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asowah's blog


What is E-Verify?

Blogged By: 
MBDA

Image of Computer

E-Verify is a fast, free, and easy to use web-based service run by the Department of Homeland Security (DHS) and the Social Security Administration that allows employers to verify the eligibility of their newly hired employees to legally work in the United States.

All employers are already required to complete and retain a Form I-9, the “Employment Eligibility Verification” form, for each person they hire in the United States. That includes citizens and non-citizens.

Who Uses E-Verify?

More than 353,000 employers, large and small, across the United States use E-Verify to check the employment eligibility of their employees, with about 2,500 new businesses signing up each week.

While participation in E-Verify is voluntary for most businesses, some companies may be required by state law or federal regulation to use E-Verify.  For example, most employers in Arizona and Mississippi are required to use E-Verify. E-Verify is also mandatory for employers with federal contracts or subcontracts that contain the Federal Acquisition Regulation E-Verify clause.

Health Care Benefits Reporting Information for Employers

Blogged By: 
irs.gov

Image of W2Form W-2 Reporting of Employer-Sponsored Health Coverage

The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. Reporting the cost of health care coverage on the Form W-2 does not mean that the coverage is taxable. The value of the employer’s excludable contribution to health coverage continues to be excludable from an employee's income, and it is not taxable. This reporting is for informational purposes only and will provide employees useful and comparable consumer information on the cost of their health care coverage.

Employers that provide "applicable employer-sponsored coverage" under a group health plan are subject to the reporting requirement. This includes businesses, tax-exempt organizations, and federal, state and local government entities (except with respect to plans maintained primarily for members of the military and their families). However, federally recognized Indian tribal governments are not subject to this requirement.

Transition Relief

For certain employers, types of coverage, and situations, there is transition relief from the requirement to report the value of coverage on the 2012 Forms W-2 (the forms for calendar year 2012 that employers generally are required to provide employees in January 2013). This relief will apply to future calendar years until the IRS publishes additional guidance. However, any guidance that expands the reporting requirements will apply only to calendar years that start at least six months after the guidance is issued. See the “Optional Reporting” column in the below chart for the employers, types of coverage, and situations eligible for the transition relief.

Affordable Care Act Top Things to Know for Small Businesses

Blogged By: 
Healthcare.gov

If you have up to 25 employees, pay average annual wages below $50,000, and provide health insurance, you may qualify for a small business tax credit of up to 35% (up to 25% for non-profits) to offset the cost of your insurance. This will bring down the cost of providing insurance.

Small Business Lending Fund

Blogged By: 
Tresury.gov

SBLFEnacted into law as part of the Small Business Jobs Act of 2010 (the Jobs Act), the Small Business Lending Fund (SBLF) is a dedicated investment fund that encourages lending to small businesses by providing capital to qualified community banks1 and community development loan funds (CDLFs) with assets of less than $10 billion. Through the SBLF, participating Main Street lenders and small businesses can work together to help create jobs and promote economic growth in local communities across the nation.

In total, the SBLF provided more than $4 billion to 332 community banks and CDLFs. Since these institutions leverage their capital, the SBLF could help increase lending to small businesses in an amount that is multiples of the total capital provided.

For a list of the institutions that received funding through the SBLF, please read the latest report in Program Reports or take a look at the map of participating lending institutions.

globalEDGE: A World of Resources, A World of Opportunities!

Blogged By: 
Jade Sims

globalEDGEIf you are like most business owners in the United States, you are constantly working to target the best opportunities for your firm within the constraints of more and more limited resources. You’ve heard of all the buzzwords and the hot global markets—but how will they relate to you? In order to be a global leader, you need quick and affordable access to up-to-the-minute and relevant information.

Long before we learned to “google” information, international business professionals have utilized the most complete resource for locating opportunities for their firms. globalEDGE is a one-stop shop—bringing together the most up-to-date and relevant economic, political, and cultural data from thousands of sources. This information is crucial for new to export and seasoned multinational corporations alike.

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MBDA Minority Business Centers helped clients secure contracts totaling $6.9 billion during the last 5 fiscal years.
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