09/30/2008
New rules for credit cards
President Bush has signed a bill affecting most small business owners who accept credit cards. It requires payment card processors to report the net dollar amount of card receipts to the IRS.
Small business owners must provide their Taxpayer Identification Numbers to the processors they accept. If the TIN is not provided, the processor will withhold 28 percent from the gross transactions of that business.
The law will apply to tax returns for calendar years beginning Jan. 1, 2011. The back-up withholding provisions do not apply until Dec. 31, 2011. The law does not apply to small businesses that accept less than $10,000 in credit card transactions in a calendar year or those that make less than 200 payment card transactions a year.
Small business owners should have a good system for backing up records of credit and debit card transactions. Be sure to keep separate files for each credit card issuer, and save credit card records for seven years in case you're audited.
2008 election: Be heard at the polls
- The latest issue of MyBusiness Magazine has a side-by-side comparison of John McCain's and Barack Obama's positions on key small business issues, such as taxes, healthcare and more.
- Read the 2007-08 South Carolina Voting Record to find out how your state senator and representative voted on issues affecting your business.
- If you haven't already, register to vote and help elect candidates who support small business owners like you.
Event: Briefing on South Carolina's new immigration law
NFIB/South Carolina is hosting a series of briefings on the state's new immigration law. To register or submit questions in advance, contact Katie Jones at 404-876-8516.
NFIB/South Carolina in the News
- Columbia Business Report: State Director Wendy Homeyer has a column in the current issue of the Midlands-area business publication about "card check." Visit NFIB's Web site to learn more about Big Labor's plans to change the rules to make it easier for unions to organize small businesses.
- State Director Wendy Homeyer was a guest on "The Charles Campbell Show" Saturday, Sept. 27, on WOIC-AM 1230 in Columbia.
News you can use
The Greenville News: State legislators prepare for off-shore drillingMidlands Biz: U.S. Sen. Jim DeMint Honored as Guardian of Small Business by NFIB The Wall Street Journal: The Tort Bar's Comeback
Looking for a few good small businesses
The U.S. Small Business Association is looking for nominees for the 2009 National Small Business Week Nominations. SBA's Web site, www.sba.gov/sc, has links to the nomination guidelines and additional information.
Need help navigating the S.C. Department of Commerce?
The Small Business and Entrepreneurship Resource Guide provides guidance from opportunities to export your products in the global marketplace to supply chain assistance, regulatory issues, workforce training support and assistance for minority- and women-owned businesses.
To learn more about the state Department of Commerce, contact Chuck Bundy, manager of Small Business Services, at 803-737-0440.
Your feedback is requested and appreciated. Contact Wendy Homeyer and let her know what other type of information would be useful to include in this update.
