According to one advocacy group, “In the beginning of 2009 many businesses felt as if they were at the brink, not knowing how or if they would survive,” In the first three quarters of 2009, small businesses represented nearly 60 % of the total net job losses, with the greatest losses in the first quarter. By the third quarter, that figure fell to one-third. This positive trend has been interpreted as evidence that the federal government’s 2009 American Recovery and Reinvestment Act was working. Since then the government has demonstrated an even greater commitment to helping smaller businesses recover by strengthening the relationship between this community and the IRS. Over the past several years the agency has developed a multi-pronged effort aimed at helping business owners-from start-ups to full-fledged businesses-launch and manage their business operations and ventures.

Likewise, the professionals whose responsibility it is to help nurture this relationship-the CPA, enrolled agent and other registered tax preparers-have taken a leading role. EA CPE and tax CPE, continuing education tax courses required by the federal government, routinely devote entire sessions to issues of taxation that apply primarily to small businesses. These courses are not only required to maintain EA certification and the EA license; they ensure tax preparers are well positioned to help smaller businesses at every step of the way, both during tough economic times and on a regular basis.

IRS Guides

With tax season upon us, tax professionals would be well served to review the various guides for small businesses designed by the IRS. These guides are more than a collection of tax tips. They offer a plethora of information on topics-from making key business decisions and selecting a business structure to managing a retirement plan and hiring employees-all with tax ramifications in mind.

Tool Set

Below is a more detailed description of the different components of this tool set for small businesses:

Starting a Business – The IRS guide entitled, “Starting a Business Guide,” explains in plain English everything a business owner needs to know to ensure compliance with federal tax law.

Operating a Business – Once up and running, the IRS’ “Operating a Business” guide helps businesses meet these obligations while also managing the business and employees.

Closing a Business – The IRS-sponsored guide, “Steps for Closing a Business,” offers businesses closing down various checklists and advice for following the right legal steps.

Business Tax Guidance

The IRS’ Business Taxes guide helps businesses come to grips with all the necessary tax obligations (income tax, employment tax, estimated taxes, and more), whatever the business type.

Calendar

Each year the IRS offers a print and/or online version of its interactive calendar, the IRS Tax Calendar for Small Businesses and the Self-Employed. This tool is chop full of timely tax and business, highlights a different tax topic each month and includes key tax reminders and instructions.

Business Management Tools

The more advanced IRS Small Business and Self-Employed Tax Center offers a sizable lot of tools and resources to help businesses manage issues of taxation and regulatory matters at all stages of business. These include:

IRS Virtual Small Business Tax Workshop (online training tool)

Retirement Plans Navigator (enabling small employers to find, compare and manage a variety of retirement plan options)

IRS Small Business E-News

To help smaller business keep up with changing tax laws, tax dates and updates on the IRS website, the IRS offers IRS E-News for Small Businesses on a subscription basis.

IRS Circular 230 Disclosure

Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.

Fast Forward Academy is a leading publisher of education for enrolled agent and tax professionals. Access to free questions for the EA CPE is available on their website.

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But rather than focusing on a specific industry, a small business association focuses on small companies in general. What this means is that entrepreneurs have somewhere to go for a resource which is very helpful when things get rough.

One thing that many business owners struggle with is whether to join a business related association or trade association. As an entrepreneur the first thing you have to realize is that a trade association is not better than a small business association nor is a business association better than a trade association. Both of these associations are beneficial to small companies, the difference is that one focuses on the industry specifics and the other focuses on the business aspect as a whole.

One of the best reasons to join an association is that the association will provide you with programs that are designed to help your business. These programs can help your business grow, but they can also help make your business more professional. The majority of these programs offer key speakers that will speak about specific topics related to all kinds of entrepreneurial issues.

A trade association is beneficial because they provide special programs that are offered throughout the year that focus on your industry specifically. These programs can be structured to help your business grow, but they can also help you improve your internal processes. Trade associations will also provide speakers each month that speak about your industry directly and often times indirectly.

Another great benefit about joining both a trade association and a small business association is that they often have different types of expos. A small business association will put on an expo that encompasses everything that you need to know about running a company, such as different software vendors, cash register vendors or anything else that you need to run a small biz.

