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Seasons Greetings

Seasons Greetings

We wish you and your loved ones a wonderful holiday season and the very best for 2016.

Small Business News: IRS Raises Tangible Property Expensing Threshold

Small Business News: IRS Raises Tangible Property Expensing Threshold

Contributed by Elite Bookkeeping & Tax Services

The Internal Revenue Service recently simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items.

The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or improve tangible property that would normally qualify as a capital item.

The new $2,500 threshold applies to any such item substantiated by an invoice. As a result, small businesses will be able to immediately deduct many expenditures that would otherwise need to be spread over a period of years through annual depreciation deductions.

“We received many thoughtful comments from taxpayers, their representatives and professional tax community”, said IRS Commissioner John Koskinen. “This important step simplifies taxes for small businesses, easing the recordkeeping and paperwork burden on small business owners and their tax preparers.”

Responding to a February comment request, the IRS received more than 150 letters from businesses and their representatives suggesting an increase in the threshold. Commenters noted that the existing $500 threshold was too low to effectively reduce administrative burden on small business. Moreover, the cost of many commonly expensed items such as tablet-style personal computers, smart phones, and machinery and equipment parts typically surpass the $500 threshold.

As before, businesses can still claim otherwise deductible repair and maintenance costs, even if they exceed the $2,500 threshold.

The new $2,500 threshold takes effect starting with tax year 2016. In addition, the IRS will provide audit protection to eligible businesses by not challenging use of the new $2,500 threshold in tax years prior to 2016.

For taxpayers with an applicable financial statements, the de minimis or small-dollar threshold remains $5,000.

American Corporate Enterprises, Inc. are not accountants and we do not offer tax advice.If you do not have a tax adviser and you need help with your bookkeeping or taxes, contact our affiliate:

Elite Bookkeeping & Tax Services  (800) 416-3820

http://www.elitebookkeeping.biz 

Business Financing and Incentives-Resources by State

Business Financing and Incentives-Resources by State

Are you in need of some business financing in your state? Here are links to resources for loans, grants and tax incentives for you.

Alabama   http://www.adeca.alabama.gov/Divisions/ced/cdp/Pages/SSBCI.aspx

Alaska   https://www.commerce.alaska.gov/web/ded/FIN.aspx

Arizona   http://www.azcommerce.com/start-up/incentives

Arkansas   http://www.arkansas.gov/adfa/SSBCI/SSBCI.htm

California   http://www.business.ca.gov/StartaBusiness/FinancingYourBusiness.aspx

Colorado   http://www.advancecolorado.com/funding-incentives

Connecticut   http://www.ct.gov/ecd/cwp/view.asp?a=1097&q=253520&ecdNav=|

Delaware   http://delaware.gov/topics/startasmallbusiness.shtml

Florida   http://www.enterpriseflorida.com/why-florida/business-climate/incentives/

Georgia   http://www.georgia.org/small-business/finance/

Hawaii   http://invest.hawaii.gov/business/financing/

Idaho  http://business.idaho.gov/Default.aspx?tabid=477&AspxAutoDetectCookieSupport=1

Illinois    http://www.illinois.gov/Business/Pages/financetaxes.aspx

Indiana   http://iedc.in.gov/programs-initiatives

Iowa   http://www.iasourcelink.com/funding

Kansas   http://www.kansas.gov/business/funding.html#

Kentucky   http://thinkkentucky.com/KYEDC/kybizince.aspx#SmallBusiness

Louisiana   http://www.opportunitylouisiana.com/incentives

Maryland   http://commerce.maryland.gov/fund

Massachusetts   http://massecon.com/business-resources/incentives/

Michigan   http://www.michiganbusiness.org/grow/incentives-taxes/#incentives

Minnesota   http://mn.gov/deed/business/financing-business/index.jsp

Mississippi   https://www.mississippi.org/home-page/business-services/entrepreneurs-small-business/

Missouri   http://business.mo.gov/incentives/index.html

Montana   http://businessresources.mt.gov/Finance

Nebraska   http://www.neded.org/business/start-a-business/loan-guarantee

Nevada   http://ssbci.nv.gov/About/About/

New Jersey   http://www.nj.gov/njbusiness/financing/

New Mexico   http://gonm.biz/business-resource-center/start/funding-sources-programs/

New York   http://esd.ny.gov/BusinessPrograms.html

North Carolina   http://blnc.gov/start-your-business/financial-resources

North Dakota   http://www.business.nd.gov/finance/

Ohio   http://development.ohio.gov/bs/bs_busgrantsloans.htm

Oklahoma   http://okcommerce.gov/in-state-business-resources/incentives/    

Oregon   http://www.oregon.gov/business/Pages/financing.aspx

Pennsylvania   http://community.newpa.com/programs/   

Rhode Island   http://commerceri.com/finance-business/

South Carolina   https://www.scbos.sc.gov/

South Dakota   http://sdreadytowork.com/Financing-Incentives.aspx

Tennessee   http://www.tnecd.com/advantages/incentives-grants/

Texas   http://gov.texas.gov/ecodev/financial_resources/loan_assistance

Utah   http://www.utah.gov/business/starting/financial_starting.html

Vermont   http://accd.vermont.gov/business/start/financing/lenders

Virginia   http://www.yesvirginia.org/ProBusiness/BusinessIncentives

Washington  http://www.access.wa.gov/topics/business/growbusiness/grantsloans

West Virginia   http://www.business4wv.com/b4wvpublic/default.aspx?pagename=financialassistance

Wisconsin   http://inwisconsin.com/grow/assistance/

Wyoming   http://www.wyen.biz/business-services/financial-services/funding-sources/

Doing Business With States- Vendor and Procurement Resources

Doing Business With States- Vendor and Procurement Resources

Are you interested in doing business with other states? Below are links for vendor and procurement resources for you.

