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Posts Tagged ‘Compliance’


Small Biz Resource Tip: Docracy

March 27th, 2012 ::

Docracy

Crowdsourcing has a new offspring in the form of Docracy, an online legal document stockroom populated by the site’s community. Hoping to help you save on costly legal fees, Docracy currently has more than 100 document templates to choose from, including employee agreements, sales contracts and nondisclosure forms. Docracy also bundles important documents for freelancers and startups, in case there are documents you don’t even know you need. Crowdsourcing means the community shares and updates the documents, which are available for free download in either PDF or Word format. If you like the form as is, you can fill it in and save it online.

Small Biz Resource Tip: IRS Small Business Workshops and Webinars

November 21st, 2011 ::

IRS Small Business Workshops and Webinars

There’s no excuse for letting your business get into hot water with the IRS—not when the agency provides workshops across the country to help small businesses understand and stay in compliance with federal tax laws. Most seminars are free to attend and are presented by IRS partners and federal tax specialists. Check the listings for your state, as topics vary from workshop to workshop. Workshops cover areas ranging from a general overview of tax laws to tips for good record-keeping to retirement plans. If you can’t get to a workshop, no problem: The Virtual Small Business Workshop is available on CD and online.

 

New Americans With Disabilities Act (ADA) Employment Rules Affect Small Businesses

April 19th, 2011 ::

By Maria Valdez Haubrich

Is your business affected by new rules governing the Americans With Disabilities Act (ADA)? In March some important changes took place that affect how businesses hire and serve the more than 50,000 Americans with disabilities. Here’s a closer look:

Customers With Disabilities: The Department of Justice made some changes to the ADA that affect how businesses treat people with disabilities as customers. You can find a DOJ handbook explaining all the new rules here. The handbook explains what businesses are affected, the changes your business may need to make to the inside and outside of your building, changes regarding service policies and service animals, mobility devices like wheelchairs and how you communicate with customers who have disabilities.

If this sounds like a lot of costly changes, there’s good news for small businesses worried about huge expenses: The new rules state businesses will only need to make modifications if they are “easily accomplishable without much difficulty or expense.”

Employees With Disabilities: On March 25, the Equal Employment Opportunity Commission (EEOC) released a final rule implementing the equal employment provisions of the Americans with Disabilities Act Amendments Act of 2008 (ADAAA).

The ADAAA significantly expanded the definition of “disability,” meaning that more workers are considered disabled under the ADA and more employers will have to make reasonable accommodations to enable these employees to compete in the workplace.

The EEOC has created a guide to help small businesses comply with these regulations, Questions and Answers for Small Businesses: The Final Rule Implementing the ADA Amendments Act of 2008. The booklet explains which small businesses need to comply, how “disability” is defined and what constitutes reasonable accommodations to a disability.

 

You can find out more about the employment provisions of the ADA by visiting the EEOC website at www.eeoc.gov or calling the toll-free ADA Information Line at 800-514-0301 (voice) or 800-514-0383 (TTY).

Need extra help? The EEOC’s Small Business Liaisons provides confidential assistance to employers.

Image by Flickr users Tim & Selena Middleton (Creative Commons)

Small Biz Resource Tip: Small Business Jobs Act of 2010 Tax Provisions

March 2nd, 2011 ::

Small Business Jobs Act of 2010 Tax Provisions

Are you starting to gather your documents and receipts for this year’s tax season? Don’t forget to check the IRS website for new tax provisions enacted by the Small Business Jobs Act of 2010. Just signed into law this past September, the Act provides for enhancements to SBA loan provisions, higher loan limits, more opportunities for federal contracting for small businesses, and several tax relief measures to promote job growth. The law increases the small business expensing limit, temporarily eliminates capital gains taxes for those who invest in small business, allows qualified small businesses to carry back their general business credits to offset five years of taxes and more. Check the IRS website for updates and forms.

DISCLAIMER: The information posted in this blog is provided for informational purposes. Legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. The information presented here is not to be construed as legal or tax advice. Network Solutions recommends that you consult an attorney or tax consultant if you want professional assurance that the information posted, and your interpretation of it, is appropriate to your particular business.

Will Barter Affect Your 2010 Business Taxes?

February 22nd, 2011 ::

By Maria Valdez Haubrich

 

Did you use barter in 2010 to help your business save money and conserve cash? Smart move. More and more business owners turned to barter to get through the tough times of the recent recession. But if you don’t handle the tax consequences of barter relationships properly, you could lose more money than you saved.

Barter can enable you to trade for services such as website design, accounting or consulting, marketing and more. You can even barter for business products like print materials, office equipment or premiums and promo items. But whatever you barter, the Internal Revenue Service (IRS) has strict regulations for how the transaction is reported.

