Small business meets tax reform '86

Article Abstract:

The Tax Reform Act of 1986 lowered tax rates for individuals and businesses, after eliminating or reducing deductions and credits, with significant implications for small businesses. Some examples of changes affecting corporations include: eliminated capital gains deductions, revised depreciation schedules, reduced travel and entertainment deductions, eliminated investment tax credits, creation of the alternative minimum tax, reduced dividends-received deductions, limited carryforwards of net operating losses, and repeal of the general utilities doctrine. Capital-intensive industries will suffer more under the new tax law than labor-intensive, consumer-oriented businesses. Tax reform may cause short-term problems for small businesses, but long-term economic benefits will result as business decisions are made for economic reasons rather than for tax purposes.

Taxation, Tax reform, Tax deductions

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How will small companies fare in the late Eighties?

Article Abstract:

The economic climate for small business in the US from the early 1970s to the mid-1980s was characterized by 'stagflation', which was triggered by large increases in oil prices. Equally sharp price declines of oil in the early 1980s, combined with reduced tax rates, have helped to shift the aggregate supply curve back to the the right. Small Business Conferences held at the White House have identified the following areas where the government can help small businesses: liability insurance and tort reform, exemption from some mandated employee benefits, unfair competition from government and non-profit organizations, and the budget deficit. The overall business climate for small business should remain favorable throughout the 1980s.

Economic aspects, Forecasts and trends, United States economic conditions

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Eliminating fraud in financial reporting

Article Abstract:

The National Commission on Fraudulent Financial Reporting was established in 1985 to identify false or misleading reporting practices and the reasons for their incidence. A Commission report will significantly affect publicly-held companies, independent public accountants, regulatory agencies, and business educators. Many Commission recommendations are not new, and some of them would require long-term change and attendant costs. The Commission concludes that full and fair disclosure is a fundamental obligation of a public company, that the US reporting system is one of the best in the world, and that fraudulent reporting must be reduced if the system is to maintain credibility.

Reports, Malpractice, Auditors, Financial misrepresentations, Financial misrepresentation, National Commission on Fraudulent Financial Reporting

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