IRS Publication 5965 – IRS Forms, Instructions, Pubs 2026 – National Small Business Week is a key event for entrepreneurs, offering valuable resources to help businesses thrive. In 2025, the IRS released Publication 5965, a comprehensive Partner Promotion Bundle designed to support small business owners, employers, and self-employed individuals with essential tax tools and best practices. This guide breaks down the publication’s highlights, purpose, and practical advice to optimize your tax compliance and business operations. Whether you’re starting a new venture or managing an established one, understanding IRS Publication 5965 can empower you during National Small Business Week and beyond.
What is IRS Publication 5965?
IRS Publication 5965, revised in May 2025, is a targeted resource bundle created in celebration of National Small Business Week, which ran from May 4-10, 2025. Its main goal is to provide tax-related tools, tips, and promotional materials to help small businesses succeed while staying compliant with IRS regulations. Available as a free PDF download from the official IRS website, this publication emphasizes efficiency, scam prevention, and proactive planning.
The bundle is structured around daily themes during the week, making it easy for partners—like tax professionals, chambers of commerce, and business associations—to promote IRS resources. It includes social media-ready posts with hashtags such as #SmallBusinessWeek and #IRS to boost engagement and awareness.
Key Sections and Best Practices for Small Businesses
The publication is divided into thematic sections, each aligned with a specific day of National Small Business Week. Here’s a breakdown of the core content:
Small Business Best Practices (Focus: May 5, 2025)
This section outlines foundational steps for tax compliance and business setup:
- Classify Your Business Correctly: Choose the right entity type—such as sole proprietorship, partnership, corporation, S corporation, or LLC—to align with your tax filing needs and legal requirements.
- Obtain an Employer Identification Number (EIN): Apply for this free federal tax ID online through the IRS website (irs.gov/ein) for instant approval. It’s essential for most businesses and can be obtained in minutes.
- Maintain Adequate Records: Track income, expenses, and property basis to support tax returns and monitor business progress.
- Hire a Reliable Tax Professional: Select qualified experts like CPAs or enrolled agents to avoid scams and ensure accurate filings.
- Resolve Tax Debts: Options include payment plans, offers in compromise, or bankruptcy notifications to manage liabilities and prevent penalties.
These practices help small businesses avoid common pitfalls and plan for future tax obligations using tools like the IRS Tax Withholding Estimator.
Tips for Tax Professionals Supporting Small Businesses (Focus: May 6, 2025)
Geared toward tax pros, this part promotes professional development:
- Attend the IRS Nationwide Tax Forum: Earn up to 18 continuing education credits through sessions in various U.S. cities during summer 2025.
- Use the Tax Pro Account: Manage client authorizations, view information, and handle payments securely via this online portal.
- Subscribe to e-News: Stay updated on tax law changes with weekly IRS newsletters.
Digital Tools for Efficient Tax Management (Focus: May 7, 2025)
The IRS highlights modern solutions to streamline operations:
- Business Tax Account: View balances, make payments, and communicate with the IRS—starting with sole proprietors and expanding features.
- Information Returns Intake System (IRIS): E-file corrections and extensions for recent tax years.
- Mobile-Friendly Forms: Complete adaptive forms on any device with an IRS Online Account.
- Secure Messaging: Interact directly with IRS reps for quick resolutions.
Protecting Against Scams (Focus: May 8, 2025)
Scam awareness is a major emphasis:
- Common threats include phishing emails, smishing texts, fake charities, and misleading social media advice.
- Protective tips: Use multi-factor authentication, report incidents to [email protected], and educate staff via IRS Identity Theft Central.
Proactive Planning and Disaster Preparedness (Focus: May 9, 2025)
Prepare for the unexpected:
- Recordkeeping Strategies: Go paperless, store documents securely, and document assets with photos for claims.
- Disaster Tax Relief: Automatic extensions after federal declarations; check IRS resources for details.
- Fiduciary Bonds and EFTPS: Ensure payroll security and monitor deposits.
Promotional Materials and How to Use Them?
IRS Publication 5965 includes ready-to-share social media content, such as posts promoting EIN applications, business tax deductions, and scam alerts. Examples include:
- “During #SmallBusinessWeek, get an EIN for free from the #IRS in minutes. Apply online: www.irs.gov/ein”
- Links to resources like Publication 5470 for tax tips and the Gig Economy Tax Center.
Partners can customize these to promote events, webinars, or local workshops, driving traffic to IRS.gov/smallbizweek.
Why National Small Business Week Matters for Tax Compliance?
Observed annually, National Small Business Week celebrates entrepreneurs and provides education on topics like starting a business, handling Form 1099-K, and navigating SECURE 2.0 Act changes. IRS Publication 5965 reinforces this by offering actionable insights that apply year-round, helping businesses reduce liabilities and maximize deductions.
Additional IRS Resources for Small Businesses
Beyond Publication 5965, explore:
- IRS.gov for starting a business guides and emergency preparedness.
- Tools for common tax scams and business taxes.
- Free downloads of related publications like 5967 or 5982.
For the latest updates, visit the IRS forms and publications page to download Publication 5965 directly.
In summary, IRS Publication 5965 is an invaluable tool for navigating tax challenges during National Small Business Week. By leveraging its bundle of resources, small businesses can enhance compliance, protect against risks, and focus on growth. Download it today from irs.gov and stay ahead in your entrepreneurial journey.