Q & A: How do I Claim the Small Business Health Insurance Tax Credit for 2010?
- June 2, 2010
The small business health insurance tax credit, created by the health care reform package, rewards employers that offer health insurance to their employees with a tax break. The credit is targeted to small employers; generally employers with 25 or fewer employees. In May 2010, the IRS issued Notice 2010-44, which describes the steps employers take to determine eligibility for the credit and how to calculate the credit.
Not-for-profit’s Failure to File Required Information Returns Can Lead to Automatic Revocation of Tax Exempt Status
- June 1, 2010
Tax laws provide that not-for-profit entities who fail to file required applicable 990 information returns for three consecutive years automatically lose their not-for-profit status. Entities whose tax exempt status has been revoked are subject to regular income tax on their income and donations to the entities will not be deductible as charitable contributions.
Surviving the Recovery: How to Obtain Financing in the Post-Financial Crisis World
- May 19, 2010
It’s one of the great ironies of economic cycles: There will be some companies that scratch and claw their way through the downturn, managing to survive the worst of the recession, only to fail when the recovery starts to kick in. The primary culprit is usually a lack of access to capital.
New Reports Indicate Housing Market Is Improving
- April 23, 2010
With a nod to our last post featuring an article about increased spending on the rise, recent reports also indicate the housing market is improving. The National Association of Home Builders/Wells Fargo index of builder confidence increased this month more than economists forecast, and the Commerce Department reported that U.S. builders broke ground on more homes in March than anticipated.
Increased Spending Gives Rise To Optimism On Recovery
- April 20, 2010
Economists are revising forecasts and predicting a stronger economic recovery as a result of surging profits. A wide range of companies are increasing spending, giving rise to the optimism. "Companies have a lot more capital, and they're going to deploy it for equipment and hiring rather than sit on it," said Joseph LaVorgna, chief U.S. economist in New York at Deutsche Bank Securities. "It's quite possible the economy produces a recovery significantly stronger than people anticipate."
IRS Makes Case For Greater Disclosure From Businesses
- March 1, 2010
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.
Small Businesses Face Tax Opportunities And Challenges In 2010
- March 1, 2010
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.
Five Reasons Why Businesses Fail
- September 22, 2009
Being proactive to avoid these same traps and mistakes can keep you from being another business owner that failed.
Giving The Best Customer Service Especially During Tough Times
- September 21, 2009
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.