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Creative Teaming Agreements

Facilitated by: Praxis HR

Wednesday, December 12
9:00 a.m. - 11:00 a.m.
Tukwila Community Center: Banquet Room C
12424 - 42nd Ave. S
Tukwila, WA 98168

Sound Transit's system expansion program presents an opportunity to address disadvantaged business enterprise and small business (DBE/SB) barriers that prevent their participation on contracts. We strongly encourage creative teaming arrangements that result in formal or informal partnerships of DBE/SBs with firms of similar professional capabilities having specialized experience or expertise needed on the project.

This interactive training is designed to collect input from participants (primes and DBE/SBs), advance recruitment practices and discuss how to source inclusively. It will help participants identify and develop strategies that are practical and set the stage for success.

Target audience:
Firms seeking to build business relationships in pursuant of Sound Transit contracts: primes, DBE/SBs, fi rst-tier subs

Click here to download the flyer

Register online at: https://conta.cc/2OTMlbq

For more info, contract Jennifer Hoback at: Jennifer.Hoback@soundtransit.org - (206) 903-7171

Sound Transit's system expansion outlines a 25-year schedule of planning, engineering and construction across Central Puget Sound. The agency invests in technical assistance and training for disadvantaged business enterprises and small businesses to provide pathways for participation on Sound Transit contracts.

IRS Announcement & Upcoming Events

IRS Tax Reform Webinars

https://www.irs.gov/small-businesses-self-employed/webinars-for-small-businesses

November 29 -- Tax Reform Basics about Opportunity Zones
2 p.m. Eastern; 1 p.m. Central; 12 p.m. Mountain; 11 a.m. Pacific; 10 a.m. Alaska; 8 a.m. Hawaii
Register: https://www.webcaster4.com/Webcast/Page/1148/28015

December 6 -- Tax Reform Basics for the Qualified Business Income Deduction (199A)
2 p.m. Eastern; 1 p.m. Central; 12 p.m. Mountain; 11 a.m. Pacific; 10 a.m. Alaska; 8 a.m. Hawaii
Register: https://www.webcaster4.com/Webcast/Page/1148/27995

Each session is 60-minutes, including Q & A. Closed captioning is available for each session.

Continuing Education:
  • All participants who qualify will receive a Certificate of Completion
  • Tax Professionals will earn 1 CE Credit – Category: Federal Tax Update
  • Have enough Federal Tax Update credit? No worries…excess Federal Tax Update credit can be counted towards Federal Tax/Tax Related Matters instead.
For information on future Tax Reform Webinars visit the Upcoming Webinars page on IRS.gov.
Questions about the webinars? Email us at: cl.sl.web.conference.team@irs.gov

Small Business Administration Workshops

https://www.sba.gov/offices/district/wa/seattle
SBA offers a variety of workshops, some online and others in person. Check the Events Calendar for a complete list.
Also check out the SBA Learning Center for a variety of free online courses, available anytime!

SCORE Workshops

SCORE offers workshops designed to give you the skills necessary to start your own successful business.

Seattle: http://seattle.score.org/localworkshops
Spokane: http://scorespokane.org/workshops

There are also several tax resources, including checklists, recorded webinars and more available here: https://seattle.score.org/content/tax-resources

SBDC Workshops

Check the Washington Small Business Development Center’s Training page, here: http://wsbdc.org/training/
Statewide training offerings, as well as links to the various SBDCs around the state that offer workshops.

IRS Updates & News Releases:

Did you know? One of the best ways to get information is by visiting the IRS Small Business Tax Center where you can learn everything from how to get an Employer Identification Number (EIN) online to how to best navigate an audit.

Tax Reform - https://www.irs.gov/tax-reform

Get Ready for Taxes: Learn how the new tax law affects tax returns next year
https://www.irs.gov/newsroom/get-ready-for-taxes-learn-how-the-new-tax-law-affects-tax-returns-next-year
This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the IRS has recently updated a special page on its website with steps to take now for the 2019 tax filing season. Also see IRS Publication 5307, Tax Reform Basics for Individuals and Families, which is now available on IRS.gov/getready. While the Tax Cuts and Jobs Act law includes tax changes for individuals and businesses, this publication breaks down what’s new for the 2018 federal tax return individual taxpayers will be filing in 2019.

Here’s how tax reform affects farmers and ranchers
https://www.irs.gov/newsroom/heres-how-tax-reform-affects-farmers-and-ranchers
Many farmers and ranchers will benefit from tax law changes brought about by last year’s Tax Cuts and Jobs Act. The article lists some of those changes along with details about how they will affect farmers and their bottom line, including net operating losses, the qualified business income deduction, and accounting method changes.

