February 7, 2007
- IRS.gov Offers Online Alternative Minimum Tax Assistance
- SBA Remodels Disaster Loan Program
- Interruption In Some Federal Small Business Programs
- Consumer-Driven Health Care Expo 2007
IRS.gov Offers Online Alternative Minimum Tax Assistance
From time to time, the communication and education team at the Internal Revenue Service makes materials available for small business assistance. The following article comes to you courtesy of this practice. For additional information, please visit their website at http://www.irs.gov/businesses/small/article/0,,id=150703,00.html.
The Internal Revenue Service announced that it has updated its online tool to help taxpayers determine whether they may owe the Alternative Minimum Tax (AMT). Most taxpayers can enter their data and get an answer in five to 10 minutes using this Internet-based calculator, available at on this Web site.
“Nobody likes the AMT. But this tool helps people learn quickly whether they’re going to be paying this tax,” said IRS Commissioner Mark W. Everson. “We also remind taxpayers that AMT calculations are automatic when you use e-file rather than filing a paper return.”
The online AMT Assistant is an automated version of the Worksheet to see if you should fill in Form 6251, Alternative Minimum Tax. The worksheet, contained in the Form 1040 Instruction Booklet, helps determine whether a taxpayer may be subject to AMT. The IRS projects that most taxpayers using the online AMT Assistant will find that the AMT does not apply to them.
The AMT Assistant is aimed at individual taxpayers and can be used by individuals, tax practitioners and community or public service organizations. All entries are anonymous. Taxpayers filing paper returns benefit the most from the AMT Assistant since electronic filing software generally computes AMT liability automatically.
By entering “AMT Assistant” in the IRS.gov search box, taxpayers can easily find the tool. To use the AMT Assistant, taxpayers must complete a draft Form 1040 through line 44 and have that information on hand. The AMT Assistant is one of several online tools available on IRS.gov.
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SBA Remodels Disaster Loan Program
The Small Business Administration (SBA) has made considerable progress in the past several months, according to SBA Administrator Steven Preston. He says the organization has been working to improve its disaster loan program after receiving harsh criticism following Hurricane Katrina. Since Preston took over the agency last June, it has been pursuing ways to streamline the application and disbursement process for federal disaster loans, including contacting and seeking feedback from 90,000 hurricane victims.
The agency’s new plan involves grouping 1,300 new loan staffers into teams that work on the same batch of cases at once. Each loan applicant has also been assigned a case manager so that he or she will have a consistent point of contact. Preston says the agency has reduced the number of claims waiting to be acted upon from about 120,000 to 25,000 in the past seven months. Freeing up the backlog has allowed the SBA to disperse 70 percent of the $7 billion approved for business loans related to Hurricane Katrina.
But Senator John Kerry, D-Mass., is arguing that internal restructuring is not enough to help the program, despite Preston’s plans to put standards in place to help women-owned businesses secure federal contracts and catch more falsified loan applications. The Senator has introduced a bill to overhaul the program. To read more about the proposal, visit http://thomas.loc.gov/cgi-bin/thomas.
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Interruption In Some Federal Small Business Programs
In the past weeks, Congress did not reauthorize some key Small Business Administration (SBA) programs which were set to expire this month. SBA Administrator Steven Preston has said that many loan programs will continue uninterrupted. However, the SBA will no longer be permitted to support joint programs with other groups, many of which depend on the collaboration for outreach efforts.
Its current authorization, which was set last year, expired Friday. After volleying back and forth in the House and Senate, it is now uncertain when the agency will operate at full force.
For more information regarding specific programs that may be affected, please go to Small Business Administration website at www.sba.gov.
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Consumer-Driven Health Care Expo 2007
Former U.S. Secretary of Health and Human Services, Tommy Thompson, and John Coghlan, president and CEO of Visa USA are among the speakers at the first Consumer-Driven Health Care Expo in Las Vegas. Attendees will have the opportunity to learn about successful health care solutions designed to help businesses offer employee benefits that do not sacrifice the bottom line. Industry experts will be on hand to discuss topics including wellness, pre-paid debit cards, multiple account programs (such as HSAs, HRAs, and FSAs). Sessions will help expand knowledge of the tools needed to develop and execute a successful strategy.
The conference and trade show will take place February 26-27th at the Rio All-Suite Hotel & Casino.
NASE members who use the registration code NASECDHC will receive a $600 discount. For more information, visit http://www.cdhcexpo.com/.
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Become a media contact and get the opportunity to share your experiences as a micro-business owner. Visit www.NASE.org/mediarelations/contactsheet.asp to fill out an informational sheet on the background of your business. Then, send it back to us at the contact information listed on the sheet. You can put your name in the hat to sound off on key legislative issues, and get some free publicity for your business in the process!
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