Tax workshop may help businesses avoid tax issues, red flags

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Employers confounded by the complexities of employment taxes are invited to a one-day workshop May 9 in Ozark. |ret||ret||tab|

The program, presented by the University of Missouri Outreach and Extension, is from 8:15 a.m. to 5 p.m. at the Ozark City Hall chambers. |ret||ret||tab|

The seminar costs $10 and includes three CD ROMs from the Internal Revenue Service: The 2002 Small Business Resource Guide, which includes all business tax forms, instructions and publications for small business; Introduction to Federal Taxes, which provides a format for small businesses to learn about the basics of complying with IRS regulations; and Virtual Small Business Workshop, which addresses business structures, payroll taxes, electronic filing, business expense deductions, record keeping and small-business Web sites. |ret||ret||tab|

According to IRS data for fiscal year 2000, delinquent employers accounted for approximately $5 billion in unpaid employment taxes.|ret||ret||tab|

"Small businesses that fall behind in paying their employment taxes may soon learn that, although the IRS is putting on a friendlier face these days, (it) still practices a very tough love," said Tom Keohan, a business specialist with University Outreach and Extension. |ret||ret||tab|

Since 1998, the IRS has been required by law to be more customer-friendly. These days, more inquiries are fielded over the phone and the agency has suppressed its instinct to padlock businesses. At first glance, it may seem the taxman has gone soft, because the number of IRS employees has declined 17 percent since 1992 even as the number of returns has risen by nearly the same percentage.|ret||ret||tab|

"However, don't be fooled for a minute," Keohan said. "You have to be careful with those statistics; they don't tell the whole story."|ret||ret||tab|

While the number of business audits is down, the IRS is matching documents with tax returns more often and assessing back taxes and penalties by mail, according to officials in Washington, so caution is advised.|ret||ret||tab|

For more information contact the University Outreach and Extension office in Ozark.[[In-content Ad]]