Updated Saturday, April 19, 2014 as of 3:01 AM ET
Congress Examines Tax Complexity for Small Businesses
The House Committee on Small Business held a hearing to discuss the biggest tax problems for small businesses.
“If you talk with small business owners often, as members of the committee do, you know that individually they may be affected by one particular part of the tax law or another,” said committee chairman Rep. Sam Graves, R-Mo. “But taken together, small business owners consistently tell us that they are impacted by higher taxes, new taxes, increasing tax code complexity, uncertainty and the additional time required to resolve issues with the Internal Revenue Service. All of this means they have little ability to plan with confidence, and less time to grow their companies.”   more »
More in Small Business
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Having a long-term horizon for the sale of a business puts the owner in a better position to optimize tax strategies. It's also an opportunity for advisors angling for the investment business a sale will produce. more »
The IRS has released a set of proposed regulations to prevent abuses of the partnership basis adjustment rules, disallow partnership loss transfers and avoid some of the abuses uncovered by the Enron scandal. more »
As more community banks look at working with alternative lenders, they must be mindful of the regulatory and reputational risk that can occur if they make a bad referral. more »
Not only are the requirements of the Affordable Care Act difficult and complicated for businesses to understand, but in many cases those aspects that businesses and their advisors think they understand are already slated to change in the future, according to one expert. more »
Family business owners are more focused on sustaining their business’s longevity than on sustaining wealth across future generations, according to a new survey. more »
The head of the IRS’s small business unit said his division expects to move from focusing on audits of small corporations to partnerships. more »
Despite a recent show of political opposition, the Labor Department seems poised to press ahead with a proposal to broaden the definition of fiduciary to cover advisors working in the retirement plan segment, a leading opponent of the measure warns. more »
Financial advisors who specialize manage nearly double the client assets of their peers, according to a study of 7,000 advisors conducted by research firm Cerulli Associates. more »
An institute executive told Congress it should consolidate and simplify the types of tax-favored retirement plans now available to small business owners to minimize the cost and administrative burden imposed by the plans. more »
A year after Sandy, advisors say they learned to help clients by becoming experts on small business, insurance - even home repair. more »
Business owners are often so busy with their work they put off personal financial planning and investment decision making. more »
Small business owners are feeling more confident even as the economy struggles to return to a more robust level of growth. more »
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