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Category: Small Business

2017 National Small Business Week

  • April 25th, 2017

The Internal Revenue Service recognizes the fact that small business owners are the heart and soul of the economic community, and often have little time to learn more about taxes. As a result, to make taxes less taxing a new series of online educational tax discussions is being piloted called “IRS Tax Tools in 10…” give us 10-minutes, and we’ll give you the tax tools to help meet your Small Business needs. The dates and times of each roundtable discussion is below:

May 1st – Worker Classification – 10am & 1pm – Central

May 2nd – 3rd Party Payers – 10am & 1pm – Central

May 3rd – Sharing Economy – 10am & 1pm – Central

May 4th – Online Resources – 10am & 1pm – Central

May 5th – Small Business ID Theft – 10am & 1pm – Central

Attendance is limited, so please register by providing your name, e-mail, session date and time by e-mail to SBSE.SL.Web.Conference.Team@irs.gov . Closed Captioning will be available.

Small Business Support for America’s Veterans

  • April 20th, 2017

After supporting the American dream of freedom and prosperity through military service, millions of veterans choose to be their own boss and start a small business. It’s a good match, because soldiers’ skills are similar to those of successful entrepreneurs: their determination, willingness to take risks, and ability to handle stressful situations translate well to life as a business owner.

Like any new small business, most need some help to get started. Fittingly, there are many resources and benefits available specifically to help America’s veterans do that.

Read on for an overview of the veteran-owned business landscape, marketing opportunities, a breakdown of how to bid for government contracts, and other supports like educational programs, loans, and financing options for veteran-owned businesses.

By the Numbers: Veteran-Owned Businesses

Veteran-owned small businesses are an important part of the American economy. According to the latest U.S. Census data, veteran-owned businesses make up 7.5 percent of the country’s 5.4 million businesses with employees. And roughly 2.5 million veteran-owned businesses produce over $1.2 trillion in annual sales, have annual payroll of over $200 billion, and employ nearly six million people.

In 1999, the federal government passed the Veterans Entrepreneurship and Small Business Development Act. This legislation acknowledged that the United States had done too little to assist veterans who wanted to start and grow small businesses following their military service.

The legislation also set a goal that 3 percent or more of all federal contract dollars be awarded to service-disabled veteran-owned businesses (SDVOBs). This adds up to big money: In 2015, the federal government spent $13.8 billion, or nearly 4 percent of federal contracting dollars, with SDVOBs.

California, Texas, Florida, New York, and Georgia have the most veteran-owned companies, but state governments vary in their commitments to veteran-owned businesses (though most have some sort of preference, or set-aside legislation).

Most veteran-owned businesses are small businesses employing fewer than 15 people, and veterans are more likely than non-veterans to be business owners (13.2 percent of veterans are self-employed, compared to 12.3 percent of non-veterans).

Related: Military Service Creates Solid Business Owners

Veteran-Owned Business Defined

While a veteran-owned business sounds self-explanatory (and in general terms, it is), when it comes to the government’s formal definitions and guidelines for government contract eligibility through the U.S. Department of Veterans Affairs (VA), the rules are very specific.

There are two categories: Veteran-Owned Small Business (VOSB), and Service-Disabled Veteran-Owned Small Businesses (SDVOSB). To qualify as a VOSB, you must own at least 51 percent of your company and be responsible for management of day-to-day operations and strategic decisions. You’ll also need a Department of Defense Form 214 to verify veteran status. To qualify as a SDVOSB, you’ll need a disability status letter from the VA Benefits Office confirming your status as service-disabled.

Use the VA’s Office of Small & Disadvantaged Business Utilization website to register and verify your business. A quick list of resources is also available for preparing to do business with the VA, including procurement readiness, corporate partnerships, and veteran franchising opportunities. Government contracting advice is also available from the U.S. Small Business Association (SBA).

Aside from being able to bid on government contracts, registration has other benefits, like potential tax relief, improved access to capital (more on this below), counseling, start-up support, and displaying the SDVOSB or VOSB logo, which shows customers that your business is veteran-owned.

While the bidding for government contracts can be attractive, many businesses aren’t big enough to contend, or simply choose not to, because being a veteran and owning a business has several other inherent advantages.

Related: Is Your State Vetrepeneur Friendly?

Veteran-Focused Resources & Financing

All new businesses need help at some point to get started, and there are several resources and financing options available specifically to help those that served.

The SBA’s Boots to Business is a free education and training program for service members seeking to become entrepreneurs. The two-day course is taught at over 165 military installations worldwide, and active duty military members as well as their partners and spouses are eligible.

