Top Five 2014 Tax Trends That May Be Headed Your Way

The government shutdown and the Obamacare rollout debacle, both of which have significant tax implications, dominated the news in 2013. Looking ahead, some tax issues are certain while others are not.

Below is what I see for the coming year.

2014 Tax Trends

1.  Uncertainty About Tax Reform

As a result of the American Taxpayer Relief Act, which became law at the start of 2013, tax rules for 2013 were fixed and certain. The same cannot be said for 2014.

It’s been 27 years since there’s been a new Tax Code, and promises of big tax reform were made in 2013.  For example, Senator Baucus circulated a tax reform proposal. Likely the talk will escalate in the coming year.

Some of the proposed changes being discussed are:

• Permanence to the Sec. 179 deduction.
• Increased write-off for start-up expenses up front, but with a longer amortization period for excess costs.
• End to LIFO inventory reporting.

2.  Less IRS Service

The terms “IRS” and “service” usually aren’t used in the same sentence. However, expect things to get worse.

Besides its traditional role as tax collector, the IRS is charged with significant responsibility for Obamacare, from collecting the penalty that individuals without minimum essential coverage in 2014 will owe and other healthcare-related tax rules.

The 2012 Annual Report to Congress by the National Taxpayer Advocate designated the:

“…significant and persistent underfunding of the IRS as the #3 most serious problem facing taxpayers.”

After tax complexity, #1, that was not fixed and the alternative minimum tax, #2, which was fixed. Underfunding likely will continue in the face of budgetary concerns.

3.  Identity Theft Continues to Escalate

Identity theft tops the IRS’s list of scams for 2013. Likely this will be the same in 2014, as identity thieves continue to find easy pickings from the IRS. This could be exacerbated through security leaks on the Health Care Exchanges.

Business owners should guard their personal and business information more closely than ever. Bring in security experts to help.

Independent contractors might want to use an employer identification number rather than their Social Security number when completing Forms W-9 for their projects or jobs.

4.  Supreme Court Will Settle the Question on FICA and Severance Pay

When businesses lay off employees, they may offer a severance package of cash payments, continuing health coverage, and other benefits. Courts have been split over whether FICA taxes are owed on taxable benefits.

The Supreme Court will decide by June 2014 whether FICA taxes apply to payments of certain severance pay.

5.  Some Things Never Change

The IRS continues to pursue certain tax issues vigilantly, including:

• Worker classification (whether a worker is an employee or independent contractor).
• Income reporting by Schedule C filers (making sure such filers don’t omit income, overstate deductions, or fail to report self-employment tax).
• Errors in qualified retirement plan administration (failing to timely deposit employee contributions to 401(k) plans and make timely employer contributions.)
• Discriminating against rank-and-file employees in terms of contributions and benefits under the plan, and failing to file annual information returns with the Department of Labor.

Likely examinations for these issues will continue unabated in 2014. Being forewarned is forearmed. Businesses can work with tax advisors to make sure they’re in compliance with tax rules.

Conclusion

The IRS still needs a commissioner. John Koskinen has been nominated and is awaiting confirmation. When he becomes the new commissioner, who knows what direction the agency will take?

Then there are the mid-term elections in November, which could reshape the Congress for 2015. Combine these two factors with uncertainty about the economy and possible tax reform, and there’s a recipe for significant tax upheaval in 2014.

Treasury Department Photo via Shutterstock

5 Cool Content Marketing Tools to Help Your Business Spread Ideas and Get Attention

What I love about content marketing is that there are so many tools and apps out there to help small businesses do more with less effort. We’re all strapped for time and cash, so any tool that can maximize marketing results is worth giving a second look.

When it comes to trying to spread your content to a wider audience and tweak your message so it’s most effective, these tools make it simple.

Facebook Insights

If you haven’t looked at Insights for your business’ Facebook Page in a while, you might be surprised at how much better the details are. Now you can not only see how many people are “talking about” a post you published, but also what actions they’re taking, such as liking, sharing, clicking, or commenting on it.

