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	<title>Better Business Blog &#187; Tax legislation</title>
	<atom:link href="http://smt-associates.com/blog/category/tax-legislation/feed/" rel="self" type="application/rss+xml" />
	<link>http://smt-associates.com/blog</link>
	<description>Our Business is Your Business</description>
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		<title>How a Change in 1099 Reporting Will Cause Headaches for Business Owners and Tax Preparers</title>
		<link>http://smt-associates.com/blog/how-a-change-in-1099-reporting-will-cause-headaches-for-business-owners-and-tax-preparers/</link>
		<comments>http://smt-associates.com/blog/how-a-change-in-1099-reporting-will-cause-headaches-for-business-owners-and-tax-preparers/#comments</comments>
		<pubDate>Wed, 30 Nov 2011 22:00:11 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Business taxes]]></category>
		<category><![CDATA[Record keeping]]></category>
		<category><![CDATA[Tax legislation]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=525</guid>
		<description><![CDATA[As part of new legislation passed during 2011, Congress has mandated new reporting for payments made by credit card processors and banks.  This new reporting requirement is sneaking up on the general public and will cause major headaches for business &#8230; <a href="http://smt-associates.com/blog/how-a-change-in-1099-reporting-will-cause-headaches-for-business-owners-and-tax-preparers/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/how-a-change-in-1099-reporting-will-cause-headaches-for-business-owners-and-tax-preparers/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>IRS Announces Increase to Standard Mileage Rate for 2011</title>
		<link>http://smt-associates.com/blog/irs-announces-increase-to-standard-mileage-rate-for-2011/</link>
		<comments>http://smt-associates.com/blog/irs-announces-increase-to-standard-mileage-rate-for-2011/#comments</comments>
		<pubDate>Thu, 23 Jun 2011 18:30:40 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Tax legislation]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=393</guid>
		<description><![CDATA[The IRS announced today an increase in the standard mileage rate for 2011 due to the increased price of fuel. The revised standard mileage rates are 55.5 cents per mile for business use of an automobile and 23.5 cents for &#8230; <a href="http://smt-associates.com/blog/irs-announces-increase-to-standard-mileage-rate-for-2011/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/irs-announces-increase-to-standard-mileage-rate-for-2011/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Key Business Changes in the Small Business Jobs Act</title>
		<link>http://smt-associates.com/blog/key-business-changes-in-the-small-business-jobs-act/</link>
		<comments>http://smt-associates.com/blog/key-business-changes-in-the-small-business-jobs-act/#comments</comments>
		<pubDate>Mon, 04 Oct 2010 13:54:53 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Tax legislation]]></category>
		<category><![CDATA[legislation]]></category>
		<category><![CDATA[small business jobs act]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=273</guid>
		<description><![CDATA[The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here&#8217;s a brief overview of the tax changes in the Small Business Jobs Act. Enhanced small business expensing (Section 179 expensing). &#8230; <a href="http://smt-associates.com/blog/key-business-changes-in-the-small-business-jobs-act/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/key-business-changes-in-the-small-business-jobs-act/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>IRS Phasing Out 8109 Coupons for Tax Payments</title>
		<link>http://smt-associates.com/blog/irs-phasing-out-8109-coupons-for-tax-payments/</link>
		<comments>http://smt-associates.com/blog/irs-phasing-out-8109-coupons-for-tax-payments/#comments</comments>
		<pubDate>Mon, 23 Aug 2010 13:00:12 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Payroll]]></category>
		<category><![CDATA[Tax legislation]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[eftps]]></category>
		<category><![CDATA[electronic payment]]></category>
		<category><![CDATA[paper coupons]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=248</guid>
		<description><![CDATA[The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09).  The paper 8109 coupon payment system will be shut down at the end of &#8230; <a href="http://smt-associates.com/blog/irs-phasing-out-8109-coupons-for-tax-payments/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/irs-phasing-out-8109-coupons-for-tax-payments/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Illinois Tax Amnesty to Begin October 1</title>
		<link>http://smt-associates.com/blog/illinois-tax-amnesty-to-begin-october-1/</link>
		<comments>http://smt-associates.com/blog/illinois-tax-amnesty-to-begin-october-1/#comments</comments>
		<pubDate>Wed, 18 Aug 2010 14:50:57 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Illinois]]></category>
		<category><![CDATA[Personal Taxes]]></category>
		<category><![CDATA[Tax legislation]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[illinois tax amnesty]]></category>
		<category><![CDATA[tax amnesty]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=243</guid>
		<description><![CDATA[On Monday, August 16th, Governor Quinn approved the bill to establish a tax amnesty program for all taxpayers for taxes due for any taxable period ending after June 30, 2002 and prior to July 1, 2009.  The amnesty period will run &#8230; <a href="http://smt-associates.com/blog/illinois-tax-amnesty-to-begin-october-1/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/illinois-tax-amnesty-to-begin-october-1/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Illinois Tax Amnesty Measure Goes to Governor</title>
		<link>http://smt-associates.com/blog/illinois-tax-amnesty-measure-goes-to-governor/</link>
		<comments>http://smt-associates.com/blog/illinois-tax-amnesty-measure-goes-to-governor/#comments</comments>
		<pubDate>Tue, 29 Jun 2010 14:45:51 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Business taxes]]></category>
