Do not forget about the SCORE Workshops and Seminarsclick hereto see the list, times and places. _________________________________________________________________________________________
ORO VALLEY BUSINESS CLUB MONTHLY MEETING APRIL 13th
The Oro Valley Business Club sponsored by SCORE is having there monthly meeting Tuesday April 13th beginning at 11 am. at Carrabba’s Italian Grill, 7635 North Oracle Road, Oro Valley. The club was established for those in business and other civic minded people and organizations to build relationships within the community.The “Enchantment”hour begins at 11am. This is the time set aside for registration, mingling and talking to others in attendance. “Personal networking” really is effective. Lunch is served at 12 noon. The cost is $15. After lunch their will be an officials update and a speaker about business in OroValley. We invite you to attend. Call 818-2761 to reserve your’e space in this new community networking club.
Disaster Assistance for Small Businesses
Release Date: December 16, 2009 Media Contact: Richard Jenkins Release Number: AZ 11968-01 Phone: (916) 735-1500 Disaster Assistance Available for Small Businesses Sacramento, CA – Small, non-farm businesses in 15 Arizona counties and neighboring counties in California, Colorado, Nevada, New Mexico and Utah are now eligible to apply for low-interest disaster loans from the U. S. Small Business Administration (SBA). “These loans offset economic losses because of reduced revenues caused by the drought that occurred in the following primary Arizona counties from January 1, 2009 through December 31, 2009,” announced Alfred E. Judd, Director of SBA’s Disaster Field Operations Center ‑ West.
Primary Arizona counties: Apache, Cochise, Coconino, Gila, Graham, Greenlee, Maricopa, Mohave, Navajo, Pima, Pinal, Santa Cruz and Yavapai;
Neighboring Arizona counties: La Paz and Yuma; Neighboring California county: San Bernardino; Neighboring Colorado county: Montezuma; Neighboring Nevada counties: Clark and Lincoln; Neighboring New Mexico counties: Catron, Cibola, Grant, Hidalgo, McKinley and San Juan; Neighboring Utah counties: Kane, San Juan and Washington. “SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Judd said.
Small, non-farm businesses, small agricultural cooperatives and most private, non-profit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“Eligibility for these working capital loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4%, a maximum term of 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship,” Judd added.
By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster at the request of Governor Jan Brewer.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency (FSA) about the U. S. Department of Agriculture (USDA) assistance made available by the Secretary’s declaration. However, in drought disasters nurseries are eligible for SBA disaster assistance.
Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
The deadline to apply for these loans is August 3, 2010.
For more information, visit SBA’s Web site at www.sba.gov/services/disasterassistance. SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841 # # #
Small Business Loan Information
STRAIGHT TALK ON BUSINESS LOANS FREE SBA AND SCORE WORKSHOP
Many business owners are feeling the pinch in this current economy. Or perhaps you are one of the few who are doing so well you need dollars to expand your business. Whatever the circumstance many are confused by the lending requirements of Tucson banks. The SBA and SCORE offer a FREE loan workshop. Get straight talk from an experienced lender specialist and helpful hints from SCORE mentors. Find out the latest insights and requirements for various types of loans as well as alternative financing methods. Bring your questions on working capital,equipment needs,debt refinancing,micro loans or export working capital. See if you qualify for veterans, women, disabled or minority loans. Plus a lot more valuable information. Come to the Arizona Small Business Association office at the Crossroads Shopping Center, 4811 East Grant Road, Suite 216. January 28th or March 25th. The workshop starts at 10 am. to noon. Come at least 15 minutes early to register. Call SCORE at 505-3636 to reserve your seat. Seating is limited call now. Click here to register
Date: First Wednesday of every month Time: 9:00 am to 11:00 am Cost: Free (including validated parking) Where: SBA Training Center 2828 North Central Avenue, Suite 800 Phoenix, AZ 85004 (SW corner of Thomas & Central Avenues) Information: (602) 74507200 or Arizona@sba.gov To Register: On line registrations on our web page at www.sba.gov/az then select the “On Line Registration” link under the SPOTLIGHT section. Under the drop down menu, select ARC Loans to complete the registration process.
