Michigan lawmakers in both the House and the Senate overwhelmingly approved a measure that aims to ease the tax burden on small businesses in the state.
When filing federal taxes, large corporations are allowed unlimited state and local tax (SALT) deductions. However, small business, considered flow-through entities, deductions are capped at $10,000. Read More
Gov. Mike DeWine signed a bill into law Wednesday that supporters say eliminates the double standard for different Ohio businesses during the COVID-19 pandemic and other public health emergencies.
The Business Fairness Act addresses issues from DeWine’s initial stay-at-home orders that many said allowed large, national stores to remain open while mom-and-pop small businesses were forced to close. Read More
The Wall Street Journal Editorial Board said that a Democratic effort to crack down on tax cheating would give the Treasury Department access to almost every American’s bank account.
The Thursday op-ed focused on a proposal that would require financial institutions to report individual accounts containing at least $10,000 to the IRS. That effort, the board wrote, would affect the vast majority of Americans who did not exclusively use cash to make purchases and pay bills.
“The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash,” the editorial board wrote. “Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.” Read More
Most IRS guidance documents make for poor pleasure reading. Then again, most IRS guidance doesn’t effectively impose a retroactive tax on small business owners merely for having a family. IRS Notice 2021-49, issued on August 4, includes a bizarre interpretation of the law that will effectively raise taxes for business owners with close relatives, even if their family members have no involvement in the company.
A core goal of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed early on in the pandemic was to assist businesses in keeping employees on their payroll even as they dealt with the economic effects of lockdowns. Part of the plan was the Employee Retention Tax Credit (ERTC), which provides a tax credit against employer payroll tax liabilities. Read More
Facebook is spending $100 million to buy up the outstanding invoices of small businesses owned by women, racial minorities, veterans, disabled people and LGBTQ+ people, the company announced last week.
The Invoice Fast Track Program allows certain “small, midsize and diverse-owned businesses” to submit outstanding invoices to Facebook. The tech giant then buys the invoices, giving the business cash immediately, and the business’ customers pay Facebook instead.
The program is designed to help “diverse-owned” businesses improve their cash flow and hire more employees, according to the program’s description. Read More
Friday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed CEO of 2nd Vote Advisers Dan Grant in studio to discuss the newly proposed Sensible Taxation and Equity Promotion Act and how it will harm small businesses. Read More
The Tucson City Clerk approved the signatures for a petition to adopt a $15 minimum wage citywide, meaning it will be placed on this November’s ballot. If approved by voters, the minimum wage would increase incrementally for the next four years, starting in April of next year. The minimum wage would first increase to $13 next year, $13.50 by January 2023, and $14.25 by January 2024. That means the $15 minimum wage would be established in January 2025.
The city clerk’s office verified with The Arizona Sun Times that they certified the petition on Thursday, called “The Tucson Minimum Wage Act.” The petition needed over 14,800 signatures; the campaign reportedly gathered over 25,000 signatures. The campaign, Tucson Fight for $15, submitted the signatures at the beginning of this month. Read More
Tuesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed 2nd Vote Advisors Dan Grant in studio to discuss his recent meetings with red-state treasurers and the divesting in corporations that do not promote the First Amendment. Read More
As President Joe Biden promotes his several trillion dollars in proposed federal spending, Republicans and small businesses are raising the alarm, arguing the taxes needed to pay for those spending plans are a threat to the economy.
The House Ways and Means Committee met Thursday to discuss infrastructure development and in particular the impact of proposed tax increases to pay for it. Rep. Kevin Brady, R-Texas, the ranking member on the committee, argued that only 7% of Biden’s proposed infrastructure bill goes to infrastructure and that raising taxes would incentivize employers to take jobs overseas.
“As bad as the wasteful spending is, worse yet, it’s poisoned with crippling tax increases that sabotage America’s jobs recovery, hurts working families and Main Street businesses, and drives U.S. jobs overseas,” Brady said. “We cannot fund infrastructure on the backs of American workers.” Read More
The Biden Administration sent some stock prices tumbling and left small businesses worried after taking sides on a hotly contested labor issue that critics say could threaten the jobs of millions of independent workers and thousands of small businesses.
In his address to the nation Wednesday evening, President Joe Biden called on Congress to pass legislation that would ban the use of freelance workers in most instances.
A report from the freelance site UpWork found that about 59 million gig workers make up $1.2 trillion of the U.S. economy. Read More
The Golden Horseshoe is a weekly designation from Just the News intended to highlight egregious examples of wasteful taxpayer spending by the government. The award is named for the horseshoe-shaped toilet seats for military airplanes that cost the Pentagon a whopping $640 each back in the 1980s.
This week, our award is going to the United States Small Business Administration and Treasury Department for awarding at least $200 million, but as much as $420 million, to Chinese Communist Party-linked businesses by way of the Paycheck Protection Program, intended to assist U.S. small businesses that were devastated by the coronavirus pandemic, widely believed to have originated in China.
A report from the Horizon Advisory strategic consulting group illustrates how negligible congressional oversight allowed at least 125 Chinese firms to “take advantage of the international disaster” by benefitting “directly from U.S. investment and relief measures.” Read More
Thursday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed Jackson, Tennessee’s State Rep. Chris Todd to the newsmakers line to discuss his background and the importance of keeping in touch with constituents. Read More
Monday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed financial expert and Fox Business contributor Liz Peek to the newsmakers line to explain the true meaning of Biden’s American Rescue Bill. Read More
A group of Ohio lawmakers want to focus on the state’s below average ranking for economic performance by creating a bipartisan Business First Caucus.
