: Taxpayers may be eligible for the home office deduction


The IRS is reminding individuals to consider taking the home office deduction if they qualify.
The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, employees who receive a paycheck or a Form W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home.

There are two basic requirements to qualify for the deduction. The taxpayer needs to use a portion of the home exclusively for conducting business on a regular basis and the home must be the taxpayer’s principal place of business.

Additional information on the home office deduction can be found in IRS Publication 587, Business Use of Home (Including Use by Daycare Providers) or Form 8829, Expenses for Business Use of Your Home.

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4.  Tips for people starting a new business


Understanding the tax responsibilities when starting a new business can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business.

Finding resources for choosing a business structure, tax year and applying for an EIN can easily be found on IRS.gov.

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  • Our Chamber
    • Facebook
    • Mission Statement
    • Meet the Staff
    • Meet the Board
    • Ambassadors
    • Contact
  • Our Community
    • Map of Fairfield and Jefferson County
    • Shopping and Dining
    • Recreation
    • Schools & Child Care
    • Relocating to Fairfield
    • Local Government
    • Jefferson County Heritage
    • Fairfield Convention & Visitors Bureau (CVB)
    • Fairfield Economic Development Association
    • Fairfield & Transcendental Meditation Info Center
    • Fairfield Heritage Courtyard
  • Business Directory
  • Join Us
    • Why Join The Chamber
    • Membership Application
    • M2M
  • Sponsorship
  • EVENTS/CALENDAR
    • Community Calendar of Events
    • Chamber News
    • Chamber Sponsored Events >
      • Annual Awards Banquet
      • Barnyard Bash
      • Bike Fairfield
      • Blast Off Golf Tournament
      • Business After Hours
      • Candidate Forum
      • Career Connections
      • Holiday Lighting Dedication
      • Leadership Fairfield
      • Legislative Forum
      • Manufacturers Appreciation Luncheon
      • Member Appreciation Reception
      • Teacher Appreciation Day
      • Trees of Lights Campaign
    • Chamber Talk Radio Spotlight
  • Chamber Bucks
  • Member Log In