You also get a scorecard that measures positive actions (like the ones I just mentioned) and negative ones, such as someone hiding your posts or unliking your page. You can see which posts generated the most interest and plan your update schedule accordingly.

mention

Google Alerts is great and all, but sometimes it falls short when it comes to mentions on social media or even blog comments. That’s where mention comes in handy. Set up keyword alerts and find out whenever anyone mentions your name or brand, be it in a blog post, the comments section, on a website, or on a social platform. You can even respond to a tweet or update from within the mention platform.

Vine

You can’t deny that video is taking a bigger presence in the content marketing world these days. As a small business owner, maybe you’re not sure how you can effectively use video to engage with your audience.

Vine allows you to make 6-second looping videos. It’s a fantastic place to start. Making short videos requires virtually no investment (you probably already have a smartphone, so that’s your video camera). You don’t have to involve a professional videographer, and sometimes the simplest, roughest videos are the most successful.

MessageBuilderâ„¢

Even if you don’t consider yourself design-savvy, you have no excuse for not creating professional-looking and appealing email campaigns. You don’t need HTML or design experience to use the iContact MessageBuilder™  built into the email marketing platform. You can choose from a variety of email templates and images, and then customize to match your company colors (and if you do have design or HTML experience, you can use the MessageCoder™ to get the job done).

BizSugar

You’ve probably heard of Digg and StumbleUpon. But did you know there’s a social bookmarking site dedicated to promoting small business content? If you want to get your blog posts and articles in front of business owners, BizSugar does the job. Submit content you want others to read, and they can give a “sugar” to those posts they deem worthy. If your post makes the “hot” list (that happens after you reach a threshold of sugars) it gets even more exposure. It’s also a great tool for discovering useful content for yourself.

I could update this list every week with new and innovative tools that help me market my business more smartly. But for now, find the ones that work the best for your company and use them to maximize your reach.

Megan Totka is the Chief Editor for ChamberofCommerce.com. She specializes on the topic of small business tips and resources. ChamberofCommerce.com helps small businesses grow their business on the web and facilitates connectivity between local businesses and more than 7,000 Chambers of Commerce worldwide.

5 Cool Content Marketing Tools to Help Your Business Spread Ideas and Get Attention

What I love about content marketing is that there are so many tools and apps out there to help small businesses do more with less effort. We’re all strapped for time and cash, so any tool that can maximize marketing results is worth giving a second look.

When it comes to trying to spread your content to a wider audience and tweak your message so it’s most effective, these tools make it simple.

Facebook Insights

If you haven’t looked at Insights for your business’ Facebook Page in a while, you might be surprised at how much better the details are. Now you can not only see how many people are “talking about” a post you published, but also what actions they’re taking, such as liking, sharing, clicking, or commenting on it.

You also get a scorecard that measures positive actions (like the ones I just mentioned) and negative ones, such as someone hiding your posts or unliking your page. You can see which posts generated the most interest and plan your update schedule accordingly.

mention

Google Alerts is great and all, but sometimes it falls short when it comes to mentions on social media or even blog comments. That’s where mention comes in handy. Set up keyword alerts and find out whenever anyone mentions your name or brand, be it in a blog post, the comments section, on a website, or on a social platform. You can even respond to a tweet or update from within the mention platform.

Vine

You can’t deny that video is taking a bigger presence in the content marketing world these days. As a small business owner, maybe you’re not sure how you can effectively use video to engage with your audience.

Vine allows you to make 6-second looping videos. It’s a fantastic place to start. Making short videos requires virtually no investment (you probably already have a smartphone, so that’s your video camera). You don’t have to involve a professional videographer, and sometimes the simplest, roughest videos are the most successful.

MessageBuilderâ„¢

Even if you don’t consider yourself design-savvy, you have no excuse for not creating professional-looking and appealing email campaigns. You don’t need HTML or design experience to use the iContact MessageBuilder™  built into the email marketing platform. You can choose from a variety of email templates and images, and then customize to match your company colors (and if you do have design or HTML experience, you can use the MessageCoder™ to get the job done).

