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MAY 23, 2008
This Issue's News Theme:
Starting your own business in 30 days
Can you start your own accounting business in a month? Experts say it's possible if you follow these steps. But first, you must invest a lot of time into research that will help you make some key decisions up front.

Choosing a business structure
Many small businesses start to rethink their business structure at this time of year, right after filing a tax return and learning how much tax they owe for the preceding year. Accountants are often called upon to help make the decision about restructuring a business. This information from the Small Business Administration describes the various forms of business structures available and what factors go into making the decision to choose each type.

SBA offers free online training course on franchising
Entrepreneurs considering franchising can now access a new online course from the U.S. Small Business Administration and FranNet to help them navigate the competitive franchise industry. The introduction to franchising course, Franchising Basics, is a free online seminar which provides three key sections that examine more than 10 essential areas relating to franchising, including, "Is Franchising Right for You?" and "How to Choose the Right Franchise."

IRS shifting audit focus to small corporations from largest corporations
The number of Internal Revenue Service field audits of the nation's largest corporations, companies with more than $250 million in assets, declined from 4,693 in 2005 to 3,308 in 2007, while the IRS has told Congress that the number of audits of all corporations has increased, according to the latest report from the Transactional Records Access Clearinghouse (TRAC). This shift in emphasis suggests a change in IRS enforcement strategy, the report says, with the agency ordering its agents to concentrate on smaller corporations that take a lot less time to audit.

House Committee on Small Business recommends targeted changes to the Internal Revenue Code
The U.S. House Committee on Small Business, calling the Internal Revenue Code an obstacle to entrepreneurial growth and progress because of its size, complexity, and age, proposed seven specific changes to the Code that the Committee believes "can be accomplished in a short period of time - and without delay." The provisions include a standard deduction for the home office, a provision for shorter depreciation schedules, and a deduction for health insurance for self-employed entrepreneurs.

Next issue's theme: Going Green

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Editor's Note

In the world of small businesses, where every dollar counts, many decisions you make affect the bottom line. From the start, you have to decide how to structure your business and how to distribute your available start-up cash, and then of course there are ongoing tax considerations that affect your decisions. We've pulled together some articles on business start-ups and other small business issues that might need your attention.

Gail Perry, CPA
Managing Editor

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