For veterans looking for help with financing a new business, a Patriot Express loan can mean a much faster path to ownership. They get former military personnel up and running quickly with business loans specifically for veterans.

The emphasis here is the speed at which veterans can find financing at competitive rates to get off the ground, compared to regular business owners. SBA-approved lenders give preference for helping veterans, but like any business loan, it’s important to be prepared with collateral, proper financial records, a solid business plan, and an understanding of what the loan can and can’t be used for.

Patriot Express loans cap at $500,000, and funds can be used for operational expenses, to purchase inventory, or for short-term working capital. For a full list of resources for veteran-owned businesses, including the Patriot Express program, visit the SBA’s VOB site or contact the Veteran’s Business Outreach Center.

Related: Best Small-Business Loans for Veterans 2017

Veteran-Owned Business Advantages

In addition to an edge in winning government contracts, veteran-owned business have an edge winning business from large corporations and the average American consumer.

Veterans defended our nation’s freedoms and prosperity by serving in the armed forces, and then made the choice to start their own business following their service. It should come as no surprise that America wants to buy from veterans, and the numbers back this up.

According to the National Veteran-Owned Business Association (NaVOBA), almost 15 percent of FORTUNE® 1000 companies aim to include veteran-owned businesses in their supply chains as part of their supplier diversity programs.

Related: Checklist for Corporate Contracting

Studies also show that 70 percent of Americans would rather buy from a veteran-owned business than from one that is not. Veteran-owned business can also be listed in NaVOBA’s VetBiz Directory, a database that highlights new businesses and allows visitors to search by location and a wide array of industries and sectors.

Supporting the entrepreneurial dreams of America’s veterans has also been part of the National Federation of Independent Business’ (NFIB) mission since its founding in 1943. Wilson Harder, NFIB’s founder, knew that soldiers returning from Europe and the Pacific had the drive and determination that would help them find success in business.

NFIB defends the right of small business owners to own and operate their businesses without undue government interference. Many NFIB state offices work directly with local and state representatives to offer veteran-owned business decals to recognize the men and women who served our country and own businesses in local communities, and offer a wide variety of member-exclusive benefits, business products, and services.

Related: Learn More About NFIB in Your State

For more information on how the NFIB promotes and protects the rights of more than 325,000 members to run their businesses, find your local NFIB or learn more about NFIB membership perks and savings.

For the original article, click here.

OPPAL Available to Help Businesses on Oct. 1

  • October 7th, 2016

MONTGOMERY, Sept. 28, 2016 — Beginning Oct. 1, Alabama businesses will be able to report equipment, tools,
machinery and other business personal property through the Optional Personal Property Assessment Link (OPPAL)
online system.

OPPAL is an optional, free, reporting-only portal. The electronically filed return will contain all information included
in the standard paper tax return. There is no charge to the taxpayer for utilizing this service. The OPPAL Web portal
will be available to accept taxpayer information from Oct. 1 of each year until the following Jan. 31.

OPPAL was designed per the requirements of Section 40-7-56, Code of Alabama, 1975, that states the Department of
Revenue will develop, maintain and administer an online business personal property tax filing system to allow any
taxpayer required to file a business personal property tax return with any county assessing official or applicable agency
the ability and option to file the return electronically.

“We are always looking for better and more efficient ways businesses can interact with state and local governments.

OPPAL provides that and I’m appreciative for the support of those who helped build it, especially the OPPAL Advisory
Council made up of representatives from county governments and the business community,” said Revenue
Commissioner Julie P. Magee.

For more information on OPPAL, visit http://oppal.alabama.gov/.

For the original ADOR press release, click here.

Federal grants could help Alabama recover from coal losses

  • August 31st, 2016

By: Kelly Poe, al.com

Alabama coal miners have recently faced mine closures, job losses and benefits reductions, and two recently awarded federal grants aim to ease some of the problems the industry decline has caused.

The federal government’s Appalachian Regional Commission has awarded two groups in Alabama grants to help the industry figure out what’s next.

Southern Research in Birmingham received a $60,202 grant to develop a strategic plan to increase entrepreneurship in Alabama’s counties that have been most impacted by the decline of coal.

“We’re going to have an energy industry in the state. What’s it going to be for the next 100 years?” Southern Research’s Director of Energy and Environment Corey Tyree said. “For the last 100 years, coal was a big part of that. I don’t see an economic driver that’s going to bring that back.”

Tyree estimates that since the industry’s peak in 1990, Alabama has lost 21,000 jobs and $1.8 billion in the coal sector throughout the entire supply chain. Tyree used Energy Information Administration data to develop that estimate.