BizSugar

You’ve probably heard of Digg and StumbleUpon. But did you know there’s a social bookmarking site dedicated to promoting small business content? If you want to get your blog posts and articles in front of business owners, BizSugar does the job. Submit content you want others to read, and they can give a “sugar” to those posts they deem worthy. If your post makes the “hot” list (that happens after you reach a threshold of sugars) it gets even more exposure. It’s also a great tool for discovering useful content for yourself.

I could update this list every week with new and innovative tools that help me market my business more smartly. But for now, find the ones that work the best for your company and use them to maximize your reach.

Megan Totka is the Chief Editor for ChamberofCommerce.com. She specializes on the topic of small business tips and resources. ChamberofCommerce.com helps small businesses grow their business on the web and facilitates connectivity between local businesses and more than 7,000 Chambers of Commerce worldwide.

Square Absorbs Viewfinder Team

Entrepreneurs must sometimes think as strategically when acquiring talent as they do when figuring out what software or other technology to invest in.

Here’s one example to consider when looking at talent acquisition for your own business. Square, the company responsible for the handheld credit card reader, is taking on engineers from another tech startup.

Square has apparently absorbed the team of photo sharing app Viewfinder.

Adding to the Team

Square’s takeover seems to be of the acqui-hire variety, TechCrunch reports. This means Square is probably less interested in the Viewfinder app itself than in hiring on some of the talent behind that app.

Two members of that team, Spencer Kimball and Peter Mattis, are also known for creating the popular open source image manipulation program GIMP.

Kimball and Mattis are former Google employees who will become part of Square’s senior management team.

Focus on New Square Features

The newly acquired talent may be put to work developing the company’s recently launched Square Market. The site is a new venture which aims to give free eCommerce stores to all Square users.

In an announcement on the official Square Engineering Blog, CTO Bob Lee wrote:

“The team is incredibly talented, having built an app that blends beautiful design and highly technical engineering to create personal, human experiences. This too is our mantra at Square, and the Viewfinder team’s expertise in building simple, elegant mobile applications will help us in our mission to make commerce easy for everyone.”

Lee will only say that members of the viewfinder team will be working on “seller initiatives out of our New York office.”

A post on the official Viewfinder Blog noted:

“We love how Square keeps engineering novel solutions to problems people didn’t imagine could be fixed. Their products have already helped millions of local businesses, and the future is more exciting still. We knew Square was the place for us.”

While the results of the Viewfinder team’s efforts will almost certainly be of importance to small and medium sized businesses already using Square, there are other lessons here.

Acquiring the Right Talent

Finding talent can be a tricky business and often starting with professionals whose work you admire can be a good first step.

It’s also a good idea to be sure that new talent will fit your company culture as well.

It may be a good idea to ask for recommendations from your existing team. (According to Lee’s post, he, Mattis and Kimball are all close associates going back to their Google days.)

The results can often be better than simply reading through a stack of resumes.

Image: Viewfinder

Motivating Employees Is Important. Here’s How Technology Can Help. Startup Spotlight: Monitae

About 2 years ago I took swimming lessons. When the swimming teach would praise me for doing a stroke right, I’d feel so great inside. When she was silent - I was crushed - just like a dog or child would feel! Employees often need motivation as well. It keeps things lively, stimulates them and foster healthy competition.

Tracking progress and success of meeting goals is not easy. You could use a set of sticky notes on a piece of paper, or an Excel spreadsheet - but these arcane and manual methods might not be a great idea.

Monitae has a solution to help you track employee progress and incentives.

Here’s some background on Monitae.

Monitae a startup launching this month, lets users easily build up friendly productivity competitions, which deals with the issue of lack of motivation sometimes associated with employees.

The app is distributed through the web although mobile versions are planned to be launch mid 2014.

Here’s how Monitae works:

1. A manager starts a contest in minutes using a very simple wizard.
2. He can choose the metric he wants his team to focus on from our library (2500 KPIs) or create their own customized KPI (key performance indicator)
3. The manager will then be able to set a goal for the team or create an individual goal for each participant.
4. The scoring system allows the manager to set the points that the participants will be receiving (per units sold, per goal achieved, etc).
5. If he needs to, Monitae can be integrated with the tool their employees are currently using.