Agenda: Attendees will find answers to the following questions about
· Who is eligible for the ARC Loan Program? · What is a “viable” business? · What forms do we use? · What debts can be paid? · How do we show “financial hardship?” · What do we give to the lender? · Which lender should I consider? · How do we prepare the critical Cash Flow Budget to show repayment?
Small Business Can Apply for ARC Loans Beginning June 15 http://www.sba.gov/recovery/arcloanprogram/index.html Starting June 15, SBA will begin accepting loans for a temporary new program called America’s Recovery Capital. “ARC” loans of up to $35,000 are designed to provide a “bridge” for viable small businesses with immediate financial hardship – to keep their doors open until they get back on track. See the full article for information on eligibility, how to apply and more. For information on SBA’s other Recovery Act programs, visit http://www.sba.gov/recovery/index.html.
IRS Tips for Small Biz Taxes
FREE IRS Phone Forum: First Time Homebuyer Credit -- To Repay or Not to Repay http://www.irs.gov/businesses/small/article/0,,id=158856,00.html#1 October 21, 2009 This IRS phone forum is for tax professionals, attorneys, individuals, real estate professionals, and professionals in fields related to home sales. It will be offered 3 times on October 21 – 7am, 10am and 1pm (Pacific Time). Reservations are limited, so register early. Visit the link above for more information on how to register.
Learn about:
Eligibility rules for tax year 2008 & 2009
Events that trigger repayment of the credit
Common errors to avoid
IRS compliance efforts to address erroneous claims
A question and answer period will follow the presentation. However, due to the public nature of the call, we will not be able to address specific client issues. Please direct all questions via e-mail to nationalphoneforum@irs.gov/.
Small Business Calendar of Events In collaboration with the Arizona Service Providers Network, the Arizona Department of Commerce Small Business Services division hosts an "Event Calendar.” You may access the online calendar anytime, 24/7, through the Small Business Services home page at www.azcommerce.com/smallbiz under Quick Links. The objective of the Small Business Calendar of Events is to support business events, seminars and/or workshops that the Arizona Service Provider Network* offers to the small, women and minority businesses in Arizona. Typically, the events posted are free or of a nominal fee.
SCORE Seminars and Special Events http://score-phoenix.ibuilder.com/default.asp?S=E3&Document=Workshops %26 Seminars SCORE Phoenix wants to help you succeed. In addition to free face-to-face counseling, we offer free or low-cost seminars and special events for both start-up and in-business entrepreneurs. Training topics range from writing a business plan to e-commerce to marketing, depending on the current needs of our business community. Seminars also offer an opportunity to interact with other local small business owners. Please review our seminar calendar below to learn more about upcoming training sessions.
IRS Updates & News Releases:
First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Families to Date, More Claims Expectedhttp://www.irs.gov/newsroom/article/0,,id=213375,00.html With the deadline quickly approaching, the Internal Revenue Service reminds potential homebuyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time homebuyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far. The credit of up to $8,000 is generally available to homebuyers with qualifying income levels who have never owned a home or have not owned one in the past three years. The IRS has a new YouTube video and other resources that explain the credit in detail. Because the credit is only in effect for a limited time, those considering buying a home must act soon to qualify for the credit. Under the Recovery Act, an eligible home purchase must be completed before Dec. 1, 2009. This means that the last day to close on a home is Nov. 30. The credit cannot be claimed until after the purchase is completed.
