Effective July 1, 2011, the North Carolina portion of the state sales and use tax rates are scheduled to decrease from 5.75% to 4.75%. The total rate for Mecklenburg County (including county and transit sales tax) is currently 7.25% and would decrease to 6.25%. Most other counties in North Carolina are currently at 6.75% and would decrease to 5.75%. Mark your calendars if you are collecting sales tax from your customers, but watch for proposed legislation that would affect this decrease in rates. We will keep you posted as we are updated on changes.
Donna Bordeaux is a Certified Public Accountant and Personal Financial Specialist with Bordeaux & Bordeaux, CPAs, PA in Lake Wylie, SC (a suburb of Charlotte, NC). For further information about Donna or her firm, please visit her website at Charlotte CPA or by phone at 704.752.9845.
Today is National Mom and Pop Business Owners Day. Rick Segal of Poinciana, Florida, is credited with the creation of the holiday that is set to celebrate small business owners. Segal originally created the holiday to honor the small business that his parents started in Everett, MA on March 29, 1939. Originally a hat shop call “Ruth’s”, it later grew into a woman’s specialty clothing store in Medford, MA that had over $2 million in revenue when it closed in 1997.
Small business owners are the backbone of America. According to the US Small Business Administration, small businesses represent 99.7% of all employer firms and employ over half of all private sector employees. Small businesses have generated 64% of net new jobs over the past 15 years. In addition, small businesses produce 13 times more patents per employee than large firms, and their patents are twice as likely to be among the one percent most cited patents.
The enormous risk that small business owners take and the countless hours that small business owners pour into their business often result in little to no reward, yet they push on any way.
One way to celebrate the Mom & Pop Business Owner is to commit yourself to shop in their stores and eat in their restaurants on this special day.
How else do you plan to celebrate Mom & Pop Business Owner day? Let us know!
Chad is a Charlotte CPA
who works with small business owners and invidiuals on a monthly basis to provide them with proactive guidance and advice on how to grow their business, minimize their tax liabilities and grow their bottom line. You can find our more about Chad by visiting his profile here: Chad Bordeaux
As part of the Credit Card Accountability Responsibility and Disclosure Act of 2009, Congress took aim at many of the practices surrounding gift cards purchased by consumers. If your business issues gift certificates or gift cards, you will want to be familiar with the rules which took effect August 22, 2010.
In this short video, I explain the major provisions of the new gift card rules.
To read the final rule, as issued by the Federal Reserve, click here (opens as .pdf.)
Chad is a Charlotte CPA
who works with small business owners and invidiuals on a monthly basis to provide them with proactive guidance and advice on how to grow their business, minimize their tax liabilities and grow their bottom line. You can find our more about Chad by visiting his profile here: Chad Bordeaux
Signed into law on June 4, 2008 by Governor Mark Sanford, the South Carolina Illegal Immigration Reform Act (“SC Immigration Act”) began on July 1, 2009 for private employers with 100 or more employees. All businesses that have employees – even as few as one – must begin to abide by the provisions of the act by July 1, 2010.
The SC Immigration Act, requires all employers to obtain an employment license that will allow that business to hire employees. If an employer does not obtain a license or if the employers license is suspended or revoked due to violations of the act, that employer will not be allowed to employ and employees.
Employers are also required to do one of the following within five (5) days of employing a new hire: (1) verify the employee’s work authorization through the Department of Homeland Security’s E-Verify federal work authorization program (this is in addition to the completion of a Federal Form I-9) or (2) verify that the employee possesses a valid South Carolina driver’s license or identification card issued by the South Carolina Department of Motor Vehicles; is eligible to obtain a South Carolina driver’s license/identification card; or possesses a valid driver’s license/identification card from another state from a list approved by the South Carolina Department of Motor Vehicles.
To insure compliance with the SC Immigration Act, the South Carolina Department of Labor, Licensing and Regulation will perform audits of employers. It will also investigate complaints against employers. In addition for being required to notify Federal and State agencies responsible for the enforcement of immigration law, there are stiff monetary penalties for failure to abide by the provisions of the law. If an employer fails to follow proper procedures for verifying worker eligibility, they will be fined a minimum of $100 and a maximum of $1,000 – per employee. If you are a small business who cycles through a fairly large amount of workers, this could become quite costly. If an employer knowingly or intentionally employs an illegal alien may get his license suspended or revoked. During the period that the license is suspended or revoked, the employer is not allowed to employ any employees. As you can see, this law can quickly put you out of business if you fail to abide by its provisions.
Chad is a Charlotte CPA
who works with small business owners and invidiuals on a monthly basis to provide them with proactive guidance and advice on how to grow their business, minimize their tax liabilities and grow their bottom line. You can find our more about Chad by visiting his profile here: Chad Bordeaux
