Leading executives, managers, and experts from small and midsize businesses and large enterprises share their insights and perspectives with bMighty on a host of IT issues, challenges, and opportunities that SMBs face.
Every day there's more news about the stimulus bill. And now that it's been argued back and forth and is likely to be voted in, what's left for smaller companies? Because business groups had been complaining that a lot of business-aimed breaks were scaled back or cut completely.
But at least small businesses that are in the red will get tax refunds; businesses that buy equipment, such as a computer, will be able to speed up its depreciation through the end of the year; and companies restructuring their debt will be able to delay tax payments on the transaction for five years and then spread the payments over another five years.
bMighty talked with Chas Roy-Chowdhury, who is head of taxation for the Association of Chartered Certified Accountants, about tax issues affecting smaller businesses in light of the economic stimulus bill. The ACCA is the global body for professional accountants, which serves 122,000 members and 325,000 students in 170 countries worldwide and is headquartered in London.
bMighty: What does the stimulus package have for small and midsize companies?
Chas Roy-Chowdhury: Smaller companies really need cash -- the sooner the better. With the stimulus package, they'll have enhanced help with health care. There are measures to help small and midsize businesses buy cars with tax deductibles, and there are sales tax deductions for that, too.
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