The U.S. Patent and Trademark Office underwent a major revision which may hurt mom-and-pop inventors. Here's why. The U.S. Patent and Trademark Office implemented a major revision on March 16 regarding how patents are evaluated. The U.S. was the first country in the world to implement intellectual property rights in 1790 when George Washington signed into law the first patent regulations. The modern patent system went into effect with the passage of the Patent Act in the 1830s. That law … [Read more...]
Tax Fraud: 5 Millionaires Busted for Cheating on Their Taxes
Cheating on your taxes is not only illegal, it can ruin your life. Just ask one of these five tax evaders. Is it okay to cheat on your taxes? Even just a little bit? According to a recent poll conducted by GfK Roper Public Affairs and Corporate Communications, a whopping 87 percent of respondents believe that it is never okay to cheat on your taxes, even “just a little bit.” It's hard to reconcile the survey results with the hundreds of billions of dollars the IRS claims it loses every year due … [Read more...]
Your Generation X Customers Will Be Financially Worse Off Than You
Thirty-somethings (Generation X) are suffering the most from the aftermath of the financial crisis, with long-term consequences that small-business owners should keep in mind. The last seven years have been financially difficult for most of the country. Job insecurity, stagnant wages, declines in real asset prices and an overall feeling of uncertainty about the future have taken its toll across multiple generations. Looking at the economic data reveals that this misery hasn’t been shared … [Read more...]
Will Internet Cafes Soon Be Illegal?
A $300 million fraud may lead to the banning of Internet cafes. Florida is reeling from a gambling scandal involving hundreds of millions of dollars, which has led to dozens of arrests and the resignation of the state’s lieutenant governor. In what has to be one of the largest, simplest and most clever frauds in recent memory, a large nonprofit organization turned a network of Internet cafes into virtual casinos. Now Florida’s legislature wants to make all Internet cafes illegal. If other state … [Read more...]
Senate Gets Fired Up About Competition in Key Sectors
A panel is turning its focus to the telecommunications, health and transportation industries in a move that could help protect small-business profits. Senate Gets Fired Up About Competition in Key Sectors The leaders of a Senate Judiciary Committee panel dedicated to antitrust have announced they plan to spend this congressional term focused on the telecommunications, health and transportation sectors. These three sectors are absolutely critical to small businesses; together they represent … [Read more...]
Business Travel Sequestration Nightmares Confirmed
It's as bad as it can be. Washington's budget reductions will result in major air travel delays. Business Travel Sequestration Nightmares Confirmed There was a great deal of speculation surrounding how the federal budget sequester would impact airline travel and to what extent new delays would occur. Well the speculation has given way to certainty as both the Transportation Security Administration (TSA) and Customs and Border Protection (CBP) have just announced the measures they are going to … [Read more...]
The Biggest Loser: Small Business Bears the Weight of Government Regulations
New York City's soda ban is just the tip of the iceberg when it comes to complying with government regulations. “Arbitrary and capricious” are the words that New York Supreme Court Judge Milton Tingling used to strike down New York City’s regulation banning large sugary drinks. Not one to be left behind, New York City Mayor Michael Bloomberg responded almost immediately, indicating he would appeal the judge’s ruling. If history is an indicator, Bloomberg will likely win. His 2006 regulation … [Read more...]
House Republicans Launch New Budget With Zero Deficit Goal by 2023
The battle over the federal budget is far from over. The battle over the future of our federal budget entered a new phase when House Republicans introduced a new budget which calls for annual spending increases of 3.4 percent instead of the current 5 percent. The effect of this relatively modest difference in long-term growth is a reduction of $5 trillion in spending over the next decade, achieving a balanced budget in 2023. Importantly, there are no tax increases included in the budget. This … [Read more...]
Should You Start Using Accrual Accounting?
If you want your business to have a prosperous future switch to accrual accounting. When we are dealing with Excel spreadsheets and mountains of receipts, it's easy to forget that the purpose of accounting systems is to help owners make better business decisions. Recording transactions, preparing financial statements and analyzing data help us determine which activities are worth pursuing. There are different ways to record transactions and keep track of business activity. One way is to … [Read more...]
Why You Should Move to Puerto Rico Before Selling Your Business
A new law eliminates capital gains taxes if you move to Puerto Rico. Adelante! Billionaire hedge fund manager John Paulson, who was born, raised and became insanely rich in New York, is seriously considering a move to Puerto Rico, according to recent reports. He isn’t the only wealthy person thinking of packing his bags. Under a year-old law, Paulson’s move to Puerto Rico would save him hundreds of millions of dollars in taxes that he would otherwise have to pay on capital gains made investing … [Read more...]
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