The Whitlock Company, CPAs and Consultants, Springfield Missouri

In a move geared to increase transparency, the IRS has announced that corporate and other business taxpayers now subject to FIN 48 and similar financial reporting rules will be soon required to report uncertain tax positions on their annual Form 1120, U.S. Corporate Income Tax Return, or other applicable tax return.

The IRS is currently developing a separate schedule for purposes of this disclosure, and IRS Commissioner Douglas Shulman has indicated that the agency intends to move quickly with the new reporting requirement once all comments have been received.

As 2010 unfolds, small businesses are confronted with tax challenges and opportunities on many fronts. Lackluster consumer spending, combined with tight credit, has many small businesses in a holding pattern.

Congress may respond with a new tax credit to encourage hiring. Small businesses are also faced with uncertainty over many temporary provisions in the federal Tax Code. Many of these incentives have expired. At the same time, small businesses are uncertain how health care reform, the fate of the federal estate tax and proposed retirement savings initiatives may impact them.

Being proactive to avoid these same traps and mistakes can keep you from being another business owner that failed.

One way for small businesses to excel in these lean times is building a loyal customer base. Treat your customers with respect and special attention. See that they get the best service and finest value you can. The happy customer will gladly sing your praises to other potential customers and they, themselves, will return to gladly spend more with you.

Many of you may have received data breach notices from credit card or other companies. Now if your company does business in one of the 45 states that require notification you will have to do the same and you should protect yourself from the risks.

I was scouring the internet headlines to find out what Washington was doing about the economy and the banking system and I discovered they were busy with more pressing problems when I found this blog on washingtonwatch.com, posted by Jim Harper.