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1099 Repeal? Not So Fast
Don’t recycle that stack of 1099 forms you’ve been hoarding just yet. The recent proposal to eliminate the 1099 rule, which will require you to report virtually all payments to vendors that exceed $600 beginning in 2012, swung and missed from both sides of the plate this week. U.S. Senators Max Baucus, a Democrat from Montana, and Mike Johanns, a Republican from Nebraska, each introduced measures to get rid of the rule. Neither garnered the votes needed to pass. The apparent roadblock? That small matter of $19 billion in lost revenue and what to do about it.
Are the Bush Tax Cuts Good or Bad for Small Businesses?
As I write this, the backroom bargaining over whether or not to extend the Bush-era tax cuts appears to be intensifying. And while proponents of an extension say that allowing the cuts to expire hurts small businesses, not everyone agrees, including the CEO of the U.S. Women’s Chamber of Commerce.
Goldman Sachs Brings 10,000 Small Businesses to New Orleans
Well, not literally. But the global investment bank is pumping $20 million into small business development in New Orleans, along with business education resources. The city is the third entry in Goldman’s 10,000 Small Businesses program, following New York and Los Angeles. The $500 million project began in 2009.
Pro-Business Initiatives Around the Globe
Small business has been on government agendas worldwide this week. Spain will cut taxes for approximate 40,000 small and medium businesses as part of a series of economic reforms. The country is grappling with 20% unemployment, among other financial woes. And in Nigeria, the government set aside $500 million to spur small business lending.
When States Compete for Small Business
When it comes to business conditions, all states are not created equal. That’s the message of an op-ed piece by Don Brunell, president of the Association of Washington Businesses, who points out that state governments that don’t actively foster competitive climates for small business may do so at their own economic peril. Businesses in Washington state and neighbor Oregon have recently been courted by the governors of Texas and Idaho.
Land of the Free, Home of the Business
At the municipal level, Camden, Maine raised — or perhaps lowered would be more accurate — the stakes for business-friendly environments: The coastal town is offering 3.5 acres of land free to a business that will create at least 24 jobs, with biotech, information technology, financial services, medical labs, film, or green businesses tops on its wish list.