(This comes from USA.gov)
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WASHINGTON, D.C. –The SBA Office of Advocacy applauds yesterday’s decision by the Internal Revenue Service to offer a simplified version of the home office deduction. Advocacy has been engaged with the small business community and the IRS on this issue for decades, including a formal request to the White House in 2009. The new option allows a deduction of up to $1,500 based on a formula of $5 per square foot of home office spaced used and will take effect for the 2013 tax year. The IRS estimates that this change in the rule will reduce the paperwork burden on small businesses by 1.6 million hours annually. An estimated 14.4 million, or 52 percent of America’s 27.8 million small businesses, are home based.
“Simplifying the home office deduction for America’s small businesses has been a longstanding priority of the Office of Advocacy; we welcome the IRS’s actions,” said Chief Counsel for Advocacy Winslow Sargeant. “I would also like to commend the steadfast advocacy of numerous small business organizations who have championed this issue.” Read more... (321 words, estimated 1:17 mins reading time)
WASHINGTON–The U.S. Small Business Administration will host the fourth of its free Mentor-Protégé Matchmaking Conference series in Los Angeles, Calif., on March 21. The program gives small disadvantaged businesses access to guidance on federal contracting, face-to-face meetings and opportunities to team with larger businesses and graduates of the SBA’s 8(a) Business Development program.
During the forums, small businesses will learn how to market themselves to the federal government and go after government contracting opportunities. They will also get an overview of the SBA’s Mentor-Protégé program – a tool of the SBA’s 8(a) program that encourages mentors to team with a protégé or smaller firm to help them with management and technical assistance, financial assistance and access to joint ventures and federal contracting opportunities.
“Although we are encouraged by the economic indicators trending upward, we are still facing challenging economic times,” said SBA Administrator Karen Mills. “That’s why it’s important that we make sure that more federal contracts get into the hands of small businesses that drive the nation’s economy and create jobs. These forums will go a long way in making sure that small businesses know how to leverage their companies and team with viable partners to take their businesses to the next level.” Read more... (381 words, estimated 1:31 mins reading time)
SBA Increases Size Standards in Transportation and Warehousing Sector, Proposes Increases for Health Care and Social Assistance Sector
WASHINGTON – The U.S. Small Business Administration today published a final rule in The Federal Register raising the size definitions of small businesses in the Transportation and Warehousing sector, and a proposed rule increasing the size standards for the Health Care and Social Assistance sector. The increases reflect changes in marketplace conditions.
The SBA initially proposed revisions to small business size definitions for the Transportation and Warehousing sector in a proposed rule published in The Federal Register on May 13, 2011, and made it available for public comment.
The final rule will increase the revenue-based size standards in 22 industries and retain the current size standards for the remaining 37 industries in the Transportation and Warehousing sector. The SBA estimates as many as 1,200 additional firms in this sector will become eligible for SBA programs as a result of these revisions. Read more... (434 words, estimated 1:44 mins reading time)