Small Business News

Planning for your employees' vacations can minimize disruptions to your business.

Recent changes in state employment laws may affect you and your business.

Businesses use their employer identification number (EIN) on tax forms similar to the way individuals use their Social Security numbers on tax forms. Obtaining an EIN used to be a one-time event. Starting in 2014, however, anyone with a current EIN will have to provide updated application information to the IRS.

Summer is a great time to hire your children or students interested in your business to fill your seasonal hiring needs.

June involves several tax deadlines in addition to summer celebrations. In light of IRS closures on furlough days that fall on or near 2013 due dates, it helps to plan ahead. Make sure you stay on top of important dates.

In light of the budget sequester, the IRS is closed additional days this year. However, payment and filing due dates are not extended, and some deposit dates coincide with closure dates. Plan ahead to avoid facing your deadlines with a closed IRS hotline.

Many state laws impose corporate recordkeeping requirements on corporations. Also, shareholders typically have a right of inspection.

As a result of health care reform, health care coverage for certain individuals and employees will be available through health insurance exchanges or marketplaces beginning in 2014. The Patient Protection and Affordable Care Act amended the federal Fair Labor Standards Act to require employers to provide employees and new hires with written notice of the existence of the exchanges and information about health care coverage through them. The Department of Labor has issued guidance for employers regarding the content of the notice, which is required effective October 1, 2013. The Department also revised its model COBRA continuation coverage election notice to include health care exchange information.

Nearly every business must have one or more licenses in order to operate. Finding which licenses are required by your state and local governmental agencies and then complying with all the paperwork can be time-consuming and vexing. However, failing to comply and stay current with license requirements can result in fines and penalties, business closures and lost customers.