• Attention: Philadelphia Area Women Entrepreneurs!
• NASE President Works "Toward Affordable Health Care"
• IRS Newsletter Available in Spanish
• Action Alert: Urge Congress and the Administration to Assist Micro-Businesses
• Don't Get Caught Making These Tax Filing Errors

Attention: Philadelphia Women Entrepreneurs!

The NASE is proud to sponsor the Women Entrepreneurship in the 21st Century summit, April 3, 2003 in Philadelphia, PA. If you are a woman living in the Philadelphia area, are self-employed or run your own micro-business, this conference is for you. This free event offers cutting-edge insights on the most pressing concerns of women business owners today. It is packed full of networking opportunities, panel discussions, keynote speakers and break-out sessions on topics ranging from procurement to taxes on health care. Register today at www.women-21.com/conference.asp.
 

NASE President Works "Toward Affordable Health Care"

Next week, NASE President Robert Hughes will join a diverse array of health care experts in Washington, D.C., for a day-long symposium to explore the best paths to affordable health care and to outline specific ideas about what can be done to curb the skyrocketing cost of health coverage for the self-employed and micro-businesses. As a featured speaker during one of the panels, Mr. Hughes, a self-employed CPA, will present how to use tax laws to your advantage and what kind of tax reforms will promote more equitable treatment for micro-businesses.

Find out more about the symposium, "Toward Affordable Health Care: Prescriptions for Today".
 

IRS Newsletter Available in Spanish

The Social Security Administration and Internal Revenue Service "Reporter," a newsletter for businesses with employees, is now available in Spanish to help Hispanic business owners comply with IRS and SSA regulations.

The IRS, in partnership with the SSA, publishes the "Reporter" quarterly in March, June, September and December. The publication is designed to provide business owners with employees with up-to-date tax and business return filing information. This includes information on the electronic filing of returns and the deposit of federal withholding taxes.

The newsletter contains information of interest to employers who file business returns. The SSA/IRS Reporter is available in Spanish and English on the Web. Paper copies can be obtained by calling 1-800-829-3676 and asking for the Spanish edition, Publication 1693(SP), Catalog Number 35587K or the English edition, Publication 1693, Catalog Number 15060W.

For more information, click here.
 

Action Alert: Urge Congress and the Administration to Assist Micro-Businesses

As government leaders in Washington debate proposals for stimulating the nation's sagging economy, the NASE urges more focus on reforms to spur growth among the self-employed and entrepreneurs as key drivers of jobs and innovations in the market place. Visit the NASE Legislative Action Center and ask Congress and the Administration to consider more stimulus measures directed towards companies with 10 or fewer employees that have turbo-powered innovation and economic growth in recent years.
 

Don't Get Caught Making These Tax Filing Errors

Some of the simplest mistakes on your tax return can cause the biggest problems. Don't get caught making these filing errors this year. They could mean a delay in processing your return, an administrative burden to respond to IRS correspondence or an economic burden when you may not receive anticipated tax benefits. Always double-check your work; electronic filing could also detect errors earlier in the process.

"Schedule C from A to Z," the new book by NASE President Robert Hughes will help you with your taxes, too. It's a line-by-line, step-by-step guide to filling out your schedule C that could help you save more. Log on to my.nase.org to order.

The top filing errors for individuals, filing forms 1040, schedule C or E, are:

• Social Security Number (SSN) or name does not match Internal Revenue Service or Social Security Administration (SSA) records.

• Refund amount or amount owed was figured incorrectly.

• Taxable amount of Social Security benefits was figured incorrectly.

• Self-employment tax amount was incorrectly figured or transferred.

• Capital gains tax was incorrectly figured or transferred.

• Net-profit (or loss) on Schedule C or C-EZ incorrectly figured or transferred to Income section

• Supplemental income (or loss) from Schedule E incorrectly figured or transferred to income section.

If you are filing a corporate return, forms 2553, 1120S or 7004, watch out for:

• Incorrect or late filing

• Filing Form 1120S prior to receiving approval

• No Employer Identification Number (EIN)

For partnership returns, Form 1065:

• Failure to list the number of Schedule K-1s on Line I (number of partners).

• Employer's quarterly federal tax return payments do not match IRS records.

• Incorrectly calculating the tax liability on the employer's annual federal unemployment (FUTA) tax return.

• Errors on handwritten paper Form 8109B such as: Using "Doing Business As" name instead of primary business name that is assigned to the Employer Identification Number or incorrect and unclear information on Form 8109B.

For more information on these and other common tax filing errors, click here.
 

Do any of these issues affect you? Do you want to be proactive in helping the micro-business community? Visit the NASE's Legislative Action Center and “Tell Your Small Business Story.” This will help the NASE understand - on a personal level - how key legislative issues are affecting your business and your bottom line.

For more information about any of the articles in Washington Watch, contact Maureen Petron, NASE public affairs manager, at (202) 466-2100 or mpetron@nase.org.