Pinnacle Executive Suites' Blog

Thursday, August 12, 2010

Office Space in Nevada

When starting a business were you will need an office or upgrading from the office you already have it can be very difficult to find one that you like but also to locate one in your area. That is, of course if you do not have a website that is able to help you locate the offices that are on sale and which can also give you addition information on the offices in question. This can also be especially difficult when you are looking for offices that are in prime locations around Nevada or more specifically parts of Nevada.

Nevada is a very popular area for office buildings especially with it being the state in which many very popular areas reside.

For office space in Reno, Nevada, Carson City, Nevada, contact Pinnacle Executive Suites - Our goal is to provide the finest office space and best service possible to make the professionals and their guests feel comfortable with their surroundings. This goal is accomplished when you come in and enjoy your surroundings. We have tried to accomplish this through upscale furnishings, to show some affluence, without being ostentatious. Our staff has been selected for their genuine desire to help our professionals with their business needs and graciously welcome your guests. Our staff has many years of experience to assure the best possible service. Contact us today at 775-884-6123 or visit our website at http://www.pinnacleexecutivesuites.com/

Tuesday, August 10, 2010

US Business Fears International Tax Bill

US business groups have criticized the Senate's approval of a bill which proposes to tighten international tax rules with the intention of curbing what Democrats consider as large scale corporate tax avoidance.

An amendment to a bill which aims to provide cash-strapped state governments with billions of dollars in additional aid to cover teachers' salaries and Medicaid bills, among other costs, would make several changes to the US foreign tax credit rules to prevent multinationals from over-claiming for tax refunds in the US in relation to income earned and already taxed abroad.

According to the Business Roundtable, the amendment, submitted by Washington state Democrat Patty Murray, would raise nearly USD10bn in new taxes on US companies with overseas business operations.

"Keeping American companies and workers competitive should be the number one goal of US tax policy," commented Johanna Schneider, Executive Director, External Relations of Business Roundtable. "However, [the] Senate vote only adds to the growing disparity between the tax policies of the United States and most other major world economies."

Schneider observed that companies in the US are already subject to the second-highest corporate income tax rate among developed countries. "Further raising these taxes will make America’s largest employers less competitive, which will undermine US economic growth and job creation," she said.

The Business Roundtable, the US Chamber of Commerce and the National Association of Manufacturers have been joined by several other US business associations in signing a letter to Congressmen which warns that the amendment would have the effect of "reducing the earnings US companies bring back from their foreign operations."

In something of an unusual step, the House of Representatives may return from its summer recess to vote on the state funding bill this week.

Pinnacle Executive Suites - located in Carson City, NV: Our goal is to provide the finest office space and best service possible to make the professionals and their guests feel comfortable with their surroundings. This goal is accomplished when you come in and enjoy your surroundings. We have tried to accomplish this through upscale furnishings, to show some affluence, without being ostentatious. Our staff has been selected for their genuine desire to help our professionals with their business needs and graciously welcome your guests. Our staff has many years of experience to assure the best possible service. Contact us today at 775-884-6123 or visit our website at http://www.pinnacleexecutivesuites.com/

Monday, August 9, 2010

What is a "Non Profit" Organization?

Just another helpful tip from Pinnacle Executive Suites:

A Non Profit organization (NPO) is a business entity where making a profit is not a primary mission. Typically, Non Profits are engaged in charitable, educational, religious, or artistic activities of public or private interest. Since Non Profit organizations cannot distribute profit to their directors, officers, or members (those who participate in the management of the Non Profit) any income generated by the Non Profit must ultimately go back into the organization. However, Non Profits can hire and pay staff to carry out operational and administrative functions.

If you choose to incorporate your Non Profit as a 501(c) corporation, you can choose from 26 types – 501(c)(1) to 501(c)(26). Section 501(c)(3) is the most common federal tax exemption for Non Profits, which exempts the Non Profit from taxes on income directly related to the organization’s mission. Therefore, many Non Profits are often referred to as 501(c)(3) corporations. Refer to IRS.gov to learn more about other types of 501(c) incorporation.

Forming a Non Profit 501(c)(3) Corporation

Incorporation for Non Profits is very similar to creating a regular corporation, but with the extra steps of applying for tax-exempt status with the IRS and your state tax department. Becoming a Non Profit corporation requires some paperwork, but for many groups the benefits of Non Profit status outweigh the complications.

