March 20, 2008
Email the Editor
Home Page
. Search back issues
. Forward to a Friend
.
. Subscribe/Unsubscribe
Printer Friendly
TAXES
IRS Requests Help on 3% Withholding
Economic Stimulus Checks Soon Sent to Taxpayers
FEDERAL GOVERNMENT INFORMATION
New Web Site Links Small Business with Necessary Information

  IRS Requests Help on 3% Withholding
The IRS has formally requested the help of the public while writing the guidance to implement the new 3% withholding law.  While AGC continues to advocate for full repeal of this harmful provision, which currently has 10 Senate co-sponsors and over 240 House co-sponsors, the IRS is moving on regulations.  AGC will submit comments by the April 28, 2008, deadline. 

AGC members are invited to share their thoughts and concerns to be included in the guidance.   Submit comments online here, or contact Heidi Blumenthal at blumenthalh@agc.org or 202-547-8892. [ return to top ]

  Economic Stimulus Checks Soon Sent to Taxpayers
The Treasury has announced that it will begin sending economic stimulus payments to more than 130 million households in May. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. Those eligible will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. The IRS has posted a calculator online to help you determine your payment at http://www.irs.gov/app/espc.

Increased small business expensing and bonus depreciation for equipment placed in service in 2008 were also part of the stimulus package.  These two tax breaks are helpful for companies considering equipment purchases in the next couple of years.

For more information, contact Heidi Blumenthal at blumenthalh@agc.org or 202-547-8892.
[ return to top ]

  New Web Site Links Small Business with Necessary Information
Managed by the Small Business Administration, www.business.gov provides an avenue for small businesses to connect with the government, including information on federal, state and local business permits, quick access to business laws, government regulations, forms and agency contacts. The site was launched as part of the federal government’s efforts to improve online resources for small businesses and others needing information. 

Business.gov Compliance Guides provide easy access to resources and programs that help businesses understand their regulatory requirements and improve their operations.  The site also offers an industry-specific search engine, which helps locate, organize and retrieve compliance assistance information published by federal, state and local regulatory agencies.

For more information, contact Heidi Blumenthal at blumenthalh@agc.org or 202-547-8892.
[ return to top ]