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Tax Credit Guidance to Businesses Hiring Unemployed Veterans & Certain Youth
Business planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until August 17 to request the certification required for these workers, according to the Internal Revenue Service.
Newly revised Form 8850, now available on IRS.gov, is used for employers to request certification from their state workforce agency. The American Recovery & Reinvestment Act, enacted in February, added unemployed veterans returning to civilian life and "disconnected youth" to the list of groups covered by the credit. Though eligible unemployed veterans and disconnected youth who begin work anytime during 2009 or 2010 may qualify a business for the credit, certification by the state workforce agency is required.
In general, an unemployed veteran is a person discharged or released from the military during the five years preceding the hiring date who received unemployment benefits for at least four weeks during the one-year period ending on the hiring date. A "disconnected youth" is a person age 16 to 24 on the hiring date who has not been regularly employed or attending school and who meets other requirements.
The WOTC offers tax savings to businesses that hire workers belonging to any of 12 targeting groups, including unemployed veterans and disconnected youth. The other 10 include people ages 18 to 39 living in designated communities in 43 states and the District of Columbia, Hurricane Katrina employees, recipients of various types of public assistance, and certain veterans, summer youth workers, and ex-felons. The instructions for Form 8850 detail the requirements for each of these groups.
Small Business/Self-Employed Virtual Small Business Tax
The IRS has a new resource on their web site that features small business video and audio presentations. Subjects include Adjusting Employment Taxes (video), Schedule C (audio podcast with supporting resources and video interview), and many more topics of interest to small businesses.
The IRS is working toward linking this page from IRS.gov topic pages. For example, at the bottom of the Self-Employed Individuals Tax Center under "References/Related Topics," there will be links to the Schedule C podcast and interview. In the meantime, Web users can search: "small business video" on IRS.gov to find the new page that hosts all of the links.
Watch for more to come as they continue adding programs and interviews to the new IRS.gov page. In addition, don't forget about SBTV.com, the Internet news channel for small businesses, featuring IRS news every Wednesday on the homepage and more resources on the partner page.
The next Massachusetts Small Business Forum is scheduled for May 15, 2009 in the Community Room at the main branch of the Century Bank in Medford. Please mark your calendars.
2008 Babson Entrepreneurship Monitor Names Massachusetts Top State for Entrepreneurial Activity
Massachusetts is the top state in the nation for entrepreneurial activity, according to a study released by Babson College. The2008 Babson Entrepreneurship Monitor for the Commonwealth of Massachusetts also showed that the Commonwealth has a higher rate of both early stage and established businesses than the U.S. average, with a rate of 23% compared to 14.1@ average across the country.
Results indicated that new businesses are being created more rapidly in Massachusetts than in the U.S. overall, that established businesses are gorwing, and that entrepreneurs are opportunity-driven and optimistic about their success. These findings show Massachusetts is leading the nation, indicating no state is better positioned to weather the current economic downturn.
Be sure to also take a look at Beacon Hill Institute's Eigth Annual Competitiveness Report, The 2008 State New Economy Index, and the 2008 State Technology and Science Index.
Small Business Listening Tour Contact Information
The Massachusetts Office of Small Business and Entrepreneurship and the Department of Business Development held their regional Small Business Town Hall Meeting on December 10 from 9:30 to 11:30 a.m. at the Barnstable Town Hall.
The Smal Business Town Hall meetings provided the Administration an opportunity to hear directly from small business owners/entrepreneurs about the callenges and opportunities they face with their business goals and growth. These meetings also introduced the new Esecutive Director of OSBE to small business owners, as well as inform them of publicly funded technical and financil assistance resources.
Below is a list of contact information from the Listening Tour.
Jeannine Marshall, Executive Director of Coastal Community Capital
jmarshall@coastalcommunitycapital.org 508-362-3755
Andre Porter, Executive Director of the Office of Small Business and Entrepreneurship (OSBE)
andre.porter@state.ma.us 617-788-3692
Eydie Silva, Executive Direcotr of the State Office of Minority and Women Business Assistance (SOMWBA)
edith.silva@state.ma.us 617-973-8692
Jashua Mant, Cape Cod Regional Director of the Massachusetts Office of Business Development
Joshua.mant@state.ma.us 508-830-1620
Betty Connor, Director of Marketing of the Insurance Partnership
bconnor@4ip.org 800-399-8285 extension 103
Donna O'Connor, US Small Business Administration
donna.oconnor@sba.gov 617-565-5607
Cliff Robbins, Senior Management Counselor of the Massachusetts Small Business Development Center (MSBDC)
crobbins@msbdc.umass.edu 508-673-9783
MA Business Resource Team 877-BIZTEAM
Wendy Northcross, CEO of the Cape Cod Chamber of Commerce
wendy@capecodchamber.org 508-362-8610
Bob Dubois, Executive Director of the Yarmouth Area Chamber of Commerce
(508) 778-1008
Deborah Converse, Executive Director of the Hyannis Area Chamber of Commerce
deborah@hyannis.com 508-775-7778
Moira Noonan, Business Builders Program Coordinator for the Community Development Partnership
moira@lowercape.org (508) 240-7873
The IRS has great resources for small businesses on this web page. Be sure to update yourself and this valuable information. Use Windows Media Player for best results
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