Regulations and Laws
Lately, there have been some significant regulatory items of interest to small businesses, including micro-ISVs/consultancies:
- Buried in H.R. 3221 (which was signed by President Bush today), the "American Housing Rescue and Foreclosure Prevention Act" contains a small item of note: it requires "payment settlement entities" (eBay, Amazon, Google, PayPal and all Credit Card Companies) to report all transactions to the IRS. The provision, which was added by the bill's managers without debate, requires the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
- The IRS Increased the Standard Mileage Rate. For miles driven between July 1, 2008 and December 31, 2008, the business mileage rate increases from $0.50 to $0.585 per mile.
- The SEC unanimously approves use of corporate blogs to meet Reg FD requirements - Jennifer Leggio from ZDNet reports that the SEC has unanimously approved the use of corporate blogs to disseminate information to meet Reg FD requirements. This means that companies no longer have to issue their news via news wire services to meet Regulation FD reporting requirements; a blog is good enough.
- In June, 2008, the IRS shortened the Extension deadline for Partnerships by one month.
Labels: Business
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