Budget: Taxes and the IRS

February 16, 2011

The President’s budget proposal would reduce the deficit by $1.1 trillion over the next decade—two-thirds from spending cuts and one-third from tax increases. Taxes  The budget request offers a three-year paid-for patch for the Alternative Minimum Tax (AMT) and calls on Congress to work with the administration on budget-neutral corporate...

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2012 Budget Blueprint: An Overview

February 16, 2011

On Monday, President Barack Obama released his 2012 budget blueprint that includes various cuts, some increases, and steers clear entirely of Social Security and Medicare. The $3.73 trillion budget projects deficit reductions of $1.1 trillion over the next 10 years and includes a five-year, non-security spending freeze on domestic programs,...

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New Consumer Financial Protection Website

February 15, 2011

The U.S. Department of the Treasury recently announced the launch of a “beta” Website for the nascent Consumer Financial Protection Bureau (CFPB). An integral component of the new site is an effort to engage the public during the CFPB’s implementation. The agency would like to hear from “consumers, businesses, and...

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Obama Launches Startup America Initiative

February 8, 2011

The administration of President Barack Obama last week announced the creation of Startup America, a new initiative that seeks to “celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation.” According to the Obama Administration, the “core goals of Startup America are to increase the number and scale of new high-growth...

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Senate Votes to Repeal 1099 Reporting

February 8, 2011

On Feb. 2, the Senate approved 81 to 17 an amendment to the Federal Aviation Administration (FAA) reauthorization bill (S. 223) currently under debate in the Senate that would repeal new IRS Form 1099 reporting requirements for businesses. The measure, offered by Sen. Debbie Stabenow (D-Mich.), is offset by retracting $44 billion...

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Obama Addresses Business Leaders

February 7, 2011

On Monday, President Barack Obama addressed a group of business leaders at the U.S. Chamber of Commerce. In his address, Obama talked about building bridges with the business community while at the same time took larger businesses to task for sitting on large cash reserves rather than reinvesting that money...

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NSBA Releases 2010 Year-End Economic Report

February 3, 2011

NSBA today released its 2010 Year-End Economic Report which shows the small-business community is on the path to recovery. The report shows the largest gains in small-business hiring and revenues in two years, and a slight thawing of credit markets. Additionally, small-business owners’ confidence in the future of their own business rose...

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Senate Approves 1099 Repeal Language

February 2, 2011

UPDATE: The U.S. Senate has just voted to approve a measure to repeal the expanded 1099 reporting mandate which was included in the health care law. The vote on the Stabenow amdnement was bipartisan with 81 voting in favor, and 17 voting against the bill. Please see the article below that was published...

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Advocacy Releases 2009 Small Biz Economy Report

February 1, 2011

Late last week, the U.S. Small Business Administration Office of Advocacy (Advocacy) released their annual report, The Small Business Economy: A Report to the President, which reviewed the 2009 economic environment for small businesses. According to the report—and in-line with NSBA’s own economic reports, small businesses faced challenging economic conditions throughout...

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IRS Plans More Research on Small Business

January 25, 2011

The Internal Revenue Service (IRS) announced it will conduct more research into the tax needs and preferences of small businesses and self-employed workers. This comes as a result of a report done by the Treasury Inspector General for Tax Administration (TIGTA), who determines whether the services provided by the Small...

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