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.

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.