Small Business Week

In celebration of National Small Business Week, May 4-10, 2025, the Internal Revenue Service is featuring useful tax-related tools and resources to help small business owners, employers and self-employed individuals succeed.

  • Correctly classify your business. Decide on the appropriate business entity (sole proprietorship, partnership, corporation, S corporation or LLC) to determine tax filing requirements and legal considerations.
  • Get your employer identification number (EIN). An EIN, also known as a federal tax identification number, is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service, and you can get your EIN immediately. You must check with your state to make sure you need a state number or charter. If you lost or misplaced your EIN, follow these steps.
  • Keep adequate records. Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns and support items reported on your tax returns. Choose a recordkeeping system that clearly shows income and expenses.
  • Hire the right tax professional. Choosing the right tax professional is essential for small business owners to ensure accurate and timely tax preparation. By asking the right questions and verifying credentials, businesses can avoid potential scams and protect their financial interests.
  • Resolve debt and prevent new liabilities. If you owe a tax debt and can't pay all or part of it, the IRS can help. You have options to resolve your tax bill.
    • Pay what you can now to help avoid interest and penalties. Then choose one of these options:
      • Apply for a payment plan, also called an installment or online payment agreement, to pay off your balance over time. Fees may apply.
      • An offer in compromise lets you settle your tax debt for less than you owe. This used to be called the Fresh Start program.
    • Ask to delay collection. If you can't afford to pay now because of your financial condition, you can ask us to temporarily delay collection.
    • If you disagree with the information on your tax bill, call the number on the notice or visit your local IRS office. Be sure to have a copy of the bill and any tax returns, cancelled checks or other records to help us understand why you believe your bill is wrong. If we find that you're right, we'll adjust your account and, if necessary, send a revised bill.
    • Request spouse relief. If your spouse made errors on your joint tax return and you didn't know about it, you may qualify for tax relief for spouses.
    • If you're in bankruptcy, please let us know immediately. We may temporarily stop collection. Call the number on your bill or 800-973-0424. Have this information ready: location of court, bankruptcy date, chapter and bankruptcy number.
    • If you don't pay the amount due or contact us. We may take collection actions.

Plan for next year. You should pay taxes as you earn or receive income during the year. You can do this by having your employer withhold tax from your wages or by making estimated tax payments. For details, see IRS Tax Withholding Estimator and Estimated taxes.

  • IRS Nationwide Tax Forum registration is open. This summer, tax professionals have the opportunity to attend continuing education sessions in five U.S. cities. The forum offers valuable continuing education credits and networking opportunities for enrolled agents, CPAs, attorneys and other tax professionals. Attendees can earn up to 18 continuing education credits, enhancing their professional development and expertise.
  • Tax Pro Account can help tax professionals save time. Tax Pro Account makes it easy to view your clients’ tax information, view and withdraw from active authorizations, make payments or create payment plans on behalf of individual taxpayers and request Powers of Attorney or Tax Information Authorizations from your clients – in real time.
  • Stay updated on tax regulations and resources provided by the IRS to help you navigate tax season effectively. Subscribe to weekly e-News for tax professionals to get the latest IRS updates for the tax professional community. This is a weekly summary generally issued on Fridays, that highlights key information for tax professionals.

A suite of digital tools and technology designed to assist small businesses is available to help manage their tax responsibilities efficiently. The IRS’s digital tools save small businesses time by allowing them to avoid wait times and mailing in documents. Examples of these include:

  • Business Tax Account. A new, secure platform where business owners can view tax information, manage accounts, make payment and communicate with the IRS. Initially available to sole proprietors, this digital tool continues to expand with additional services available.
  • E-file information returns for tax years 2022 and later with the Information Returns Intake System (IRIS). This system lets you file corrections and requests automatic extensions.
  • Digital and mobile adaptive forms. The IRS now provides certain forms in mobile-friendly options that allow taxpayers to easily complete and submit forms from their computer, cell phone or tablet. This gives taxpayers a safe and fast way to electronically engage with IRS. For forms that require signatures, you need an IRS Online Account to complete the mobile friendly forms.
  • IRS Secure Messaging is a secure service for taxpayers and authorized representatives of a taxpayer/business to directly interact with IRS representatives. Messages can be securely sent to you by IRS representatives.
  • Remain vigilant against common scams targeting you as a business owner to ensure you’re protected against fraudulent activities. These are a few things you should know to protect yourself:
    • Last year, the tax community launched the Coalition Against Scams and Schemes Threats (CASST), following a surge in social media-fueled scams. The 2025 Dirty Dozen list highlights some persuasive scams impacting businesses. Some these scams include new client scams and spear phishing, fake charities, bad social media advice and false credit claims.
    • Social media can routinely circulate inaccurate or misleading tax information. Be wary of trusting internet advice, whether it's a fraudulent tactic promoted by scammers or it's a patently false tax-related scheme trending across popular social media platforms.
    • Phishing is another scam. This happens when fraudsters send an email claiming to come from the IRS. The email lures the victims into the scam with a variety of ruses such as enticing victims with a phony tax refund or threatening them with false legal or criminal charges for tax fraud.
    • Smishing scams use a text or SMS message with alarming language such as, "Your account has now been put on hold" or "Unusual Activity Report.” A bogus "Solutions" link is often provided, to restore the recipient's account. Unexpected tax refunds are another potential lure for scam artists.
  • Take proactive steps today to safeguard your business and employees by implementing robust security measures such as using anti-malware/anti-virus software with automatic updates and enforcing strong passwords with multi-factor authentication. Ensure that you only enter personal data on secure websites (https) to prevent unauthorized access. See Publication 5961, Protect your business from tax scams PDF, for more information.
  • Educate your employees on data security to protect both them and your business. Use valuable resources like IRS Identity Theft Central and security awareness publications to provide comprehensive training and awareness.
  • Prioritize the protection of your Employer Identification Number (EIN). Keep it secure and up to date with accurate information. Use Form 8822-B, Change of Address or Responsible Party — Business PDF, to make any necessary updates to your EIN promptly, ensuring its integrity and minimizing the risk of identity theft or fraudulent activity.
  • Report suspicious IRS or tax-related scams to phishing@irs.gov. Inform the IRS of data losses related to W-2 scams at dataloss@irs.gov. Notify states of any disclosures of identity information at statealert@taxadmin.org.

Planning what to do in case of a disaster is an important part of being prepared. These simple steps can help taxpayers and businesses protect financial and tax records in case of disasters PDF:

  • Take advantage of paperless recordkeeping for financial and tax records. Store critical documents in waterproof containers and duplicate important paperwork.
  • Document valuables and business equipment. After a disaster hits, photographs and videos of a home or business's contents can help support claims for insurance or tax benefits. The IRS disaster-loss workbooks can help individuals PDF and businesses PDF compile lists of belongings or business equipment.
  • Get IRS support during disasters. Following a federal disaster declaration, the IRS will automatically provide administrative disaster tax relief and special tax law provisions. This grants additional time for individuals and businesses to file returns, pay taxes, and perform certain other time-sensitive acts to taxpayers affected by a federally declared disaster. Taxpayers living in a federally declared disaster can visit IRS Tax relief in disaster situations or Around the nation to check for the available disaster tax relief.
  • Check whether your employer has an employer fiduciary bond. Employers using payroll service providers should check if their provider has a fiduciary bond in place to protect the employer in the event of a default by provider. Employers are encouraged to create an Electronic Federal Tax Payment System (EFTPS) to monitor their payroll tax deposits and receive email alerts.

 

IRS Small Business Self-Employed Tax Center

Transcript   ASL

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Page Last Reviewed or Updated: 29-Apr-2025