That´s it, the contest is created and all the participants will receive a notification with the details. First results demonstrate that over 25% productivity improvements have been achieved by first beta testers.

Ready to bring some sanity to tracking incentives in your company?

Get Caught “Speeding” with the New iPhone 5S

What’s not to like about this new hypersonic iPhone 5S? When you look at it across the room, you won’t see any difference between the 5S and the 5 (its predecessor). But when you start using it, you will see a difference and you will be amazed. Powerful and fast is the name of the game in this iPhone 5S product review.

Yes, everything is where it was on older models, but that makes for a nearly non-existent learning curve. No-contract cell phone company Aio Wireless provided a loaner phone for me, so a special thanks to their team.

Even with the new iOS7, you will be able to navigate on a system very similar to your old phone. You will, however, notice that you have many new wallpapers, fonts, colors, graphics, icons, etc. to use. There is also a new Control Center that will help adjust your settings and get you where you need to go quickly without toggling through several different settings menus.

All in all, it doesn’t change the way you use the core apps for business.

The iPhone 5S is the first smartphone to incorporate 64-bit architecture with the new iOS7 designed to accompany it, of course. The A7 processor is coupled with an M7 co-processor to make it super-fast. The A7 is reportedly two times faster than the A6. It is so fast that Apple says it offers you the equivalent of a processor found on gaming computers.

These two processors allow the 5S to push major functions, the background grunt work to the M7 chip.  This leaves the A7 processor free for anything you need it to do from taking pictures to running one of the new apps that come with the phone.

What I Really Like:

The Fingerprint Scanner

Most intriguing is the fingerprint scanner. The phone can learn up to five thumbprints or fingerprints in minutes. It takes multiple scans of the selected finger at different angles. The scanner is incorporated directly into the power button, but you still have slide-to-unlock and password features.

The password is a backup in case the scanner can’t read your print, the phone has been rebooted, or it has remained inactive for 48 hours or more. The fingerprint scanner also allows you to purchase iStore items without typing in your password.

The Camera

Another improvement over the iPhone 5 is the camera. Both the iSight rear camera and the FaceTime HD front-facing camera now take better pictures in low light than what they used to be able to do.

When it comes to movies, the FaceTime camera has a cool new feature. In addition to producing video at 120 fps (frames per second), but also you can record your film and choose which parts of it you want to have in slow motion. Mission critical - no - but fun.

Battery Life

Here’s the major improvement for business users - battery life. The iPhone 5S does a terrific job of conserving battery power. Not only do the dual processors help reduce the load on the battery, but the battery itself has increased in capacity by an estimated 10%.

What I’d Like to See:

It is hard to find the negatives with this phone. Stylistically, there are only three metallic colors to choose from which are supposedly more scratch resistant. The slow-motion footage will only stay that way if you directly upload it to YouTube, but disappears if you route it through your computer. And, the Control Center isn’t customizable.

The iPhone 5S (and 5C) have been out for a couple of months now, but I decided to wait before testing it out. If you are already an Apple fan, then you were sold when it launched. But if you’ve been on the fence of iPhone vs. Android, the iPhone 5S is a powerful phone and device. The screen is smaller than many Android-based phones, but the app store and the iOS ecosystem more than make up for it.

There are still many great applications that are iOS only. iPhones are elegant, rock solid and you rarely, if ever, hear horror stories with Apple customer service. If you have not walked into an Apple Store, you are missing out on what retail can be - when done right.

Are you using this powerful new phone in your business?

Images: Apple

Motivating Employees Is Important. Here’s How Technology Can Help. Startup Spotlight: Monitae

About 2 years ago I took swimming lessons. When the swimming teach would praise me for doing a stroke right, I’d feel so great inside. When she was silent - I was crushed - just like a dog or child would feel! Employees often need motivation as well. It keeps things lively, stimulates them and foster healthy competition.

Tracking progress and success of meeting goals is not easy. You could use a set of sticky notes on a piece of paper, or an Excel spreadsheet - but these arcane and manual methods might not be a great idea.

