For more than 50 years the Small Business Association’s National Small Business Week recognizes the important contributions of the nation’s many entrepreneurs.

The 2019 SBW runs May 5 – May 11. During the week the IRS will provide the latest updates and IRS.gov information of interest to small businesses through various channels. Key topics will include:

Withholding taxes,
Data security tips,
Estimated tax payments,
Business credits and deductions,
Depreciation and expensing, and
Tax implications of the sharing economy.

More information to come in next week’s special Small Business Week edition of the e-News for Small Business newsletter.

2. How the sharing economy might affect your business taxes

From renting spare rooms and vacation homes to car rides or using a bike … name a service and it’s probably available through the sharing economy.

Business owners and other taxpayers who participate in the sharing economy can find helpful resources in the IRS Sharing Economy Tax Center on IRS.gov. It helps taxpayers understand how this activity affects their taxes. It also gives these taxpayers information to help them meet their tax obligations.

3. Know how to report cash payments

Business owners often receive cash payments for goods or services. If, in a 12-month period, you receive more than $10,000 in cash from one buyer as a result of a transaction in your trade or business, you must report it to the IRS and the Financial Crimes Enforcement Network (FinCEN). You report it on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.

For more information, see the recent IRS Tax Tip, Here’s what people should know about reporting cash payments.

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