Special Sales Tax Deduction for Car Purchases Available through End of 2009http://www.irs.gov/irs/article/0,,id=214016,00.htmlVehicle Tax Deduction YouTube Video inEnglish,SpanishandASLand audios for podcast in English and Spanish With 2010 models arriving in dealer showrooms, the Internal Revenue Service reminds taxpayers that purchasing a new car, light truck, motor home or motorcycle could qualify them for a special deduction for the state and local sales and excise taxes on their 2009 tax returns. Purchases made before Jan. 1, 2010, will qualify for this deduction under the American Recovery & Reinvestment Act of 2009 (ARRA). The deduction is limited to the sales and excise taxes and similar fees paid on up to $49,500 of the purchase price of a new vehicle. The deduction is reduced for joint filers with modified adjusted gross incomes (MAGI) between $250,000 and $260,000 and other taxpayers with MAGI between $125,000 and $135,000. Taxpayers with higher incomes do not qualify. The special deduction is available regardless of whether taxpayers itemize deductions on their returns. Taxpayers who do not itemize will add this additional amount to the standard deduction on their 2009 tax return. IRS Announces New Materials Available to Promote Awareness of Recovery Act Tax Benefitshttp://www.irs.gov/newsroom/article/0,,id=213326,00.htmlAs part of a larger effort to increase the awareness and use of tax benefits available through the American Recovery and Reinvestment Act (Recovery Act), the Internal Revenue Service has announced the availability of a vast array of products that help explain several tax benefits currently available to American families. With time running out to qualify for some of the recovery benefits, the IRS has unveiled new YouTube videos, radio public service announcements (PSAs) and multi-lingual informational flyers that provide basic information for taxpayers. The items are available on IRS.gov for partner groups, the media, Web sites and other organizations whose audience could benefit from the new tax changes.
These products are in addition to earlier IRS efforts on YouTube (www.youtube.com/irsvideos) and iTunes to increase public awareness about the tax credits. The IRS.gov official Web site also contains links and complete information about ARRA at www.irs.gov/recovery. The PSAs are in English and Spanish in either 30-second or 60-second formats. The flyers and posters are in English, Spanish, Chinese, Korean, Russian and Vietnamese. Special IRS Web Section Highlights Back-to-School Tax Breaks; Popular 529 Plans Expanded, New $2,500 College Credit Availablehttp://www.irs.gov/newsroom/article/0,,id=213012,00.html In support of the Administration's efforts to promote access to and the affordability of college education, the Internal Revenue Service today launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for college. The new Tax Benefits for Education section on IRS.gov includes tips for taking advantage of long-standing education deductions and credits. The “one-stop” location for higher education information includes a special section highlighting 529 plans and frequently asked questions. The Web section also features two key changes that will be in effect during 2009 and 2010 that were included in the American Recovery and Reinvestment Act (ARRA), enacted earlier this year.
One change allows families saving for college to use popular 529 plans to pay for a student’s computer-related technology needs. Under the other change, more parents and students will be able to use a federal education credit to pay part of the cost of college using the new American opportunity credit. Also see: How 529 Plans Help Families Save for College and How the American Recovery and Reinvestment Act of 2009 Expanded 529 Plan Featureshttp://www.irs.gov/newsroom/article/0,,id=213034,00.htmlfor more information. New: Publication 4763 - What Ifs - Job Related Questions During an Economic Downturn This publication includes information about the Unemployment Compensation provision in the American Recovery and Reinvestment Act (ARRA) of 2009. The Internal Revenue Service recognizes that many people may be having difficult times financially. There can be a tax impact from events such as job loss, tapping a retirement fund, etc. Publication 4763 is an electronic product that addresses some frequently asked job related questions during an economic downturn. The document contains some "What if" scenarios and their possible tax impact. It also includes information about the ARRA Unemployment Compensation provision for tax year 2009. Link to Publication 4763: http://www.irs.gov/pub/irs-pdf/p4763.pdf The Spanish version, Publication 4763SP, is scheduled to be available this fall. IRS Offers Tips & Tools for Small Biz Taxes The IRS launched a Web site for small business owners and the self-employed at www.irs.gov/smallbiz. A section called "Starting, Operating or Closing a Business" covers IRS rules on hiring family members, record-keeping, employer ID numbers and selecting a business structure. The "Industries/Professions" section provides information about tax regulations. "Operating a Business" has resources on hiring, employment taxes and wage reporting requirements. The "Business Expenses" section defines the types of costs you can and cannot deduct from your taxes. Visit www.irs.gov/smallbiz.
