Tax Implications of Small Businesses (Hybrid Event: In-Person and via Zoom)
Please join us in person or via Zoom on October 12 at 1:00 PM when we will discuss the basic summary of what you need to know about starting and successfully operating your business, the forms of business organizations such as sole proprietorship, partnership, and corporation, and some common business credits together with some resources for additional information. There is aggressive marketing and misleading information out there about the Employee Retention Credit (ERC). So, we will spend time talking about the basic requirement for claiming ERC and warning signs business owners should watch out for. We have a Q&A time at the end so the audience can bring their tax-related questions to us. We also welcome any comments/suggestions on how the IRS can better serve you.
Speaker: Yong Li. Yong Li is a bilingual Stakeholder Liaison Tax Specialist with the Internal Revenue Service. As a bilingual Chinese Stakeholder Liaison, he collaborates, informs, and communicates priority outreach messages to all taxpayer communities, including major employers, community associations, and tax practitioner organizations to provide significant messages that impact taxpayers to ensure compliance with the tax laws.
Yong became a Stakeholder Liaison in 2021. Prior to that, he held positions in IRS Small Business Self-Employed Division as a Revenue Agent in field exams, tax return selection, and case processing. He has worked for the IRS for over 15 years. During this period of time, he has gained many skills and expertise on the whole life cycle of tax returns from filing and processing the returns, exam selection, and field exam, to post-exam case processing.
Can’t come to the workshop in person? No worries!
We’ll be hosting a Zoom link at the exact same time so everyone can join. A Zoom link will be sent out before the event starts.
This program is sponsored by the SBA Community Navigator Pilot Program (CNPP), the Oakland Vietnamese Chamber of Commerce and the Stakeholder Liaison Department from the Internal Revenue Service (IRS).
The CNPP program is an initiative funded through President Biden’s American Rescue Plan, to strengthen SBA support for small businesses and underserved businesses by connecting them to national, state, and local resources. The USPAACC-WEST serves as one of 15 nationwide spokes under USPAACC to assist in this initiative.
The CNPP program was designed to help small businesses, with a focus on those owned by veterans, women, and socially and economically disadvantaged individuals including in rural and urban communities that had been hit the hardest by the COVID-19 pandemic and severe economic impacts. Through the SBA Community Navigator Pilot Program, the USPAACC-WEST offers a host of FREE consultation services, training, and resources to small businesses.
The IRS’s Stakeholder Liaison team establishes relationships with practitioners and industry organizations representing small businesses and self-employed taxpayers. We provide information about the policies, practices, and procedures the IRS uses to ensure compliance with tax laws. We also elevate issues that affect tax administration using the Issue Management Resolution System (IMRS) – an internal database that streamlines and facilitates issue identification, resolution, or response and feedback.
For more information email us at email@example.com.