Your Corporation or LLC would need to be registered in those states in order to do business there. We can help you with forming domestic entities as well as filing as foreign entities in every state.

Alabama   http://purchasing.alabama.gov/Default.aspx

Alaska   http://doa.alaska.gov/dof/iris/vendor.html

Arizona   https://procure.az.gov/bso/

Arkansas   http://business.usa.gov/external-site?ccontent=http://www.dfa.arkansas.gov/offices/procurement/Pages/vendorInformation.aspx

California   http://www.dgs.ca.gov/pd/Home.aspx

Colorado   https://www.colorado.gov/pacific/osc/procurement-resources

Connecticut   http://das.ct.gov/cr1.aspx?page=8

Delaware   http://business.usa.gov/external-site?ccontent=http://mymarketplace.delaware.gov/

Florida http://www.dms.myflorida.com/business_operations/state_purchasing/public_procurement_professional_development

Georgia   http://doas.ga.gov/state-purchasing/suppliers

Hawaii   http://spo.hawaii.gov/

Idaho   https://purchasing.idaho.gov/

Illinois   http://www.illinois.gov/cms/business/procurement/Pages/default.aspx

Indiana   http://www.in.gov/idoa/2464.htm

Iowa   https://das.iowa.gov/procurement/vendors/how-do-business

Kansas   http://admin.ks.gov/offices/procurement-and-contracts/

Kentucky   http://finance.ky.gov/services/eprocurement/Pages/doingbusiness.aspx

Louisiana   https://wwwprd1.doa.louisiana.gov/OSP/LaPAC/pubMain.cfm

Maryland   https://emaryland.buyspeed.com/bso/

Massachusetts   http://www.mass.gov/anf/budget-taxes-and-procurement/oversight-agencies/osd/

Michigan   http://www.michigan.gov/micontractconnect

Minnesota   http://www.mn.gov/admin/government/purchasing-contracting/

Mississippi   http://www.mscpc.com/bid-opportunities/

Missouri   https://oa.mo.gov/purchasing#mogov-tabs-pane-4-tab-1

Montana   http://vendorresources.mt.gov/

Nebraska   http://das.nebraska.gov/materiel/purchase_bureau/vendor/vendor-info.html

Nevada   http://purchasing.state.nv.us/

New Jersey   http://www.nj.gov/njbusiness/contracting/

New Mexico   http://www.generalservices.state.nm.us/statepurchasing/

New York   https://nyspro.ogs.ny.gov/

North Carolina   http://www.doa.nc.gov/pandc/Default.aspx

North Dakota   http://www.nd.gov/spo/vendor/registry/

Ohio   http://business.ohio.gov/state/

Oklahoma   http://www.ok.gov/DCS/Central_Purchasing/Vendor_Registration/index.html

Oregon   http://www.oregon.gov/DAS/EGS/PS/pages/supplier_info.aspx

Pennsylvania   http://www.emarketplace.state.pa.us/

Rhode Island   http://www.purchasing.ri.gov/bidinfo/geninfo/geninfo.aspx

South Carolina   http://business.usa.gov/external-site?ccontent=http://procurement.sc.gov/PS/vendor/PS-vendor-new.phtm

South Dakota   https://boa.sd.gov/divisions/procurement/vendors/

Tennessee   https://www.tn.gov/generalservices/topic/vendor-information

Texas   http://www.texasbidsystem.com/

Utah   http://purchasing.utah.gov/vendorinformation.html

Vermont   http://bgs.vermont.gov/purchasing

Virginia   http://www.dmbe.virginia.gov/bid.html

Washington   http://www.des.wa.gov/services/ContractingPurchasing/Pages/default.aspx

West Virginia   http://www.state.wv.us/Admin/Purchase/vrc/default.html

Wisconsin   http://doa.wi.gov/Divisions/Enterprise-Operations/State-Bureau-of-Procurement

Wyoming   http://ai.wyo.gov/general-services/contracts–purchasing

 

Special Offer Through September

special offerIn case you missed our newsletter, we just wanted to remind you that through the month of September we are offering $50 off any incorporation package for any state.

View our package options at https://www.americancorpenterprises.com/compare-plans/

Also did you know that you can earn referral credit with us? Tell your friends about our special offer and if they place an order, you’ll receive referral credit. That applies even when we’re not running promotions.

Feel free to call us if you have any questions. Toll Free (888) 274-1130.

Thank you! We appreciate your business!