		<category><![CDATA[Illinois]]></category>
		<category><![CDATA[Personal Taxes]]></category>
		<category><![CDATA[Tax legislation]]></category>
		<category><![CDATA[amnesty]]></category>
		<category><![CDATA[income tax]]></category>
		<category><![CDATA[penalties]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=215</guid>
		<description><![CDATA[The Illinois General Assembly has passed a measure to implement an amnesty on taxes administered by the Department of Revenue and has sent the measure to Gov. Pat Quinn. The amnesty period would run from October 1, 2010, through November &#8230; <a href="http://smt-associates.com/blog/illinois-tax-amnesty-measure-goes-to-governor/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/illinois-tax-amnesty-measure-goes-to-governor/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Reasonable Compensation is Becoming a Hot Issue</title>
		<link>http://smt-associates.com/blog/reasonable-compensation-is-becoming-a-hot-issue/</link>
		<comments>http://smt-associates.com/blog/reasonable-compensation-is-becoming-a-hot-issue/#comments</comments>
		<pubDate>Sat, 26 Jun 2010 14:06:46 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Business taxes]]></category>
		<category><![CDATA[Payroll]]></category>
		<category><![CDATA[Tax legislation]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[officer salary]]></category>
		<category><![CDATA[owner compensation]]></category>
		<category><![CDATA[reasonable compensation]]></category>
		<category><![CDATA[s corporation]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=205</guid>
		<description><![CDATA[Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income.  Because they are pass-through entities, Sub Chapter S corporations are &#8230; <a href="http://smt-associates.com/blog/reasonable-compensation-is-becoming-a-hot-issue/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/reasonable-compensation-is-becoming-a-hot-issue/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>S Corporation Owners May Pay Higher Self Employment Taxes</title>
		<link>http://smt-associates.com/blog/s-corporation-owners-may-pay-higher-self-employment-taxes/</link>
		<comments>http://smt-associates.com/blog/s-corporation-owners-may-pay-higher-self-employment-taxes/#comments</comments>
		<pubDate>Thu, 20 May 2010 21:50:05 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Personal Taxes]]></category>
		<category><![CDATA[Tax legislation]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[extender bill]]></category>
		<category><![CDATA[H.R. 4213]]></category>
		<category><![CDATA[self employment]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=188</guid>
		<description><![CDATA[The chairmen of the House and Senate tax-writing committees today released a summary of "H.R. 4213," also called "The American Jobs and Closing Tax Loopholes Act of 2010."  It is considered an extenders bill because it extends some favorable tax provisions due to expire this year.  However there is one item tucked away in this bill is something that could affect owners of small (3 or fewer employees) S corporations engaged in a professional service business.  <a href="http://smt-associates.com/blog/s-corporation-owners-may-pay-higher-self-employment-taxes/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/s-corporation-owners-may-pay-higher-self-employment-taxes/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>What are Illinois Democrats thinking?</title>
		<link>http://smt-associates.com/blog/what-are-illinois-democrats-thinking/</link>
		<comments>http://smt-associates.com/blog/what-are-illinois-democrats-thinking/#comments</comments>
		<pubDate>Fri, 07 May 2010 12:44:21 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Illinois]]></category>
		<category><![CDATA[Tax legislation]]></category>
		<category><![CDATA[budget]]></category>
		<category><![CDATA[Illinois Department of Revenue]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=185</guid>
		<description><![CDATA[Illinois Democrats are floundering in their attempts to fix a $13 billion dollar shortfall and the ideas being floated are simply ludicrous. One proposal is to borrow more money. After recent downgrades of the state's debt ratings by Moody's this proposal is becoming not only more expensive but digging ourselves deeper in a hole. Other proposals include skipping payments to the state pension plan, delaying payments to providers of state services, and raiding state funds earmarked for other purposes.

 <a href="http://smt-associates.com/blog/what-are-illinois-democrats-thinking/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/what-are-illinois-democrats-thinking/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Payroll tax holiday and up-to-$1,000 credit for employers who hire unemployed workers.</title>
		<link>http://smt-associates.com/blog/payroll-tax-holiday-and-up-to-1000-credit-for-employers-who-hire-unemployed-workers/</link>
		<comments>http://smt-associates.com/blog/payroll-tax-holiday-and-up-to-1000-credit-for-employers-who-hire-unemployed-workers/#comments</comments>
		<pubDate>Mon, 22 Mar 2010 13:13:18 +0000</pubDate>
		<dc:creator>Steve</dc:creator>
				<category><![CDATA[Payroll]]></category>
		<category><![CDATA[Tax legislation]]></category>
		<category><![CDATA[Hire Act]]></category>
		<category><![CDATA[payroll tax holiday]]></category>
		<category><![CDATA[payroll taxes]]></category>

		<guid isPermaLink="false">http://smt-associates.com/blog/?p=169</guid>
		<description><![CDATA[A key tax change affecting business was made in the recently enacted Hiring Incentives to Restore Employment (HIRE) Act. To help stimulate the hiring of workers by the private sector, the new law exempts any private-sector employer that hires a worker who &#8230; <a href="http://smt-associates.com/blog/payroll-tax-holiday-and-up-to-1000-credit-for-employers-who-hire-unemployed-workers/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		<wfw:commentRss>http://smt-associates.com/blog/payroll-tax-holiday-and-up-to-1000-credit-for-employers-who-hire-unemployed-workers/feed/</wfw:commentRss>
		<slash:comments>7</slash:comments>
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