Reduced 24-percent withholding rate applies to small businesses and other payers; Revised backup withholding publication features helpful FAQs
https://www.irs.gov/newsroom/reduced-24-percent-withholding-rate-applies-to-small-businesses-and-other-payers-revised-backup-withholding-publication-features-helpful-faqs
The Internal Revenue Service urges small businesses and other payers to check out the agency’s newly-revised backup withholding publication, now available on IRS.gov. Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s), has been updated to reflect a key change made by the Tax Cuts and Jobs Act (TCJA). Effective Jan. 1, 2018, the backup withholding tax rate dropped from 28 percent to 24 percent. In general, backup withholding applies in various situations including, but not limited to, when a taxpayer fails to supply their correct taxpayer identification number (TIN) to a payer.

Treasury, IRS issue proposed regulations on new Opportunity Zone tax incentive
https://www.irs.gov/newsroom/treasury-irs-issue-proposed-regulations-on-new-opportunity-zone-tax-incentive
The Treasury Department and the Internal Revenue Service have issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive. Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities throughout the country through tax benefits. Under a nomination process completed in June, 8,761 communities in all 50 states, the District of Columbia and five U.S. territories were designated as qualified Opportunity Zones. Opportunity Zones retain their designation for 10 years. Investors may defer tax on almost any capital gain up to Dec. 31, 2026 by making an appropriate investment in a zone, making an election after December 21, 2017, and meeting other requirements. The proposed regulations clarify that almost all capital gains qualify for deferral.

Get Ready for Taxes: For many, time is running out to avoid a tax-time surprise; Check withholding, make estimated payments now
https://www.irs.gov/newsroom/get-ready-for-taxes-for-many-time-is-running-out-to-avoid-a-tax-time-surprise-check-withholding-make-estimated-payments-now
Many taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer, according to the IRS. With employees typically only having one or two pay dates left this year, time is running out to remedy any shortfall through increased withholding. In many cases, affected employees may need to ask their employers to withhold an extra flat-dollar amount from their pay to cover any possible shortfall.

Get Ready for Taxes: Here’s how the new tax law revised family tax credits
https://www.irs.gov/newsroom/get-ready-for-taxes-heres-how-the-new-tax-law-revised-family-tax-credits
More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service.

Other news releases:

For Tax Year 2017, e-file closes on Nov. 17; After that, disaster victims, others need to file on paper
https://www.irs.gov/newsroom/for-tax-year-2017-e-file-closes-on-nov-17-after-that-disaster-victims-others-need-to-file-on-paper
The Internal Revenue Service reminds people, including those in disaster areas, who want to file a 2017 tax return electronically to do so by Saturday, Nov. 17, 2018. Filing of paper tax returns will remain available after that date.

Get Ready for Taxes: Renew expiring ITINs now to file a return next year
https://www.irs.gov/newsroom/get-ready-for-taxes-renew-expiring-itins-now-to-file-a-return-next-year
The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible.

IRS, Free File Alliance announce changes to improve program; Improved taxpayer options available for 2019 Free File program
https://www.irs.gov/newsroom/irs-free-file-alliance-announce-changes-to-improve-program-improved-taxpayer-options-available-for-2019-free-file-program
The Internal Revenue Service announced an agreement with the Free File Alliance that will strengthen and expand taxpayer options for people choosing to use the free online software program during the 2019 filing season.

401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000
https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19000-for-2019-ira-limit-increases-to-6000
The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83.

IRS Criminal Investigation Releases Fiscal Year 2018 Annual Report
https://www.irs.gov/newsroom/irs-criminal-investigation-releases-fiscal-year-2018-annual-report
The Internal Revenue Service has released the Criminal Investigation Division’s (CI) annual report, reflecting significant accomplishments and criminal enforcement actions taken in fiscal year 2018.

Information Reporting Program Advisory Committee issues 2018 annual report
https://www.irs.gov/newsroom/information-reporting-program-advisory-committee-issues-2018-annual-report
The Information Reporting Program Advisory Committee (IRPAC) issued its annual report for 2018 including numerous recommendations to the Internal Revenue Service on new and continuing issues in tax administration. These recommendations are discussed in detail in the full 2018 IRPAC Public Report, available on IRS.gov.

Tax Tips
https://www.irs.gov/newsroom/irs-tax-tips
Tax reform affects if and how taxpayers itemize their deductions
Not too early: Here are steps taxpayers can take now to get ready to file their taxes in 2019
Taxpayers who have an ITIN set to expire should renew it ASAP
After tax reform, many corporations will pay blended tax rate
Here’s how tax reform changed accounting methods for small businesses
New IRS publication helps taxpayers Get Ready for tax reform
Tax reform changes to depreciation deduction affect farmers’ bottom line Newly revised publication helps taxpayers understand changes to backup withholding Taxpayers can get tax help after hurricanes and other natural disasters Business owners can claim a qualified business income deduction Tips for taxpayers who need to reconstruct records after disaster strikes Taxpayers can follow these steps for Using the Withholding Calculator on IRS.gov