Source: https://libjournals.mtsu.edu/index.php/jsbs/article/view/371
Timestamp: 2019-06-27 10:25:29
Document Index: 710159273

Matched Legal Cases: ['§ 1361', '§ 1361', '§ 1361', '§ 1361', '§ 1361', '§ 1362', '§ 1377', '§ 408', '§ 408', '§ 408', '§ 408', '§ 72', '§ 408', '§ 40', '§ 401', '§ 530', '§ 530', '§ 530', '§ 530', '§ 530', '§ 414', '§ 179', '§ 264', '§ 220']

Impact of Recent Tax Legislation on Small Business | Journal of Small Business Strategy
Impact of Recent Tax Legislation on Small Business
Howard R. Tool San Diego State University
James E. Williamson San Diego State University
Gerald E. Whittenburg San Diego State University
This paper discusses selected changes in the tax laws, made in the Summer of J 996, which are expected to have significant impact on small businesses. The general areas discussed are 1) S Corporations, 2) SIM PLE pension plans, 3) independent contractors, 4) leased employees, 5) expensing qualified small business assets, 6) the work opportunity tax credit, 7) life insurance policy loans, and 8) medical savings accounts. In each case, we first discuss the basic importance of the issue to small business and then briefly discuss some of the technical issues involved in applying the new laws.
I . SBAONLINE, http://www.sbaonline.sba.gov/intro.html (June 4, 1997)
2. Megginson, William L., Mary Jane Byrd, Charles R. Scott, Jr. and Leon C. Megginson, Small Business
Management, An Entrepreneur's Guide to Success, 2nd edition, lnvin, 1997, p. 6.
·	U.S. Bureau of the Census, Statistical Abstract of the United States, 1991, 1 11• edition, Table 861, p. 525.
·	Megginson, William L., Mary Jane Byrd, Charles R. Scott, Jr. and Leon C. Megginson, Small Business Management, p. 80.
5. § 1361(b)( l )(A).
6. § 1361(c)( I ).
7. § 1361(c)(2)(A)(v).
8. § 1361(b)(l )(B).
9. § 1361(b)(3).
IO. § 1362(1).
1 1. § 1377(a)(2).
12. § I 362(g).
13. Schwanhausser, Mark, "Big Plans for Small Business," The San Diego Union-Tribune, May 13, 1997, Section C, p. I .
14. § 408(p)( I ).
15. § 408(p)(2)(A)(ii).
16. § 408(p)(2)(B).
17. § 408(p)(3).
18. § 72(t)(6).
19. § 408(p)(5)(C).
20. § 40 I (k)(1 1)(A).
21. § 401(k)( l l )(B).
22. For Example see I RS Pub. I 5A.
23. Taxpayers may not rely on a prior audit for tax years after 1 996 unless the audit examined the
employment tax status of the workers involved.
24. Revenue Act of 1978, § 530(a)(2). 25. Revenue Act of 1978, § 530(e)(3).
26. Revenue Act of 1978, § 530(e)(2)(B). 27. Revenue Act of 1978, § 530(e)(4).
28. Revenue Act of 1978, § 530(e)( I ). 29. § 414(n)(2)(C).
30. § 179(b)( I ).
31 . Betty's taxable income has to be at least $1 8,000 for her to get the 1997 maximum expense allowance.
32. § 264(a)(4).
33. § 220(a).
TOOL, Howard R.; WILLIAMSON, James E.; WHITTENBURG, Gerald E.. Impact of Recent Tax Legislation on Small Business. Journal of Small Business Strategy, [S.l.], v. 8, n. 2, p. 79-91, june 1997. ISSN 2380-1751. Available at: <https://libjournals.mtsu.edu/index.php/jsbs/article/view/371>. Date accessed: 27 june 2019.
Nathan Oestreich, Howard R. Toole, James E. Williamson, Component Depreciation: A Tax Planning Strategy for Small Businesses , Journal of Small Business Strategy: Vol 12 No 2 (2001)