The IRS says income from barter is taxable in the year during which the transaction took place. That means you must report the fair market value of the products or services you received in any 2010 barter transaction on your 2010 tax return. In addition to this, you may also have to pay income tax, excise tax or self-employment taxes related to the barter activity. Finally, barter could result in capital gains, capital losses or nondeductible personal losses.

Many small business owners use informal barter arrangements with other companies. That’s OK with the IRS, but you do need to document in writing what you and the other party are exchanging and its value. If you didn’t set up such an agreement at the time of the transaction, do so now.

Going forward, one way to simplify tracking your barter activity and its tax consequences is by joining a barter exchange. Each year the exchange will send you an IRS Form 1099-B detailing that year’s barter activity for the year, and will report that activity to the IRS. This removes a lot of the headaches and ensures your information is correct.

Whichever method you choose to use—informal or a barter exchange—be sure you keep accurate records of all barter activity. The IRS website has more information about barter, as well as links to all the barter-related tax forms you’ll need, resources and advice for tracking and documenting barter.

Still not sure whether your business’s barter activities comply with IRS regulations? Ask your accountant or tax preparer for help.

Image Courtesy: Karen Axelton

Small Biz Resource Tip: U.S. Citizenship and Immigration Services

December 24th, 2010 ::

 

U.S. Citizenship and Immigration Services

If you’re thinking about hiring foreign employees to work in your business, whether short term or permanently, you’ll need to navigate the comprehensive website of the U.S. Citizenship and Immigration Services. For an example of the information you’ll find, as an employer, you’ll need to file a nonimmigrant petition on the temporary employee’s behalf with USCIS. You must verify the prospective employee is authorized to accept employment in the U.S. by filling out an Employment Eligibility Verification form. And if you’re looking for permanent employees, you’ll need to apply for an immigrant visa and prove to the government there is little chance of finding a U.S. citizen to fill this role.

Small Biz Resource Tip: Alcohol and Tobacco Tax and Trade Bureau

December 23rd, 2010 ::

Alcohol and Tobacco Tax and Trade Bureau

If you’re thinking of starting a winery, brewery, distillery or importing any alcoholic beverages, you’ll need to bookmark the website for the Alcohol and Tobacco Tax and Trade Bureau (TTB.gov). Distributing beer, wine or distilled spirits? The rules and regulations for making and distributing alcohol are massive and you don’t want to be caught in violation or noncompliance. The site is organized by type of beverage; specific FAQ categories make the site fairly maneuverable without getting lost. Learn about advertising guidelines, labeling requirements, international trade rules and more. This is also the site you need if you plan to sell firearms or tobacco.

DISCLAIMER: The information posted in this blog is provided for informational purposes. Legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. The information presented here is not to be construed as legal or tax advice. Network Solutions recommends that you consult an attorney or tax consultant if you want professional assurance that the information posted, and your interpretation of it, is appropriate to your particular business.

Small Biz Resource Tip: Health Care Tax Credit

December 20th, 2010 ::

 

Health Care Tax Credit

Don’t forget to take advantage of the new health care tax credit for small businesses made available because of the Affordable Care Act. IRS Form 8941 is a simple one-page form for businesses with fewer than 25 full-time employees with average annual wages below $50,000. The small business health care tax credit was created to encourage small businesses to offer health insurance coverage to their employees or to keep the plan they already have. Through 2013, the maximum tax credit is 35 percent of premiums paid by small employers; beginning in 2014, the credit increases to 50 percent.

 DISCLAIMER: The information posted in this blog is provided for informational purposes. Legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. The information presented here is not to be construed as legal or tax advice. Network Solutions recommends that you consult an attorney or tax consultant if you want professional assurance that the information posted, and your interpretation of it, is appropriate to your particular business.

Small Biz Resource Tip: EffortlessHR

December 10th, 2010 ::

EffortlessHR

Remember when you were an employee and personnel problems were as easy as calling the Human Resources Department and having them handle it? Those were the days. Now, as an entrepreneur, if you don’t have enough employees to justify hiring an HR person, you can get help with all things personnel by signing up with an online employee management program like EffortlessHR. Designed to take the hassle out of knowing which papers to file, tracking employee hours and benefits, and more, the program also offers helpful guides for employers to make sure they’re in compliance with state and federal laws. Choose from varying levels of programs based on your number of employees.

Small Biz Resource Tip: Bureau of Consumer Protection Business Center

December 3rd, 2010 ::

Bureau of Consumer Protection Business Center

A division of the Federal Trade Commission, the Bureau of Consumer Protection Business Center enforces the laws that protect consumers against unfair or deceptive practices. The Center gives your business the tools and information to understand and comply with FTC laws and regulations. Look in the legal section to find case examples, opinions and laws the FTC enforces. You can also find out about FTC workshops. You can browse by topic such as advertising and marketing, or search by industry to find information specific for your business. Download guidelines to read and discuss with employees so you can keep them on the up and up.