This week we have tax, financing, lending, and spending information as well as a collection of media reports that tell us how small businesses are doing. Let’s jump right in:
- IRS starts mopping up Congress’s tax-reporting mess: CNNMoney.com reports on how the IRS is handling the new mandate that would “require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year.” The provision could affect 40 million taxpayers, it is estimated.
- Sam’s Club offers small business loans: Yes, *that* Sam’s Club. The subsidiary of Wal-Mart is now in a trial run “with a federally licensed nonbank lender.” If the borrower goes through Sam’s Club, he or she could get not only a discounted application fee but also a discounted interest rate for $5,000 to $25,000 loans.
- Ready, Set Grow: Four ways to reduce small business expenses: The Phoenix Business Journal suggests you look to the following areas as ways to save money as you build up your business: rent, vendor costs and terms, legal and accounting expenses, and payroll. Do you agree?
- 4 Online Resources for All Your Small Business Questions: The Business Insider shares its picks for the best places to go on the Internet when you have specific small business questions and you’re looking for fellow entrepreneurs’ advice. Would it surprise you to learn that one of those four is Twitter?
- The Trouble Signs for Small Businesses: Portfolio.com takes a look around the Internet and gathers recent news stories that give an indication as to how small business is doing in the current economic climate. J. Jennings Moss writes that “a view into small business is a look at the heart of the nation. And that heart is sick, based on a handful of major media reports this week.”
What is happening in your small business world this week?