Qualified Home Equity Debt Interest Election
Wed, 06/16/2010 - 15:06 | by Erin Civilla
While the economy is showing signs of improvement, many small business owners are still finding it difficult to secure financing through commercial lenders. As an alternative to a business loan, many business owners are refinancing and/or taking out home equity lines of credit on their personal residences as a method to obtain the funds needed to maintain their small businesses.
New and Expanded Reporting Requirements That Apply to All Businesses
Fri, 06/11/2010 - 09:14 | by Mary Prukop
In 2011, there is a new 1099-K aimed at tracking credit card payments and receipts. Financial firms that process credit or debit card payments will be required to send their clients and the IRS an annual form documenting the year's transactions for any merchant that has at least 200 payment transactions totaling $20,000 or more.
In 2012, all business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. This 1099-MISC applies to all buisness payments or purchases including payments to the giant retailers.
Washington State Tax Law Changes
Wed, 06/09/2010 - 10:41 | by Jolene BensonThe 2010 tax legislation has brought about many changes to Washington State tax laws that will impact businesses and individuals alike. Some of the changes, such as the candy and tobacco sales tax increases, have been covered heavily in the news. The following list highlights some of the other updates brought about by the new legislation:
- Reseller permit administration updates
- Temporary B&O tax increase for the "service and other activity" classification
- Changes to the definition of economic nexus and the apportionment method for B&O taxes