Here are the steps you must take to incorporate your Non Profit:

Choose a Business Name. Your business name (1) must be different from an existing corporation registered in your state’s office and (2) must indicate that it is a corporation by ending with the words: “corporation,” “incorporated,” “limited,” or a variation of those designations.

File your Incorporation Paperwork. You must next file formal paperwork, or articles of incorporation, and pay a small filing fee to your state. These "articles" contain basic structural information, such as the Non Profit name, its registered agent and office address, and membership structure, if any. You can find information about filing articles of incorporation by state on Business.gov’s Business Incorporation page. You can also look up your state office through the National Association of State Charity Officials* (NASCO).

Create Corporate Bylaws. Corporate bylaws outline the rules of operation for your Non Profit corporation, which includes procedures like holding meetings and electing directors. Tax regulations and other state laws are often covered in the bylaws to ensure that the Non Profit is running legally.

Appoint Directors and Hold a Board Meeting. Depending on your state, your Non Profit must appoint at least 1 or sometimes even 3 directors to make major decisions in the corporation. Some states require that you appoint directors before filing your articles of incorporation. Afterward the appointment, directors formally adopt the bylaws and elect officers at the board meeting.

Obtain Licenses and Permits. You must obtain relevant business licenses and permits like any other business. Regulations vary by industry, state and locality. Use the Licensing & Permits tool on Business.gov to find a listing of federal, state and local permits, licenses, and registrations you'll need to run a business.

Start Fundraising. Now that your NPO is officially established you'll need to pay attention to its bread and butter - fundraising. State offices of the National Association of State Charity Officials* (NASCO) provide local fundraising regulations. While individual donors amount to the largest contributors to Non Profits, federal, state and local governments offer grants, loans and programs to fund NPO projects. Learn more about funding opportunities for your Non Profit on USA.gov.

Hiring Employees. If you are hiring employees, read more about federal and state regulations for employers.

Taxes.Most businesses will need to register with the IRS and state and local revenue agencies, and obtain a tax ID number or permit.

Non Profit organizations are not automatically exempt from federal and state taxes. Therefore, Non Profit organizations seeking tax-exemption must formally apply for federal recognition and in many cases state recognition. Before you apply, make sure that your Non Profit organization satisfies the following requirements from the IRS.

Eligible Non Profits can file for federal and state tax exemptions once their articles of incorporation are registered with the state. The instructions below outline the application process for Section 501(c)(3) status, the most common federal and state tax exemption for Non Profits:

Apply for Non Profit Federal Tax Exemptions. Submit an application to the IRS for your federal Non Profit status as a 501(c)(3) organization. You must file a Form 8718, User Fee for Exempt Organization Determination Letter Request and Form 1023, Application for Recognition of Exemption with the IRS. It's best to file within 27 months after the date of your incorporation. Learn more about the application process and other requirements and responsibilities of 501(c)(3) Tax-Exempt Organizations from the IRS.

Apply for Non Profit State Tax Exemptions. Laws from each state vary. Some states require a separate application, while others automatically grant you tax-exempt status when you obtain federal tax-exempt status. Other states require a copy of the letter from IRS that you have obtained federal tax-exempt status. Contact your state tax agency to find out what steps you must take.

Annual Filing Requirements. Once your Non Profit is deemed 501(c)(3) tax-exempt, you must file annually Form 990 Return of Organization Exempt from Income Tax, Form 990-EZ Return of Organization Exempt From Income Tax, or Form 990-PF Return of Private Foundation. Learn more about annual filing requirements for exempt organizations at IRS.gov.

Filing Requirements for Unrelated Business Income Tax. If your Non Profit earns over $1,000 from unrelated activities, you must file Form 990-T. For more information on taxes on unrelated business income, refer to Publication 598.

Read more about the rules and regulations of Non Profit 501(c)(3) corporations at IRS.gov.

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Thursday, August 5, 2010

Focus on Small Business - Virtual Offices Save You Money...

Virtual offices allow you to work from home, save daily gas and commuting expenses. You can still have a professional image for meetings with your customers and use professionally staffed conference space on a daily or hourly basis only when you need it.