A trade expo is going to be a lot more focused on your profession. Trade expos also allow the members to participate and show off their products. These trade expos can be used to expand your knowledge in your industry, but also gain insight into what your competitors are doing and find out what is new in your market.

Majority of associations also put out a monthly newsletter. What is included in the newsletter will vary depending on if it is a trade association or a small business association. Many times the newsletter will provide you with new information about what is going on with the association, such as what you can do to improve your bookkeeping for example.

By becoming a member of a small business association or a trade association, you will be able to create an ever growing network with other people who share your interests. By creating a network you will meet some of the most valuable people to help your business grow and these same people will often help you expand your knowledge.

So joining small business associations can definitely be a good idea to further expand your business and yourself as an entrepreneur.

Marlene Dewitte makes it easy for small company entrepreneurs to bring in many more customers without more manpower or advertising spending. For extra small business marketing plus income generating activities stop by small business basics.

 

 

I was intrigued to hear what they had to say about the state of small business lending. As a company that has always prided itself as a local bank, but backed by the securities of a U.S. based bank with the 8th largest deposit portfolio in the United States, they assured me they are lending – but to whom?

What types of small businesses are best positioned to get loans today?

Not surprisingly, Banks now have to be extra-diligent about their lending practices, as many small business have recently felt, sometimes that feels like it means, ‘no more lending, period.’ However, banks as well as the US Government are strongly supporting lending to small businesses.

Here are the types of companies with the best shot at getting a loan:

• Companies that have been in business 3 years or more
• Companies that operate in a B2B environment – selling to other businesses rather than to consumers
• Companies that can also demonstrate strong personal credit history
• Companies that are selling to the US Government – Government contractors with more than just 1 contract

For companies that have less than 3 years experience, exceptions can be made – for example, companies that are ‘professional groups’ – for example: accountants, doctors, dentists, lawyers, or industry experts – are often exempt.

And additionally, companies that have been in business for at least 1 year can apply for SBA lending.
What types of small businesses will have a harder time getting a loan today?

Again, not surprisingly, companies that are in cash businesses, for example retail, will have a harder time getting a new loan – banks are still weary of the consumer’s spending behaviors – something we can all relate to!

It bears repeating, there are exceptions, and companies that can demonstrate a strong personal credit history, self-invested positions, and succession planning will have a better shot at getting a loan, even if they are not in the best positioned category.

How long does it take to get a loan?

This depends, of course. However for small amounts, for example from -k, a decision for a loan can be made within 72 hours. For loan amounts between -0k, a decision can take between one week and 10 days, and between 0-0k, it can take up to two weeks.

For loans up to M and then between M and M, each application’s timeline will be different.
What documents are required to get a small business loan?

The best thing a small business can do is to always keep its finances in order so as not to scramble to put them together when cash becomes tight. A bank will always ask you for the following documents, at a minimum. Best to have them ready!

• Business and personal tax returns
• Business financial statements
• Personal financial statements

What are the biggest trends you are seeing in small business lending?

Two of the biggest trends that this local bank has seen are:

1) Individuals leaving big companies such as law firms, consulting firms, etc. to start their own Government-contracting companies

2) Small businesses that wait too long before calling on the banks for a loan – remember, think ahead to avoid the cash crunch.

What do you wish your customers knew about small business lending and Chevy Chase bank in particular?

If business is good, now is the time to get a line of credit, even if it’s only a small one. It will be much easier to extend that existing line of credit when you need it, instead of having to establish one when business is down. This is one of the most commonly made mistakes by small businesses.

Don’t forget that your local bank is here to help you. Chevy Chase bank is a big member of the community and can offer valuable resources to a growing small business – from offering direct deposit services in lieu of payroll services, to many merchant services such as online ‘shopping cart’ services, point-of-sale transactions, and many more.

A strong relationship can also drive better lending – banks are going to be more likely to lend to customers that they know, and who have an established record of banking with them, even if that customer doesn’t meet the “best positioned” profile!

Frederique Campagne Irwin is the President and CEO of Catapult Connections LLC, a company that helps CEOs and business owners grow their business to the next stage of growth. You can visit Frederique, access her free small business resources, and find out more about her background at http://www.catapultconnections.com.

 

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While many entrepreneurs feel compelled to extend credit to their clients for fear of losing future sales or just because it is standard industry practice, if not properly managed firms can find them short of cash when paying their suppliers or employees.

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