The group, headed by state Sens. Mark Romanchuk, R-Ontario, and George Lang, R-West Chester, said it’s aimed at small businesses, staying at the center of major tax and regulatory reform while promoting ideas and legislation that positively impact small business in the state. Read More
Small businesses have been decimated by the pandemic shutdowns. Many have struggled to survive. Many have had to lay off employees. If they haven’t closed their doors yet, the next six to nine months will be a real challenge.
There is some help on the way. The Small Business Administration has released a second round of the Paycheck Protection Program (PPP) — a forgivable loan program designed to assist small businesses with money to stay afloat. Part two of the PPP opened on Jan. 15. Read More
Tuesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed all-star panelist Clint Brewer to the studio to weigh on how he saw 2021 and the need for our children to get back to school. Read More
Applications are now open for Michigan’s small businesses impacted by excess rain from Oct. 1, 2019 through June 2, 2020.
The U.S. Small Business Administration (SBA) is making Economic Injury Disaster Loans of up to $2 million available to eligible small businesses, agricultural cooperatives, and nonprofits in Clinton, Gratiot, Ionia, Isabella, Midland, Montcalm, Saginaw, and Shiawassee counties. Read More
The eligibility for the REBUILD! VA Grant Fund for businesses, nonprofits impacted by COVID-19 has been expanded to a wider scope of small businesses, according to a news release.
The expansion of grant program, administered by the Department of Small Business and Supplier Diversity (SBSD), now includes small hotels, bed and breakfast facilities and Virginia film companies as well as companies that provide goods or services to eligible businesses. Read More
More than half of American businesses that closed down due to economic lockdowns are permanently shuttered, according to data Yelp published Wednesday.
There’s been a 23% increase in the number of business closures since mid-July, with the number of permanent closures reaching 96,966, representing 60% of closed businesses that will not be reopening, the data show. Read More
The Virginia Small Business Financing Authority (VSBFA) is doing a poor job issuing loans for small businesses with millions in unused funds available, according to a new report by the Joint Legislative Audit and Review Commission (JLARC) released Monday.
The VSBFA is a part of the Virginia Department of Small Business and Supplier Diversity, but operates separately from the rest of the agency. Read More
More than 20 percent of small business owners said they will have to close permanently if current economic conditions do not improve within the next six months, according to a survey conducted by the National Federation of Independent Business.
The largest small business association in the U.S., headquartered in Nashville, conducted the survey to assess the financial health of small businesses. Read More
The $670 billion Paycheck Protection Program (PPP) has supported more than 51 million jobs since its launch in April, the Treasury Department and Small Business Administration announced Monday as it released information on 4.9 million loans disbursed by the program.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” Treasury Secretary Steven Mnuchin said in a statement Monday. Read More
The coronavirus pandemic has led to the largest drop in small business ownership in the United States, hurting black business owners the most, according to a June study from an economic research organization.
3.3 million business owners are not actively working, and 22% of the closures came during the February-to-April window of coronavirus restrictions, reported Axios, citing a National Bureau of Economic Research working paper. In the whole Great Recession of 2008, small business owners shrank by 730,000 at 5% reduction, the study noted. Read More
The U.S. Senate passed the Paycheck Protection Flexibility Act Wednesday night to make it easier for small businesses to access loans through the Paycheck Protection Plan (PPP). The bill awaits President Donald Trump’s signature.
Introduced by Republican Congressman Chip Roy of Texas and Democratic Congressman Dean Phillips of Minnesota, the bill eases restrictions for small businesses that were approved for the PPP program. Read More
On Friday’s Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – host Michael Patrick Leahy and all-star panelist Crom Carmichael welcomed the owner of Nashville Boutique Venues Dan Cook to the newsmakers line.
During the third hour, Cook described his attempts to contact Mayor John Cooper’s office to discuss the phase openings and how it’s negatively impacted his business. He expressed his disappointment that he has not received any type of return communication from the mayor’s office after several attempts but appeared hopeful with the local media attention he’s been able to attain. Read More
The city of Lakefield, Minnesota will no longer direct any resources to the enforcement of Gov. Tim Walz’s stay-at-home order issued in response to the coronavirus pandemic. Read More
Live from Nashville, Tennessee, Friday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m.– Leahy was joined on the newsmakers line by Carey Bringle who is the local business owner of the popular BBQ restaurant located in The Gulch of downtown Nashville the Peg Leg Porker. Read More
The coronavirus pandemic has taken out another Minnesota business, this time the famous Izzy’s Ice Cream in St. Paul. Read More
A group of small business owners announced Wednesday that they are suing the state of Minnesota over the “unconstitutional” restrictions imposed on them during the coronavirus pandemic. Read More
Six of the state’s most influential business organizations sent a letter to Gov. Mike DeWine last week urging him to reopen the economy as nearly one million Ohioans have now filed unemployment claims since the start of the coronavirus pandemic. Read More
The Ohio Department of Health was sued in federal court Thursday for its ban on “non-essential businesses” during the coronavirus pandemic. Read More
More than 38,000 small businesses across Ohio have received forgivable loans from the federal government under the Paycheck Protection Program. Read More
More than 19,000 small businesses across Tennessee have received forgivable loans from the federal government under the Paycheck Protection Program. Read More
On Tuesday’s Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Michael Patrick Leahy welcomed his weekly regular guest and all-star panelist Tennessee state Senator Kerry Roberts (R-Springfield.) Read More
The Ohio House passed House Bill 166 Thursday, its version of the state’s biennial budget. While the bill includes substantial income tax reductions, some groups aren’t pleased with the impact it will have on small businesses. Under the bill, Ohio’s Business Investment Income Deduction would be lowered to $100,000.… Read More