Are you thinking of starting your own business, but concerned what it will cost? Virtual offices are a unique way for small businesses to save time, money and energy while allowing them to deliver the products and services that keep their business “in business”. No need to purchase property, maintain a building, or pay added utilities and insurance premiums.

Work from anywhere. A Virtual Office gives you the freedom to operate from just about anywhere including your home. With a dedicated phone line, you can even forward calls to your home or cell, offering a professional appearance to your clients.

Works all day every day. Since the Virtual Office is there 24/7, just like any other office, customers, calls, and mail can be received on youy behalf. If a client decides to visit the physical address of your Virtual Office, they will be met by a trained, professional receptionist who can receive packages or pass on a message to you. They can even give a package to the client on your behalf if you arrange for this in advance.

Reduces the need for employees. The staff of the Virtual Office gives you the advantages of having a fully trained staff at your disposal. In addition to the reception services, some Virtual Office operations even include access to business services such as copying, secretarial services, notary services. A few centers, like Pinnacle Executive Suites, may even offer business consulting, accounting and tax services onsite.

Face-to-Face meetings. Need an office for a day or conference room for a few hours for that special meeting or interview? You can schedule that time in an upscale atmosphere on an "as needed basis" at reduced rates by being a Virtual Tenant.

Improve Your Bottom Line. By catering to large number of people with the idea of providing the services which are otherwise not affordable, Virtual Offices can help your bottom line. It is particularly advantageous to self-employed professionals and small entrepreneurs who need to be in the field delivering their services to customers.

Cost-effective. Since the additional services of the Virtual Office can be reserved on a daily or hourly basis, you only pay for those services when you use them.

Legal Address. Meet local government requirements for an occupational license by having the commercial office address of a Virtual Office and also gives the option of business mailing address. It’s of great help to those who operate from home. The client can give the address of the Virtual Office with a suite number and Pinnacle Executive Suites will accept all the mail on your behalf. What a smart way to do business!!

Wednesday, August 4, 2010

What is a Virtual Suite?

What is a Virtual Executive Suite? We provide telephone answering services, using a live receptionist, with call transferring available to any location you may be at, including cell phones. You have use of our conference rooms to meet with your clients and much, much more. The Virtual Executive Suite is the ideal suite for the person who doesn’t need a workspace but still wants to present themselves with a professional appearance, with a staff to help conduct business, at a minimal cost. You may be working anywhere in the world, but we will be maintaining your business presence in Carson City, Nevada.

Here are some of the amenities offered in this program:

Use of our conference room (2 hours Mo.)

Physical Mailing address

Mail forwarded daily or pick-up at your convenience

Listed Telephone

Live receptionist to answer your calls (8am—5pm)

Calls seamlessly forwarded to you, wherever you may be within the country

24 hour voice mail delivered to you at any time you specify or on demand

Faxes forwarded to you from our community fax

Conference Room includes:

Internet access

42 inch monitor for Power Point presentations

Overhead projector for slide presentations

Seating for up to 12 or more

Additional Services:

Secretarial services

Bulk mailings

Parcel and Packages shipping

Bookkeeping and tax service

Legal services

Tuesday, August 3, 2010

US Small Business Relief Bill Stalls

Legislation which would extend tax breaks available for small business in the US will now not be considered until September after Congress failed to agree on a number of new amendments before the summer recess.

The Small Business Jobs Act of 2010 was introduced in Congress in June, but was first delayed as lawmakers rushed to complete the Wall Street regulation bill and then stalled as Democrats and Republicans argued over a number of amendments added by both sides.

The main thrust of the bill is towards the creation of a new lending facility to assist small firms trying to obtain credit from banks, many of which remain reluctant to lend to small businesses and start-up companies. However, the bill also contains a number of important tax breaks, measures which attracted broad Congressional support.

The legislation seeks to encourage investment in small businesses by allowing investors to exclude the gains from the sale of certain small business stock from their income for tax purposes if the stock is held for more than five years. The bill would also reduce the tax burden for small businesses by allowing them to carry back general business tax credits to offset their tax burdens from the previous five years. Additionally, small businesses would be able to count the general business credits against the Alternative Minimum Tax.