Monitae has a solution to help you track employee progress and incentives.

Here’s some background on Monitae.

Monitae a startup launching this month, lets users easily build up friendly productivity competitions, which deals with the issue of lack of motivation sometimes associated with employees.

The app is distributed through the web although mobile versions are planned to be launch mid 2014.

Here’s how Monitae works:

1. A manager starts a contest in minutes using a very simple wizard.
2. He can choose the metric he wants his team to focus on from our library (2500 KPIs) or create their own customized KPI (key performance indicator)
3. The manager will then be able to set a goal for the team or create an individual goal for each participant.
4. The scoring system allows the manager to set the points that the participants will be receiving (per units sold, per goal achieved, etc).
5. If he needs to, Monitae can be integrated with the tool their employees are currently using.

That´s it, the contest is created and all the participants will receive a notification with the details. First results demonstrate that over 25% productivity improvements have been achieved by first beta testers.

Ready to bring some sanity to tracking incentives in your company?

Why Are Big Companies Courting Small Business Accountants?

Your accountant is your advisor, is your go to person for questions, is the guy who handles your MONEY, is the lady who helps you pay as less as you can to the IRS. I could go on.

Since your accountant plays such an important role in your business, big companies, selling financial services to small businesses (that’s you) are seeking them out for partnerships.

The latest in this journey is Sage One, who recently launched the Sage One edition for accountants.

Sage One Accountant Edition, an extension of Sage One, the online accounting, invoicing and task tracking solution for small businesses, links accountants seamlessly to their Sage One clients with one logon to Sage One. With anytime, anywhere access to client financial data, accountants will have the opportunity to develop deeper, more meaningful relationships with their clients, providing the proactive business advice that fuels small business growth. Sage One Accountant Edition is offered to accountants at no charge.

Intuit has had an program for accountants for years and Xero a relatively new entrant (in the US) to accounting solutions is also going after accountants.

Are you an accountant? These companies want you. Are you a small business owners? Understand the financial solutions available for your business and ask your accountant for their input.

Applebee’s Plans Tableside Tablets

If you thought tablets were just for business application, think again. A recent move by one large restaurant chain suggests they’ll soon be important for customers too. Applebee’s restaurants plan to install an estimated 100,000 tableside tablets in every one of their 1,800 U.S. locations by the end of 2014.

Owners and operators of small neighborhood bistros and family owned diners, take note.

This move by a major chain might be worth examining by even the least technologically adventurous.

Flexible Payment

Applebee’s was apparently motivated at first by a goal to improve efficiency.

In an official announcement, Applebee’s President Mike Archer explained:

Starting out, our goal was to create a way for guests to control when and how they pay their check. What we learned after nearly two years of testing is we can provide much more.

The company is expecting the tablets to revolutionize the dine-out experience for millions of its customers. The new technology will allow patrons to make changes and additions to their orders, pay via tablet instead of waiting for their checks, and even play some games while they’re waiting for their food.

Applebee’s says the tablets being installed are E la Carte Presto devices running on an Intel processor. The specially-designed tablets are built with an attached credit card reader and a battery that allows them to run all day long so there’s no need to shut one down to recharge its battery.

Better Customer Engagement

Though restaurant chains like McDonald’s are already experimenting with mobile technology as a way to improve customer service, Applebee’s latest move may do much more.

By giving customers the ability to change or update orders, the restaurants have found a way to be more responsive. And by providing social media access, Applebee’s is encourage more social engagement around its brand as well.

In the end, many customers will be bringing their own mobile media devices to the dining experience. But providing customers with these devices gives restaurants, and perhaps other businesses, an even better chance to engage.

Applebee’s Photo via Shutterstock

Why Are Big Companies Courting Small Business Accountants?

Your accountant is your advisor, is your go to person for questions, is the guy who handles your MONEY, is the lady who helps you pay as less as you can to the IRS. I could go on.

Since your accountant plays such an important role in your business, big companies, selling financial services to small businesses (that’s you) are seeking them out for partnerships.

