Monday, December 10, 2018

Updated SBA Loan Chart

Written by Bob Coleman

 Article from Coleman Report

SBA has compiled a very good chart summarizing all of its loan programs with updated fees as of October 1.You may download it here.

Friday, December 07, 2018

Here are your new income tax brackets for 2019

Written by Darla Mercado

 Article from CNBC

The IRS has tweaked income tax brackets for the new year, adjusting them for inflation.

 Next year’s standard deduction will be $12,200 for singles and $24,400 for married couples who file jointly. Personal exemptions will remain at zero.

 There will be no penalty for failure to maintain minimum essential health coverage in 2019. This year, the penalty was $695.

Wednesday, December 05, 2018

National Tax Security Awareness Week

From the Internal Revenue Service:

The Internal Revenue Service, state tax agencies and the tax industry will hold a National Tax Security Awareness Week December 3-7, 2018 to encourage individual and business taxpayers to take steps to protect their tax data and identities in advance of the 2019 filing season.

The IRS announced steep declines in tax-related identity theft in 2017 following the success of the Security Summit effort. Key indicators of identity theft dropped for the second year in a row in 2017. This includes a 40 percent decline in taxpayers reporting they are victims of identity theft in 2016. Since 2015, the number of tax-related identity theft victims has fallen by almost two-thirds and billions of dollars of taxpayer refunds have been protected.

The Don't Take the Bait awareness series is focused on the need for tax professionals to increase their computer security and be cautious of spear phishing scams. Tax professionals must remember that they have a legal requirement under federal law to protect taxpayer information.

Tuesday, December 04, 2018

New York State Is Probing Abuses in Small-Business Lending

From Bloomberg LP
Written by Zeke Faux and Zachary Mider

New York’s attorney general has opened an investigation into potential abuses by finance firms that offer quick money to small businesses nationwide, according to a person familiar with the probe.

Attorney General Barbara Underwood’s office is looking into whether merchant cash-advance companies engaged in fraud or abused the state court system, said the person, who spoke on the condition of anonymity. Last week the office subpoenaed one of the largest cash-advance companies, Yellowstone Capital LLC, the person said.

"It’s reprehensible to defraud, deceive and harass small-business owners through predatory debt-collection practices and the abuse of our court system," Underwood said in a statement to Bloomberg News that didn’t provide details. “If a company is engaging in fraudulent and deceptive conduct, we want to know.”

Monday, December 03, 2018

Pennsylvania Tax Obligations for Out-Of-State Vendors

Article from Pennsylvania Department of Revenue

Any entity making taxable sales or performing taxable services in Pennsylvania must be licensed to collect and remit sales tax.

Pennsylvania’s sales and use tax rate is 6 percent. An additional 1 percent local sales and use tax applies to sales in Allegheny County; an additional 2 percent local sales and use tax applies to sales in Philadelphia.

 No tax is due on out-of-state deliveries made by a vendor or common carrier. However, deliveries made within Pennsylvania are subject to sales tax.

 Any business that does not have a permanent physical location in Pennsylvania, but makes taxable sales in Pennsylvania on an irregular basis, is required to register for a transient vendor’s license. Transient vendor licenses are renewable on a yearly basis so long as the taxpayer timely files and remits all sales tax.

 All other out-of-state vendors, making taxable sales in Pennsylvania, are issued sales tax licenses, valid for five years and renewable so long as the taxpayer timely files and remits all state taxes. Sales and transient vendor licenses must be prominently displayed at all events.

Department of Revenue enforcement agents have the authority to issue citations to people who sell items subject to Pennsylvania sales tax without valid sales tax licenses. Penalties for making such sales may include a fine between $300 and $1,500 for each violation and imprisonment up to 30 days for failing to pay the fine