Welcome to Ter Scott's Business Briefs Advocacy Awareness
Ter Scott's Business Briefs Advocacy Awareness for 9 27 21
Listen to the broadcast and return here to click on the links that interest you which take you to the source. Or you may follow along with the links below as Ter presents them.
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Credit Unions and Financial Institutions will have to report any transaction over $600 in and out of your accounts to the IRS
This just in since the recording:
CUNA wrote in strong support of an amendment to the Senate Budget Resolution that would block expanding taxpayer information reporting requirements for financial institutions. The amendment was offered by Sen. Mike Crapo (R-Idaho), in response to an administration proposal that financial institutions be required to report additional accountholder information to the Internal Revenue Service. It was voted down Tuesday afternoon by a 50-49 vote.
OK Folks, this isn't just about saving small businesses anymore. As you know, I am an NFIB rep and register business owners as members of the nation's largest advocacy group for small businesses, The National Federation of Independent Business.
This is about your privacy as an American citizen. This is about government overreach and what you can do about it.
What I am sharing today does not only affect small business owners but it now affects you as a consumer, customer, and employee.
I went online to check my balance in my credit union and saw this message:
TELL CONGRESS TO OPPOSE NEW IRS REPORTING PROVISIONS
As Congress considers critical new infrastructure spending, policymakers are eying unconventional sources of revenue to fund their plans.One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600.
This unprecedented access to consumers’ personal financial data raises several alarms.
This proposal would violate consumers’ personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.
Financial institutions—particularly those in rural and low-income communities—would face unnecessary and expensive regulatory hurdles that could make it untenable to serve those consumers already left behind by Wall Street banks.
The government relies on decades old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach.
As negotiations around the $3.5 trillion infrastructure package heat up, the Administration has proposed a new IRS reporting provision that requires financial institutions to report new account holder information. America’s credit unions do not support this additional reporting requirement. This provision would dramatically increase the regulatory burden for financial institutions, undermine the privacy of consumers, and trigger significant data security concerns. All financial institutions currently report to the IRS information related to actual taxable events for members. This new proposal would result in banks and credit unions turning over to the IRS sensitive account details that in and of themselves do not constitute taxable events. This would leave the IRS with a massive trove of personal financial data that would be used in a manner that is not detailed in the proposal and leaves the data vulnerable to a cyber-attack.
Here's what you can do.
If you are the CEO or other official of a credit union, call me and join NFIB. You'll then be joining an army of small business owners who share your same concerns and an organization that will fight for you, meaning that you'll have a very (VERY) strong voice at your state capital (we're in all 50 states) and at Washington D.C.
If you are a small business owner. call me and join NFIB (for all the same reasons).
If you've ever owned a small business and you are retired, call me and join NFIB (we have a special membership rate for you and can really use your vote).
If you work for a small business owner, THIS AFFECTS YOU, YOUR MONEY, AND YOUR PRIVACY. Please encourage them to JOIN NFIB.
Do you see that pattern here? Joining NFIB is the answer.
This short message is to let you know how you can take more
advantage of your NFIB benefits.
Hello. My name is Terry Scott. When I personally see members I find that many times they
are not taking advantage of all that they can as a member. Of course, not every benefit is
practical for every business but I want to inform you of what other members
tell me are the most important to them.
These two "special services" aren't simple “add-ons” to what you are already being
emailed or snail-mailed by the NFIB Headquarters. What I’m providing are the things which
specifically help Wisconsin business owners.
Today's business owner must stay on the top of things to gain and maintain. Here are two resources which almost guarantees this.
Visit and follow the blog https://askbusinessconsulting.blogspot.com. (You are here. subscribe on this page; upper right). Receive timely and topical things which help your business not only to
survive; but to thrive. You’ll learn about what is new with NFIB plus as a
business consultant I offer other services in advocacy, branding and cash flow
strategies. Please visit the blog, click on Follow the blog and you’ll be
notified when a new article is published.
