Archive for the Entrepreneurs! Category

Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology

IRS Budget Hearing Testimony The IRS’s “Achilles’ heel” is using outdated software originating from the 1960s, Acting IRS Commissioner David Kautter told Senate lawmakers. Kautter and Treasury Secretary Steven Mnuchin testified in a May 22 Senate Appropriations Financial Services and General Government Subcommittee hearing. System Shut Down…

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Trump/GOP Leaders Unveil Tax Reform Framework

President Trump and Republican leaders in Congress unveiled a framework for tax reform on September 27. The nine-page framework broadly describes tax proposals ranging from lower rates for individuals and businesses to repeal of certain tax preferences, but it leaves actual legislative language to congressional taxwriting committees.…

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Small Business Owners’ Tax Simplification Act of 2017 (HR 3717)

IN THE HOUSE OF REPRESENTATIVES September 8, 2017 Mr. Chabot (for himself and Ms. Velázquez) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to simplify income tax compliance for small businesses,…

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House Lawmakers Examine Small Business Tax Reform

The momentum on Capitol Hill for comprehensive tax reform remains strong as House and Senate lawmakers continue to put forth and debate reform ideas. The House Small Business Committee held an October 4 hearing examining, in particular, tax reform for small businesses. During the hearing, lawmakers and…

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Lawmakers Question IRS’ New Sole-Source Identity Verification Contract with Equifax

The House Ways and Means Oversight Subcommittee held an October 4 hearing on the IRS’s efforts and challenges toward modernizing its information technology (IT) infrastructure. Witnesses from the IRS, Treasury Inspector General for Tax Administration (TIGTA) and Government Accountability Office (GAO) testified before the subcommittee. The IRS…

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New Regulations Exempt Objecting Employers and Colleges from Contraception Coverage Mandate

The Departments of the Treasury, Health and Human Services, and Labor have issued proposed and interim final contraceptive mandate rules that are effective on October 6, 2017. The new regulations exempt objecting nongovernment employers from the general requirement to provide contraceptive coverage at no cost to participants…

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Which Corporate Structure Will Work Best for You?

One of the most crucial decisions you will have to make as a business owner when setting up a new business, or reorganizing an existing one, is what structure to use. The choices range from a simple sole proprietorship, to an S Corp flow-through, to a C…

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Focus on Changing Lives

Many entrepreneurs start a business because they have a great idea about a product or want to provide a service they are skilled in. Although skill and an impressive product are important to having a successful business, it is central for long-term success not to get lost…

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It’s About the Process

When Entrepreneurs finally decide to live their dream and start their own business, it is understandable their financial goals are at the top of the list. Two of the top five reasons small businesses fail include poor accounting and cash flow management. However, according to the New…

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Sales and Use Tax: Local Rate Changes for Fourth Quarter 2016

The following Texas local sales and use tax rate changes take effect October 1, 2016. Adopted City Tax Dish (Denton County) adopted a 2% city sales tax rate, resulting in a combined (state, county, city, transit, and special purpose district) tax rate of 8.25%. City Tax Rate…

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