Another section of the bill would permit taxpayers to write off more of the cost of purchases for their business, such as equipment and machinery, in the year the purchase is made, and increase the types of purchases that would qualify for special expensing to include some types of real property, such as leasehold, retail and restaurant improvements.

Other proposals offered in the bill would double the amount of start-up expenditures that may be deducted by someone starting a small business, and allow self-employed individuals to deduct health insurance costs for tax purposes.

In his recent weekly radio address, President Obama accused Republicans of "holding America’s small businesses hostage to politics" by refusing to allow a vote on the bill.

"It’s a bill that includes provision after provision authored by both Democrats and Republicans," he said. "But... the Republican leaders in the Senate once again used parliamentary procedures to block it. Understand, a majority of Senators support the plan. It’s just that the Republican leaders in the Senate won’t even allow it to come up for a vote."

Senate Republican leader Mitch McConnell, however, countered that if anyone is to blame for holding up the bill, it is the Democrats.

“Our friends on the other side have outdone themselves," he stated. "We first got on this bill in late June, and since then, Democrats have set it aside six separate times to move to something else. So from the beginning this bill clearly wasn’t a priority to them."

With unemployment stubbornly high across the US, debate on the legislation, which Democrats claim will create an additional 500,000 jobs, is likely to form a key battle ground in the run up to the mid-term elections, and President Obama would be keen to put his signature on the bill before the November vote.

Monday, August 2, 2010

Five Questions to Ask When You're Thinking About Starting a Business

With hundreds of thousands being laid off during this current recession many are starting their own business. Individuals are often attracted by the thought of more flexible working hours and financial independence.

But when they embark upon their new business venture, especially after sometimes spending many thousands of dollars, they are hugely disappointed with the return on their investment. Also people often have an unrealistic view of what running a business entails.

While setting up and running your own business can certainly be a great idea, even in this economic downturn, one has to tread carefully. People often choose a business that they have feel they have an affinity to and this can certainly have its advantages.

For example, some choose to go into the restaurant business because they enjoy good food and eating at great restaurants. However, being a guest at a restaurant and being a restaurant owner are very different.

Another mistake that people make is that they choose a business where essentially they're exchanging their time for money without any hope of ever being able to automate their business or at least elements of it. Hence, the time freedom which many dream of is not achievable. While starting any business will require a considerable investment of time to get the business off the ground, you should have a strategy whereby you can step away from the business and still have income coming in.

So here are five questions to consider when you're thinking of starting a business.

1. Is the business a good fit for you?

Do your due diligence and thoroughly research any business opportunity. Make sure that it is a good fit for you. Talk to other business owners working in the same industry to get a realistic idea of just what is involved in running the type of business you're considering.

2. How will it change your lifestyle?

Running a business will undoubtedly have an impact on not only your lifestyle but also that of your family and initially that impact may not be entirely positive. Ensure that you have the support and understanding of family members before you start out. This will help to ease the way forward later.

However, as your business becomes more established you'll expect your lifestyle to improve. So put in place clear indicators to let you know whether or not you're on target and adjust your strategy accordingly if not.

3. How much money will you have to invest?

Whatever your monetary investment you need to know how long it will take you to breakeven and how long it will take you to start making a profit. You especially need to know these figures if your initial investment is a large one. It's one thing to start a business with a couple of hundred dollars and quite another when you're investing many thousands of dollars.

4. Do the figures, etc. presented really add up?

Research any figures that are presented to you and, where possible, verify case studies that are presented to you. Unfortunately, it's all too easy to produce fake case studies, testimonials and even sales figures. Also remember that when case studies are presented it is usually the best case studies that are highlighted.

While the fact that one person achieves great success with a particular business model is proof that, given the same opportunity, someone else can achieve a comparable level of success the fact remains that many people don't. You certainly want to have high expectations of any business you embark upon but you also want to have realistic expectations so do your due diligence.

5. What additional training will you have to do?

If you're going into business for yourself you'll need to undertake training. In some cases the training will be a pre-requisite of the business you're going into. For instance, if you decide to buy a franchise then you'll have to undergo the training that company offers. However, there are so many new developments in the world of business that you have to keep your skills up-to-date.

So conduct a skills audit to determine what training you need and then seek out the necessary training. There's lots of training available and it can also be easy to get distracted so remember that it's important not only to learn new skills but to put them into action as well.

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