Visit and follow the North Wisconsin Small Business Facebook page. https://www.facebook.com/northwisconsinsmallbiz is a free
community where you can interact with other business owners in Northern
Wisconsin (my main NFIB membership area). You can also advertise your business
with up to three 3 ads per week - for free!
If I can help you in any way (about anything business),
please don’t hesitate to let me know.
HI, Terry Scott, your NFIB Membership Rep here with the
latest press release.
Before I share this, let me share with some who may not
know.
NFIB is NON-PARTISAN.
I remember someone asking me, “Do you like or
support Donald Trump”. My answer is “We like or support him when he likes and
supports small business members”. That holds true with Mr. Biden however, his
dictates are not pro-small business or even business of just about any size. Here’s
that press release.
WASHINGTON,
D.C. (Aug. 20, 2021) – The National
Federation of Independent Business (NFIB), the nation’s leading
small business advocacy organization, released the following statement in
response to recent White House comments on small business and
President Biden’s Build Back Better agenda:
“With
rampant inflation, massive supply chain disruptions, unclear pandemic mandates,
and a shortage of available workers, small businesses continue to face
challenges and setbacks that hurt the small business recovery, and the last
thing our country needs right now are taxes on small businesses to fund a
massive expansion of government,” said NFIB Vice President of Federal
Government Relations Kevin Kuhlman. “The combination of
tax increases and the ongoing pandemic will negatively impact millions of small
businesses and a significant percentage of small business income, and no amount
of spin from this White House will justify a tax increase.”
“Raising
taxes on small businesses will not ‘level the playing field’ nor will it
instill greater ‘tax fairness,’” added Kuhlman. “What
it will do is further burden their ability to survive, operate, hire, and pay
their employees. Main Street needs Washington to focus on solutions to help the
small business recovery. NFIB will continue to adamantly stand against any tax
hikes on small businesses.”
3 ways you can get involved and join your local small
business neighbors in fighting harmful legislation that is hurting your
business by having a real voice at your state capital and in Washington D.C.
Don’t wait for a call from NFIB Headquarters in
Nashville. Call member support today and become a member. I’ll give you the
link.
Don’t wait for an NFIB Membership Rep like myself to walk
into your door to quickly take your feedback on the latest and most important
issues, and take them to your state and federal legislators. If you’ve been in
business for any length of time you probably know who your local rep is. Call
him or her today. That’s important. When you call NFIB direct (and I’ll give
you the number) or use the website to sign up (and I’ll give you that link),
that’s all great and good but your local rep who supports his or her family,
just like you do with your own business, won’t get the credit for registering
or renewing your business.
And importantly, if you are able (and I know many
businesses have been hurt with the shutdowns, but at the same time, many like
our contractor type of members have actually done very well) please consider
giving more. Our dues are affordable and based on what you feel you can pay. Please
don’t treat your membership like a magazine subscription. NFIB was the only
organization that stood up and was responsible for getting your small business
a 20% reduction in taxes some years ago. THAT’S HUGE!!! And right now, we are
fighting to not only keep it but to avoid losing it and having small business
burdened with higher taxes above that!!!
But I will also tell you that you can also go to the “max”
if you want a bigger dog in the fight. Ask what NFIB’s maximum is and try to
get as close to it as you possibly can. The stakes are high.
If you’ve been an NFIB member before or you’ve never been
a member, please act now. Truly the survival of your business may depend on it.
BTW This is a good time to tell you that I’m speaking for myself and as a
business owner. My words here aren’t necessarily officially from NFIB
headquarters. What I say, is what I
say.
NOTE: Did you know that if you’ve ever had a business that
you can become or renew as a “retired” business owner. Ask about that. We need
everyone who is a small business owner and loves small business to join, renew
and refer others.
So please, when someone from NFIB calls or visits, give
us just a few minutes to tell you how we are fighting to save your business. If
you know your local NFIB rep, call him or her and join or renew NOW. Or join
right at the website.
Now having said all of this, I am an NFIB Membership Rep.
