SurePayroll Mainstreet Minute: Preparing for the COVID-19 Tax Season
In this episode of the SurePayroll Mainstream Minute, Holly Wade, Executive Director of the National Federation of Independent Business, suggests tax season may be more complicated for some small business owners due to COVID-19 relief programs, and offers tips on how to get started early.
When you're a business owner, it's never too soon to talk about tax preparation.
According to Holly Wade, Executive Director of the National Federation of Independent Business, some business owners might need to start preparing for more paperwork than usual this tax season.
“Navigating through the pandemic has been incredibly difficult for many small business owners, and for some, the grant program, the tax credits that were so helpful over the last year and a half unfortunately complicate the tax filing process,” said Wade, who notes that the next few years could be more challenging than normal for small business owners during tax season.
To help all business owners answer confusing or difficult tax related questions, Wade suggests small business owners take advantage of the free taxpayer advocate service.
“The taxpayer advocate service is an independent organization within the IRS,” said Wade. “That's a helpful resource for small business owners to answer tax questions, help you understand owners’ rights as a taxpayer, and offers free help to guide owners through the often very confusing process of resolving tax problems.”
The service is available to help small business owners facing an immediate threat of adverse actions, or if owners are unable to get in contact with anybody at the IRS for help. Every state has local tax advocate office that is independent of the local IRS office and reports directly to the national taxpayer advocate.
Learn more and find your local taxpayer advocate office on the IRS website.
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This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.