Small Business


SMALL BUSINESS
Maine Gov. John Baldacci has signed into law small business regulatory flexibility provisions. The law directs regulating agencies to consider the economic impact of proposed regulations on small businesses in the state and to describe less burdensome alternatives that accomplish the agency’s goal. The law also requires agencies to make this information available for public review before the public hearing on a regulation. If the economic analysis is not conducted, the rule may not go into effect. According to the U.S. Small Business Administration’s Office of Advocacy statistics for 2005, 97.5% of Maine businesses were small businesses that employed 61.2% of the state’s private work force. More information is available at the Office of Advocacy Web site at www.sba.gov/advo.

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Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

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What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.