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Washington Watch Quarterly - July 2010

Washington Watch is a weekly newsletter with small business updates from the NASE's Washington, D.C. office. This issue of Washington Watch Quarterly is designed to give you a breeze through of the top stories from the last few months.  

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Coalition Speaks Out On S Corp Taxation

A coalition of small business organizations, including the NASE, has banded together to contest a House proposal that would hike taxes for service sector S corporations.

In a letter to the Committee on Ways and Means, the coalition states, "this proposal would increase taxes on small business owners who are fully complying with the law. It will add to the tax code’s complexity by creating new categories of business activity that will have to be defined and litigated."

To view the full article, click here.

Tax Initiatives To Promote Growth

As the economy continues showing early signs of improvement, small business owners from a range of sectors called on lawmakers this week to help sustain the recovery through tax incentives that will encourage small firms to grow and hire new workers. Testifying before the House Committee on Small Business, entrepreneurs said targeted tax relief can be an important tool for stimulating job creation.

To view the full article, click here.

Disaster Aid For Gulf Coast Small Businesses

In response to the oil spill off the Gulf Coast, the Small Business Administration (SBA) announced the availability of Economic Injury Disaster Loans (EIDL). The low-interest working capital loans of up to $2 million. Eligible small businesses include small businesses engaged in catching or dependent on the sale of shrimp, crab and oysters, as well as fishing equipment and gear.

Visit YouTube for more on the SBA's Disaster Loans.

New Law Increases Paperwork for Self-Employed Over A Thousand Percent

Many of the nation’s entrepreneurs are about to become more familiar with IRS Form 1099. According to a new law set to go into effect in 2012, business owners will be required to submit a Form 1099 for every payment made via check or credit card to vendors for services, inventory or property over $600 annually. A survey by the National Association for the Self-Employed (NASE) found that the self-employed and micro-businesses (those with fewer than 10 employees) are overwhelmingly expecting this new regulatory burden to greatly or somewhat increase the amount they spend on tax preparation.

To view the full article, click here.

House Approves Funding For SBA Loans, Expands S Corp Payroll Tax

According to the House Ways and Means Committee, the stimulus package has been kind to small businesses. The stimulus bill last year increased resources for SBA loan programs, resulting in the creation or retention of over 650,000 jobs. The House recently passed American Jobs and Closing Tax Loopholes Act (H.R. 4213) to extend funding to certain stimulus programs, including SBA loans, which were so popular that the funding was exhausted twice.

To view the full article, click here.

S Corp Legislation Still In Play In Senate

A package of tax cuts and benefit extensions (H.R. 4213) in consideration before the Senate includes a revenue-raising offset that the NASE and other small business groups would like to have removed. One particular offset would raise $11.2 by requiring the owners of certain S corporations in fields such as architecture, medicine or law to pay payroll taxes on their share of the company’s profits.

To view the full article, click here.

Self-Employed Send A Message to Washington With Viral Ad Campaign

The NASE launched a digital advertising campaign that seeks to raise awareness of the policy priorities of the self-employed and micro-businesses while combating the stereotype that the nation’s smallest businesses do not make serious contributions to the economy. The ads depict a self-employed business owner wearing a suit, tie…and bunny slippers.

To view the full article, click here.

Micro-Businesses Support Energy-Saving Measures

Despite a challenging economic climate, saving on energy costs remains a priority for many small business owners. Fifty percent of micro-business owners have made efforts to reduce their energy costs by implementing energy-saving measures in their home and business, according to a study undertaken by the NASE. Forty percent of respondents indicated they had implemented energy-saving measures in their home only, while only nine percent of respondents indicated they had not undergone any energy-saving changes in their home or business.

To view the full article, click here.

Small Business Jobs Act Addresses Key Health And Tax Priorities For The Self-Employed

The self-employed and micro-businesses are often overlooked by lawmakers when it comes to policy, but that may be about to change. The Senate is considering legislation called the Small Business Jobs Act of 2010 (H.R. 5297). This bill contains key provisions that may help America’s smallest businesses in this difficult economic climate, according to the National Association for the Self-Employed (NASE).

To view the full article, click here.

National Taxpayer Advocate Submits Mid-Year Report to Congress

National Taxpayer Advocate Nina E. Olson released a report to Congress identifying the priority issues that the Taxpayer Advocate Service (TAS) will address during the coming fiscal year. Olson raised concerns about regulatory burdens faced by small businesses, as well as the implementation of new health laws in regards to the IRS.

To view the full article, click here.

Washington Watch Online

Visit NASE Advocacy to view archived editions of Washington Watch. While you’re there, read the latest updates from the Washington, D.C. office, write your Congressperson, and find out how you can join the fight for micro-business.

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