I personally would love to work with you if you do not have a rep that has
stopped by. I will leave my number below and contact information somewhere on
this page. Whatever route you choose to contact us is up to you. I will just
say that I work very close with my personal members and you can contact me with
your concerns at any time and I will be sure that you are taking advantage of
every benefit NFIB offers. That’s my job.
Click on the link,
get the facts, get involved, and together… let’s get going. Tomorrow may be too
late.
Become a member, or renew by going the NFIB.com or calling Member Care in Nashville. (Please let them know Terry Scott NFIB Rep 3A687 sent you). 1 800 NFIB-NOW.
Or you can contact me using the the contact information in the image below.
NFIB offers these practical, topical, and very informational webinars for, frankly the survival of your business. Since "survival of your business" sounds maybe too fantastic, I will tell you that they are my words and not NFIB's. I'm speaking as a business owner myself and as an NFIB rep.
I'm so thankful that NFIB offers these webinars to small business owners. REGARDLESS IF THEY ARE MEMBERS OR NOT. Where else is there an organization that shares so freely this needed information? If you are a small business owner or someone who works for a small business owner, or someone who is interested in the survival of this country which starts at the front doors of your small local businesses, I invite you to attend.
Obviously, nothing is free; there are always costs and time associated with producing anything. (It seems only that the government doesn't know that). I am inviting you to this webinar at absolutely no cost or obligation. Having said that, if (IF) you want to join the thousands of small business owners who have joined together to have their voices heard at their state capitals and in Washington D.C., then I also invite you to contact me and become a member. Call me and we can choose a yearly fee that is affordable.
Hello. My name is Terry (Ter) Scott. I'm the Hybrid Business Consultant offering professional advice in Advocacy, Branding and Cash Flow Strategies. If you are a Business to Business Consultant or related, I'd like to invite you to a special live seminar where my team at Stryde Solutions teaches you how to take advantage of the strategies you can use to help your business clients and make a very good additional income doing it.
Return here and CLICK to register for this week's live session. (If you are reading this and click the link and the date is "old" and the link is not working, my apologies we try to update the links regularly. Simply leave a message using the contact form on this page and we'll get back to you as soon as possible. We usually hold these sessions on Thursday afternoon).
About Stryde Solutions
Stryde Solutions helps clients in three key areas;
reducing overall expenses, financial services and
finding Specialized Tax Incentives. Between these
three distinct divisions we have assisted clients to
obtain benefits in excess of $350M in the last 14 years.
These three distinct divisions joined forces to become
one organization when it was clear the direction that
the Professional Services Industry was headed. We
knew the key to building the perfect solution for Agents
within this industry would be the combination of
services with the creation of Stryde Solutions.
Stryde Services
With our suite of services you can offer the largest
benefit of savings to your new and existing client base.
We either find savings or there is no fee. This is the
reason the Professional Services Industry finds our
services the best way to get in the door as it separates
you from competition and savings will always be, the
best way to generate interest from a C Level Executive
or Business Owner.
I want to reach out to you personally to let
you know, I’ve started working with a new
marketing platform that’s ideal for our
industry. To be honest, I’ve never seen
anything like this before. I’ve gotten in
front of more new clients by using this
system than I ever did relying on my own
efforts.
I’m hooked, you’ve got to check this out!
Please join me to learn more.
I’ll be attending a free open to the public
webinar on Thursday: REGISTER HERE.
Join NFIB’s COVID-19 experts Beth Milito and Holly Wade, and special guest Brian Blase, Ph.D., Blase Policy Strategies, for a conversation on financial aid and other resources available to help small businesses recover, attract and retain employees, and emerge from the COVID-19 crisis stronger than ever.
Topics:
Health Reimbursement Arrangements, which can expand employee health benefit offerings.
Employee Retention Credit, a powerful program that offers up to to 75% of qualified wages up to $10,000 per employee per quarter.
Economic Injury Disaster Loan, which provides up to 24 months of relief, with a maximum loan of $500,000.
And, as always, NFIB hosts Beth and Holly will conclude the webinar with LIVE Q&A to answer your PPP, ERC, FFCRA, and EIDL questions.