“Coal is an important part of our historical economic base,” Tyree said. “This region, like others in the Appalachian region, was disproportionately affected by the downturn in the industry.”

The plan will focus on how to use existing research and development assets in the energy and agricultural sectors to encourage small business growth.

The Shoals Entrepreneurial Center in Florence was awarded a $997,150 grant for the “Shoals Shift” project. The funds will fund entrepreneurial programs to increase profitability of area companies and startups through more efficient use of broadband technologies.

ARC estimates the project will create or retain 110 jobs, start 20 new business, and leverage $10 million in private estimates.

Last year alone was a devastating blow to the Alabama coal industry, following a long history of decline in the coal industry. Walter Energy eliminated hundreds of jobs last year as it navigated bankruptcy, but it was far from alone. North American Coal Corporation closed its Jasper operation, and Cliffs Natural Resources laid off more than 200 workers.

Alabama is one of nine Appalachian states to receive grants totaling nearly $39 million that are expected to create more than 3,000 jobs. The other eight states to receive grants are Texas, Kentucky, Mississippi, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia.

The Appalachian Regional Commission estimates that 23,000 Appalachian coal jobs have been lost between 2011 and 2015.

For the original article, click here.

Small Business Forum Web Conference

  • August 23rd, 2016

Does your organization or association work closely with small business owners? If so, please join us September 14 at 10 a.m. as we exchange ideas, gather information, and create new partnerships within the small business community. Our Virtual Small Business Forum is free and open to those with an interest in small business or self-employment. This forum will provide your organization with helpful resources to share with your clients, members, partners, etc.

The Forum will take place via WebEx from the comfort of your own computer. Please RSVP to Regina.P.Malisham@irs.gov or call 251-341-5937. Once your RSVP has been received, you will be sent the login information for attending.

Find step-by-step instruction for accessing WebEx: Attending a WebEx Session – Participant Info

You can view the original event event invitation here: SBF Flyer – 9.14.2016

Veteran-owned business receive official letters

  • August 8th, 2016

Eugene Overstreet is the owner of Street’s Restaurant and Street’s Seafood and Meat Market in Bay Minette. He is a Vietnam veteran and a member of the two veteran service organizations in Bay Minette. He regularly supports, donates to, and sponsors veteran events, veterans, and their families and the community. ADOL’s Nicholas Bowen makes the presentation of the official VOB letter and decal.

Bob Harry is a retired disabled Army veteran and the owner of Aabon Home Health Care Supply in Ozark. ADOL’s Larry Vaughn makes the presentation of the official VOB letter and decal.

Wiley McWhorter is a retired disabled veteran and the owner of Wiley’s Smuteye Grill in Banks. ADOL’s Dan Perkins makes the presentation of the official VOB letter and decal.

Justin Garner is a veteran and owner of Garner Technologies in Dothan. He started the business two years ago. As of now, he has two employees and of them is also a veteran. He also plans on hiring someone with sales experience in the future. ADOL’s Larry Vaughn makes the presentation of the official VOB letter and decal.

60,000 Alabama Jobs Affected by Overtime Rule

  • July 7th, 2016

Come Dec. 1, business owners across Alabama and nationwide will be paying higher labor costs as a result of the Department of Labor’s new overtime rule. The DOL estimates the regulation will impact more than 60,000 workers in Alabama.

The rule will raise the threshold at which employees are exempt from earning overtime pay—from $23,660 to $47,476. The Fair Labor Standards Act dictates that employees are not eligible for overtime pay if they are compensated at a minimum wage level (now $47,476), if they are paid on a salaried basis, and if they perform duties considered professional, administrative, or executive in nature. Now, under the new rule, the minimum wage level triggering overtime exemption is nearly double the old rate.

NFIB has spoken at length to the media about the harmful impact of this ruling, including decreased staff morale stemming from employment status changes, reduced hours, and falling pay rates. Rosemary Elebash, NFIB/Alabama state director, says the Department of Labor’s new overtime rule is going to hurt small businesses throughout Alabama.

“It’s going to mean higher costs for employers, and that’s going to force them to make some tough decisions when it comes to staffing,” she said. “On top of that, you’re going to see some salaried positions disappear and some workers slide back to hourly jobs. In other words, these new rules are going to hurt the very people officials say they’re trying to help.”

For businesses that operate on calendar year budgets, this unplanned mandate for increased labor costs in the final month of 2016 complicates matters. The Birmingham Business Journal spoke to several Birmingham employment law experts, who advised employers to begin planning and budgeting now, evaluating the job responsibilities and the hours worked for those who will no longer be exempt.

