Lamar Whitman Posts

The U.S. House Committee on Ways and Means is continuing its work to develop a consensus on tax reform. Last month, chairman Dave Camp (R-MI) and ranking member Sandy Levin (D-MI) announced that 11 committee working groups would be formed to develop discussion drafts on various aspects of tax reform. Just last week, one of these working groups issued a Discussion Draft on Tax Reform for Small Businesses. While this draft does include a permanent extension of section 179 small business expensing, ...

A new version of Startup 2.0 was introduced in both the House and Senate last week. Startup 3.0 is co-sponsored by Senators Jerry Moran (R-Kan.), Mark Warner (D-Va.), Chris Coons (D-Del.) and Roy Blunt (R-Mo.) and Representatives Loretta Sanchez (D-Calif.) and Michael Grimm (R-N.Y.). Startup 3.0 continues the mission of its predecessor legislation, intending to boost our economic recovery by providing greater support for high-paying, high-skilled jobs in science, technology, engineering and math ...

A number of provisions supported by CompTIA that specifically benefit small businesses and technology were included in H.R. 8, the “American Taxpayer Relief Act of 2012,” which Congress voted to pass just before midnight on Jan. 1, avoiding the “fiscal cliff” at the last minute. At 157 pages, the bill has vast implications for taxpayers and the American economy.Small Business Expensing Limitation ExtendedCompTIA has long advocated for extension of the Section 179 expensing limitation, which was ...

A long-awaited provision that will benefit woman-owned small businesses seeking federal government contract opportunities is included in amendments to the National Defense Authorization Act (S. 3254), which passed the Senate on Dec. 4. CompTIA has actively advocated for this fix, which will correct an anomaly in this federal program.The Women-Owned Small Business Federal Contract Program sets aside five percent of federal prime and subcontracts for women-owned small businesses. Under the current ...

The White House has renewed its call for legislation intended to stimulate small business job growth. This proposal would provide a 10 percent tax credit for “new payroll” of up to $500,000 beginning in 2013. Incremental payroll of up to $500,000 would qualify for the tax credit, translating into a maximum credit of $50,000 per employer. A similar provision was included in the president’s budget last year and was also picked up in S. 2237; the Small Business Jobs and Tax Relief Act. That bill fa ...

Following the affirmation of the Affordable Care Act (more commonly known as Obamacare) this summer by the Supreme Court, CompTIA began to see an uptick in interest from its members as to how this law would affect their businesses. Since its controversial passage in March of 2010, ongoing challenges to the constitutionality of the reform measure led many businesses to take a wait-and-see attitude. Now that the law has been upheld, it’s time to take another look at how small businesses might be a ...

While Congress and the Administration concentrate on the upcoming elections, Middle East crises and keeping the government running, expiration of the Bush tax cuts looms as a huge issue for all Americans, especially small businesses.  Currently, business planning is near impossible, as major tax increases could take effect on January 1, 2013.  The potential expiration of these cuts could cause an economic slowdown as consumers and businesses face uncertainty on their 2013 tax bills.  This uncert ...

Legislation has been voted out of the Senate Finance Committee that would extend a number of popular tax provisions, including small business expensing, 100 percent exclusion on gain of small business stock, and the research and experimentation (R&E) tax credit.  The small business expensing provision would allow small businesses to immediately expense many asset purchases on their current-year tax return, as opposed to depreciating the purchase over a period of years.  This accelerates futu ...

Interest is growing in requiring all remote sellers to collect and remit sales taxes for products and services sold from State A to State B.  For a number of years, states have been concerned over the loss of revenue resulting from their inability to enforce payment of use taxes by residents who purchase products and services from an out of state vendor.  The solution around which most are rallying is to require out of state sellers to collect and remit the applicable tax, even if that business ...

The Senate has failed to reach the 60 votes needed to pass S. 2237, Small Business Jobs and Tax Relief Act.  The final vote was 53-44. This bill would have provided a few small business tax benefits including: A tax credit equal to 10% of the difference in the compensation paid to employees in 2012 over 2011; and The 100% bonus depreciation allowance for business would be extended.During floor consideration of the bill, an amendment offered by Republicans to substitute the House-passed H.R. 9 (s ...