The latest in this journey is Sage One, who recently launched the Sage One edition for accountants.

Sage One Accountant Edition, an extension of Sage One, the online accounting, invoicing and task tracking solution for small businesses, links accountants seamlessly to their Sage One clients with one logon to Sage One. With anytime, anywhere access to client financial data, accountants will have the opportunity to develop deeper, more meaningful relationships with their clients, providing the proactive business advice that fuels small business growth. Sage One Accountant Edition is offered to accountants at no charge.

Intuit has had an program for accountants for years and Xero a relatively new entrant (in the US) to accounting solutions is also going after accountants.

Are you an accountant? These companies want you. Are you a small business owners? Understand the financial solutions available for your business and ask your accountant for their input.

A Blazing Fast Internet Connection May Make or Break Your Next Deal

This is the scene.You have spent days if not weeks on this bid. This could be your moment! Yours is a relatively new small business, you have been working hard and getting by, but it would be nice if there could just be a little breathing room for a change.

And now, that opportunity has come along. The client is in from out of town to meet with you and if you can win his or her heart and mind it will be a life changer.

But everything has to be just perfect.

The office is clean. The staff is impeccably dressed. Your presentation is ready, just need your laptop to cooperate and the Internet connection to work so you can show off your wares.

Introductions all around, you sit down, start to chat. . .open a browser window (your anxiety level is already high, while you think to yourself, “please work!”) and you see that infernal hourglass sign showing it’s taking time to load. Oh yes, everyone is trying to work using that same Internet connection. Office employees and remote employees all trying to get in our network-to-cloud resources to do their job, leaving us with a slow Internet connection.

Time is Money

In business, time is money - and presentation is everything. If you are trying to impress, you cannot show weakness in areas of importance and your Internet connection is high on that list. Bandwidth has never been more affordable in large quantities as it is today.

A solid, fast Internet connection shows strength and knowledge to today’s business professional. Your visitors will almost certainly use your guest Internet access and they WILL get a sense of how important your guests are when they make that connection. The bare minimum you can offer shows frugality in matters of importance. Frugality has its place, but it’s not in your best interest to appear as though you cannot afford something integral to your business.

Like it or not, to do business you need to show a semblance of success, especially if you hope to land the bigger deals. Minor details in your mind could, in the client’s mind, mean risk. One iota of doubt is a game changer. If your visitor can’t do something as simple as use your Internet connection, to them it may mean operational weakness.

The True Cost of a Fast Internet Connection

How much does an increase in bandwidth cost? Your mind likely went to the dollar amount you get charged by the provider. Right? But what is it costing you in terms of staff productivity?

If you agree that time is money, then you can’t ignore this fact. A slow Internet connection is COSTING you money. If your employee has to sit and wait because a Web based application is slower than it should be, then you are trading time for money.

Your also killing team morale if your employees cannot be efficient because of access issues they cannot control. How do you feel when you can’t get something done, or you know that the process will take considerably longer than it should and the problem could be fixed but it’s out of your hands?

Poor morale slows productivity, thus costing you money.

Productive workers, on the other hand, are efficient workers. Good employees want to get things done. When the tools they work with on a daily basis do what they are supposed to do with less or no restrictions, morale is boosted. Increased production, less time required, more profits. And its much easier to sell a happy team to a client.

In today’s technologically advanced world, with all of these devices and the expectation of guest WiFi access, and our lack of desire to wait, it is very important to make sure you have the Internet connection that doesn’t just handle your needs, but far exceeds it. Fiscally, it just makes sense.

So How Do You Decide How Much of an Increase You Need?

Many providers measure such things as data usage and bandwidth throughput. The usage is not the important part (unless you’re paying based on usage and not pipe size). You could check with your provider to get their recommendations based on measurements they may be taking.

I personally believe you want a pipe that is at least twice that of your average throughput. That is, if you’re already showing signs of slow speeds, you should consider doubling it. The goal here is to be sure that at full capacity, you still have plenty of available bandwidth for guests and those moments where usage may spike.

Fast Connection Photo via Shutterstock