One small item of relief: Bonuses, incentive pay, and commissions can account for up to 10 percent of the salary threshold if the payments are made on a quarterly basis. However, the exemption level will continue to rise, tied to inflation, every three years, beginning on Jan. 1, 2020.

For more information, please visit NFIB.com/Overtime.

For the original article, click here.

How can Mobile help small businesses?

  • June 21st, 2016

MOBILE, AL (WALA) –
FOX10 News is committed to tracking the growth of our local economy.

The City of Mobile has started a new program where Mayor Sandy Stimpson will meet with small business owners to discuss the challenges they face.

Small business owners and others attended a Mobile Area Chamber of Commerce event Tuesday morning listening to the latest developments at the Mobile Aeroplex at Brookley.

Mayor Stimpson has announced he would like to meet with small business owners in a new initiative called Meet Mobile.

The purpose?

Laura Byrne with the City of Mobile said it’s to “find the best way to address their needs. Every small business owner has different needs, different challenges that they face every day, and we have that conversation to figure out what those are and how we can better serve them as a city.”

What would small business owners say to Mayor Stimpson?

David Calametti, who owns Alabama Coasting, said, “It’s difficult to build in this town. It’s difficult to understand what the rules are because they seem to often change when you’re opening a new restaurant or new business

The owner of Elegant Knights Limo and Party Bus and says she would discuss transportation issues.

Mary Taylor said that would be “getting around and to have more exposure.”

But not everyone has a laundry list of issues.

Sam St. John with Logical Computer Solutions said, “Things have been really going great for us. As you know, the City of Mobile is growing rapidly.”

Glenda Snodgrass with the The Net Effect said, “I think we’re definitely going in the right direction. Things are looking up.”

Byrne says there’s already been good response to the program and meeting schedules are being drawn up.

For the original article, click here.

Alabama 20th Best for Business, CEOs say

  • June 16th, 2016

Out-of-state perception of workforce quality and living environment shows room for improvement.

More than 500 CEOs across the country took part in Chief Executive magazine’s annual “Best and Worst States for Business” survey, and Alabama ranked just above the middle of the pack at No. 20. However, there were discrepancies between out-of-state CEOs and those who operate businesses located in Alabama.

Across the board, the CEOs surveyed had a generally positive view of the state’s business-friendliness, but non-Alabama CEOs tended to have a less positive impression of the workforce and living environment. Forrest Wright, president of the Economic Development Authority for the Shoals area, told the Associated Press this was a common perception that recruiters fight to overcome in discussions and that some parts of the state do better than others. But when prospective industries listen to presentations about Alabama’s business climate with an open mind, he said, it’s easier to show them that the state is a good place to locate a company.

The survey focused on three factors—taxes and regulation, workforce quality, and living environment—all of which incorporated several variables:

  • Taxes and regulation included state income tax, corporate tax rates, perceived attitude government has toward business, employment rates, environmental compliance regulations, and tax incentives.
  • Workforce quality included employee-management relationships, work ethic, education level, wage rates, and availability of workers with specialized experience and education.
  • Living environment included crime rate, quality of education and healthcare, cost of real estate, transportation access, and arts and cultural institutions.

Alabama ranked No. 17 in taxes and regulation, No. 33 in workforce quality, and No. 33 in living environment. Its overall No. 20 ranking was up from last year’s ranking of No. 24, but down from No. 17 in 2014 and No. 16 in 2013.

Click here for the original article.

Two leading Alabama business owners named champions

  • May 23rd, 2016

A leading state businessman and businesswoman are being recognized as America’s Retail Champions.

The National Retail Federation has announced it is recognizing Alabama Retail Association Chairman Ricky Bromberg, president of Bromberg and Co. in Birmingham, and retail association board member Terry Shea, co-owner of Wrapsody in Hoover and Auburn, for their contributions to advocacy.

Bromberg and Shea will be in Washington, D.C., next week to take part in NRF’s Retail Advocate’s Summit.

“Through the America’s Retail Champions program, the National Retail Federation is proud to host hardworking small business owners in Washington, D.C., to recognize our industry’s most engaged retail advocates,” NRF President and CEO Matthew Shay said. “These men and women truly personify the American Dream, and it is important that Washington lawmakers hear first hand from retail job and opportunity creators in towns large and small across the country.

Bromberg and Shea are among 41 small business retailers throughout the country to be named as a 2016 Champion, and are in the running to be named as a finalist and honored as the America’s Retail Champion of the Year.

In 2015, Alabama Retail Immediate Past Chairman George Wilder was named a Top 5 finalist for America’s Retail Champion of the Year.

View the original article here.