IRS Inforamtion & Updates
IRS Updates & News Releases: June 2009
Statement of IRS Commissioner Doug Shulman http://www.irs.gov/newsroom/article/0,,id=209795,00.html IRS Commissioner Doug Shulman issued a statement regarding rules pertaining to employer-provided cell phones. Secretary Geithner and the Commissioner have asked that Congress act to make clear that there will be no tax consequence to employers or employees for personal use of work-related devices such as cell phones provided by employers.
Special Tax Break on New Car Purchases Available in States With No Sales Tax http://www.irs.gov/newsroom/article/0,,id=209624,00.html A tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery and Reinvestment Act of 2009, taxpayers who buy a new motor vehicle this year are entitled to deduct state or local sales or excise taxes paid on the purchase. The IRS and Treasury have determined that purchases made in states without a sales tax — such as Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon — can also qualify for the deduction. Taxpayers who purchase a new motor vehicle in states that do not have state sales taxes are entitled to deduct other fees or taxes imposed by the state or local government. The fees or taxes that qualify must be assessed on the purchase of the vehicle and must be based on the vehicle’s sales price or as a per unit fee. According to the IRS, Congress intended for these fees or taxes to qualify for this special tax deduction.
To qualify for this deduction, the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010. Taxpayers can claim this special deduction only on their 2009 tax returns to be filed next year. The deduction is limited to the fees or taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.
IRS Clarifies Requirement for Filing FBAR Form Due This Month http://www.irs.gov/newsroom/article/0,,id=209418,00.html Internal Revenue Service officials announced today that they would allow taxpayers to rely on the definition of a United States person as set forth in the prior instructions to the FBAR form when determining their filing requirement. This announcement affects those preparing for the coming June 30, 2009 deadline. The IRS took this action to reduce burden after concerns and questions were raised regarding the new instructions issued last year on who must file the revised Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts, or FBAR).
Recent Articles from e-News for Small Businesses More small business video and audio presentations The latest additions on the IRS.gov small business audio/video page include videos on the expanded net operating loss provisions and the COBRA subsidy.
Expanded tax credit for businesses hiring unemployed veterans and certain youth Businesses claiming the expanded work opportunity tax credit for hiring eligible unemployed veterans and unskilled young workers during the first part of 2009 have until Aug. 17 to request the state certification for these workers. Related links:
IR-2009-55, IRS Offers Tax Credit Guidance to Businesses Hiring Unemployed Veterans and Certain Youth
Spring issue of Retirement News The spring issue of Retirement News for Employers, a periodic newsletter with retirement plan information for employers and business owners, is now on IRS.gov.
IR-2009-57, IRS Launches Tax Return Preparer Review; Recommendations to Improve Compliance Expected by Year End
Social Security Administration offers W-2 News For Employers and Businesses Who Submit W-2 Forms Subscribe here to receive the next issue of W-2 News. A subscription to W-2 News will allow you to determine when you want to receive your email updates; e.g., immediately, daily, weekly, or monthly. Your subscription will also allow you to select other electronic Social Security newsletters, and if you like, you can also password protect your subscriber profile. Upon completion of your registration, you will receive a Welcome New User email with instructions for changing your profile. New service lets employers verify Social Security numbers 24/7 Employers (and third parties acting on their behalf) can now verify employee Social Security numbers (SSN) for wage reporting purposes using an automated Telephone Number Employer Verification (TNEV) service 24 hours a day, 7 days a week. TNEV allows registered users to verify up to 10 employee names and SSNs at one time - without having to speak to a Social Security representative. The new automated phone service is replacing the current telephone number employer verification process, which requires Social Security representatives to verify numbers for employers and which will not be available after fall 2009. For more information, click on the TNEV link above.
