Small Biz Tech Council Honors Sen. Snowe With Award

Sen. Olympia Snowe, a Maine Republican, has received the Small Business Technology Council’s Milton Stewart Award. It's an annual award presented annually to individuals who have made big contributions to American small business technology companies.

“I am honored to receive this distinguished award from SBTC, whose dedication to promoting and defending the Small Business Innovation Research and Small Business Technology Transfer programs has been nothing short of remarkable. These critical programs are more important than ever to helping spur national job creation and enhancing our global competitiveness," said Snowe.

According to the Small Business Administration, the SBIR program awarded over $2.1 billion to businesses in fiscal 2008, while STTR added $239 million.

"The impact of this funding on small business development, high-tech innovation, and commercialization of groundbreaking technology is incredibly significant and I remain committed to reauthorizing SBIR and STTR in a manner that ensures they remain, to their core, small business programs,” said Snowe.

The Small Business Technology Council is a nonprofit organization representing small, technology-based companies. SBTC is a big fan of the SBIR program.

Stamps.com Offers Webinar for Small Business, E-commerce retailers

Stamps.com, a top provider of online postage and shipping software for the U.S. Postal Service, is offering a free webinar for small businesses and e-commerce retailers that's designed to help make shipping processes more efficient in preparation for the upcoming holiday season.

The webinar is Sept. 22 at 2 p.m. ET and registration is at: https://www2.gotomeeting.com/register/189058627

Stamps.com shipping gurus plan to discuss how to:

• Add a sense of urgency to increase early sales.
• Provide a hassle-free shopping experience.
• Package merchandise to minimize damage and returns.
• Test pricing and free shipping offers.
• Streamline shipping with batch processing.

Senate Passes Small Biz Jobs and Credit Act

The Senate on Thursday passed the Small Business Jobs and Credit Act, helping some small businesses that qualify for certain tax breaks or new loans.

Rep. Nydia Velázquez, D-N.Y., the chairwoman of the House Committee on Small Business, commented today on Senate passage of H.R. 5297: "Today's Senate vote is another important step toward helping small businesses access capital they need to fuel our economic recovery. The House-passed legislation included strong safeguards to ensure that banks boost their small business lending. I look forward to working with my Senate colleagues to ensure any final package achieves that goal."

The National Federation of Independent Business applauded the measure's passage, but lamented that a repeal of the Form 1099 requirements was not included.

Small Biz Ticked Off About Form 1099 Reporting Requirements

The small business community is in general consensus that lawmakers are failing to support them in its effort to get rid of language in the new health care reform bill that requires expanded Form 1099 reporting requirements.

Congress is back in session this week and failed to pass two amendments on addressing those new requirements set to take effect in 2012.

The measure doesn’t have anything to do with health care, but Section 9006 of the Patient Protection and Affordable Care Act mandates that small business owners file a 1099-MISC with the IRS for payments made to vendors totaling $600 or more in a tax year.

A small business would have to file a 1099 with office supply store Staples, for example, if the business owner purchased at least $600 worth of office supplies from it in one year.

An amendment from Sen. Mike Johanns, R-Neb., would repeal the provision and lower the standard required for the individual mandate to purchase health coverage.

Sen. Bill Nelson, D-Fla., would alter the new 1099 requirement by exempting businesses with fewer than 25 employees from having to comply with it. His measure also would raise the reporting threshold from $600 to $5,000 worth of goods and services. Nelson also favors creating a list of companies, such as utilities, that small business owners would not be required to give forms 1099.

“There is bipartisan agreement in the House and Senate that this provision should be fully repealed,” said a statement from the National Federation of Independent Business. “No ‘alternative’ meant to provide political cover ends this paperwork nightmare that should have never been included in the healthcare law. That’s why NFIB – and hundreds in the business community – made it clear that full repeal of the 1099 provision was the only acceptable option for our nation’s job creators.”

