IRS Further Delays Three-Percent Withholding

May 24, 2011

On May 9, the Internal Revenue Service (IRS) published final regulations requiring federal, state and local government entities to automatically deduct and withhold three-percent of the value of payments to contractors for the purchase of property or services. The final rule delays the new withholding requirement for an additional year...

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NSBA Chair Interviews IRS Official

May 23, 2011

Last week, NSBA Chair Larry Nannis had the opportunity to interview Ruth Perez, the Internal Revenue Service (IRS) Deputy Commissioner for the Small Business Self-Employed Division, about small-business taxes. The interview was part of IRS’s aim to get more information out to small businesses about the various resources and information...

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More Deficit Reduction Talks and Proposals Outlined

May 10, 2011

Taxes and deficit-reduction continue to dominate discussions in Washington, D.C. as lawmakers work to craft a budget for FY 2012 and offer varrying deficit proposals, while also hoping to craft some kind of compromise to address the debt ceiling. The goal of curbing federal deficits, which is vital for America’s long-term economic growth, continues to be a...

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GOP Introduces JOBS Act

May 10, 2011

House and Senate Republicans introduced the Jobs, Opportunity, Benefits and Services Act of 2011 (JOBS Act, S. 904/H.R. 1745) last week, which would provide states with greater flexibility in how they choose to spend currently-dedicated temporary Federal unemployment insurance funds. Under current law, states are to receive $31 billion in federal funds...

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Budget Debate Will Take Center Stage

May 4, 2011

Returning to Washington, D.C. this week after a two-week recess, lawmakers are expected to focus on deficit reduction. After a shutdown was averted last month with an 11th-hour measure funding the government through September, the full debate over the 2012 budget plan can begin. On Thursday, the president’s new deficit-reduction...

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Lawmakers Approve Budget for Remainder of 2011

April 19, 2011

While the federal government once again avoided a complete shutdown in the waning hours of April 8, House and Senate leaders late last week approved the budget for the remainder of FY2011. The legislation, the Department of Defense and Full-Year Continuing Appropriations Act of 2011 (H.R. 1473), was signed into law on...

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NSBA to Testify on Tax Complexity

April 12, 2011

Today, the House Committee on Small Business will hold a full committee hearing entitled, How Tax Complexity Hinders Small Businesses: The Impact on Job Creation and Economic Growth. As Congress considers the issues related to fundamental tax reform, the concerns of American’s small businesses about tax reform need to be a...

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64 Senators Call for Deficit Reduction Solutions

March 22, 2011

On March 18, 64 Senators—including 32 Republicans, 31 Democrats and 1 Independent—signed a letter calling on the President to send a “strong signal of support” for a comprehensive deficit reduction package based on the work of the President’s National Commission on Fiscal Responsibility and Reform. The letter, organized by Senators...

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Presidential Boards Lack Small-Biz Representation

March 15, 2011

In January, President Barack Obama announced the creation of the Council on Jobs and Competitiveness, an economic advisory group, which aimed to improve U.S. job growth and global competitiveness, including dramatically expanding American exporting. Obama named Jeffrey Immelt, chairman and chief executive of General Electric, as chair of the Council,...

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House Passes 1099 Repeal, Offsets an Issue

March 8, 2011

On March 3, the House passed Small Business Paperwork Mandate Elimination Act of 2011 (H.R. 4) by a vote of 314-112 (238 Republicans and 76 Democrats) to repeal the Form 1099 information reporting requirement. The House bill, which would relieve businesses of the requirement to file a Form 1099 information report whenever...

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