Small Businesses And The IRS

business (11)When you are a small business owner there are too many government regulations that you must follow. The new Obama health care, according to many small business owners is detrimental to their business. The myriad of issues concerning a small business owner are certainly nothing to laugh about.
Here we bring you the most recent news about the IRS and small business, the educational aspect of being hired by a small business and more. Click on the links below to read the articles in their entirety.

IRS probing thousands of small businesses, raises eyebrows in Congress

The Internal Revenue Service has sent letters to thousands of small business owners questioning whether they shorted the coffers this past year, sparking criticism from some lawmakers who believe the agency is bullying mom-and-pop companies.

Under the heading “Notification of Possible Income Underreporting,” the letters started going out to small employers this summer demanding they review and confirm that they accurately reported their income on last year’s tax returns.

So far, the letters have been sent to about 20,000 employers across the country, who were targeted based on information the department has started collecting about credit and debit card transactions, the letter states.

Giving Small Businesses Room to Breathe

Federal rules hurt businesses large and small. But they may disproportionately hurt small businesses, which bear the costs of complying with them. While the Regulatory Flexibility Act of 1980 requires federal agencies to consider how rules might harm small businesses, too many agencies exploit loopholes to avoid the requirement. This has to change, and legislation now under review in the House of Representatives could bring relief to American small businesses.

No Degree? No Problem . . . At Least For Small Business Owners

When it comes to the value of a college education, there is one sector in which it’s perceived to offer surprisingly little – small business. Manta just released their SMB Q2 Wellness Index results and for the business owners they surveyed, higher ed doesn’t get particularly high marks as a key factor in their own success or as a criterion for hiring.

While 69% of business owners surveyed had attended college (well above the national average), only 68% of this college grad group said they believed this education made a difference in their success.