Sen. Mary Landrieu, D-La., who chairs her chamber’s small business committee, said she would introduce separate legislation dealing with the issue in the near future.

A survey from the National Association for the Self-Employed shows that these businesses will face an over 1,250 percent paperwork increase under the current regulation set to begin in 2012.

The NASE also signed on to a letter by the Coalition for Fairness in Tax Compliance supporting the amendment by Sen. Johanns. The National Small Business Association, the National Federation of Independent Business, the National Association of Manufacturers and the Small Business and Entrepreneurship Council are among the signatories.

NoVa Black Chamber of Commerce Hosts Candidates Night

Fifteen politicians from four parties are confirmed to attend an event hosted by the Northern Virginia Black Chamber of Commerce dubbed "Candidates Night 2010" on Wednesday, Sept. 22, 5:30-8 p.m. at the Courtyard By Marriott Tysons Corner.

 

The nonpartisan NVBCC Candidates’ Night Mixer gives candidates and elected officials the opportunity to meet constituents face-to-face, and allows members of the Black Community the chance to express their concerns about the future of Northern Virginia.

 

Candidates and elected officials from the Democratic, Green, Libertarian and Republican political parties have been confirmed. “We want to ensure that all candidates have an opportunity to listen to our concerns and solicit our votes,” said Randy Philip, NVBCC chair.

 

The event is held just after the Congressional Black Caucus Foundation’s Annual Legislative Conference.

IRS Holds Taxpayer Open House Sept. 25

The IRS will host a special nationwide open house on Saturday, Sept. 25, to help taxpayers –– especially veterans and people with disabilities –– solve tax problems and respond to IRS notices.

One hundred offices, at least one in every state, will be open from 9 a.m. to 2 p.m. local time. IRS staff will be available on-site or by telephone to help taxpayers work through issues.

In many locations, the IRS will partner with organizations that serve veterans and the disabled to offer additional help and information to people in these communities, according to the agency. Partner organizations include the National Disability Institute, Vets First, Department of Veterans Affairs, National Council on Independent Living and the American Legion.

IRS Offers Guidance on Calculating Small Biz Health Care Tax Credit

The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year.

The agency also announced how eligible tax-exempt organizations, which do not generally file income tax returns, will claim the credit during the 2011 filing season.

The IRS has posted a draft of Form 8941 (pdf) on the web site IRS.gov. Small businesses and tax-exempt organizations will use this form to calculate the credit. A small business will then include the amount of the credit as part of the general business credit on its income tax return, according to the IRS.

Tax-exempt organizations will claim the small business health care tax credit on a revised Form 990-T. The Form 990-T is currently used by tax-exempt organizations to report and pay the tax on unrelated business income. Form 990-T will be revised for the 2011 filing season to enable eligible tax-exempt organizations –– even those that owe no tax on unrelated business income –– also to claim the small business health care tax credit.

The final version of Form 8941 and its instructions is expected to be available later this year.

The small business health care tax credit was included in the Affordable Care Act signed by President Obama in March and effective this year. The IRS explains the credit as being designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.

In 2010, the credit is generally available to small employers that contribute an amount equivalent to at least half the cost of single coverage toward buying health insurance for their employees. The credit is designed to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers, according to the IRS.

For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small business employers and 25 percent of premiums paid by eligible employers that are tax-exempt organizations. Beginning in 2014, the maximum tax credit will go up to 50 percent of premiums paid by eligible small business employers and 35 percent of premiums paid by eligible, tax-exempt organizations for two years.  The maximum credit goes to smaller employers, which the agency is defining as those with 10 or fewer full-time equivalent employees, paying annual average wages of $25,000 or less.

The credit is phased out for employers that have 25 full-time employees or more or that pay average wages of $50,000 per year or more. Because the eligibility rules are based in part on the number of FTEs, and not simply the number of employees, businesses that use part-time help may qualify even if they employ more than 25 individuals.