PPAMS Chronicle
A Newsletter for the Members of PPAMS
October, 2010
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Upcoming Events
| November 2nd
Speed Networking
Cabana, Nashville, TN
November 3rd
Speed Networking
Buckley's Lunch Box, Memphis, TN
December 7th
Holiday Party
TBA, Nashville, TN
February 8th
Memphis/Tunica Road Show
TBA, Tunica, MS
February 9th
Promotional Products Showcase
(End-User Show)
LP Field Stadium Club, Nashville, TN
February 10th
Knoxville Road Show
Rothchild's, Knoxville, TN
visit www.ppams.com for complete information on PPAMS events
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Speed Networking Returns in November
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Unfasten your seat belts Promo Heros and join us for our...
FAST AND FURIOUS SUPPLIER-DISTRIBUTOR SPEED NETWORKING EVENT!
Buzz through 5 minutes at each supplier table for awesome new products and hot selling ideas. Take notes 'cause prizes will be awarded to those who can answer the covert SBI (Supplier Buyer Information) questions.
How it works: industry supplier will be at a series of tables with catalogs, samples and ideas. Distributors will rotate tables every 5 minutes to make sure they hear about all of the products and meet all of the suppliers and reps.
Distributors who visit all of the tables will each receive the ULTIMATE SALES KIT, full of the newest and hottest products!
Promo Hero Distributors pay only $20 per person for PPAMS member companies and $30 per person for non-member companies and includes the Speed Networking event, great eats, a drink ticket, and the "Ultimate Sales Kit" full of the hottest items in the industry.
Coming to Nashville on Tuesday, November 2nd and Memphis on Wednesday, November 3rd. Click here for complete information and a list of participating suppliers.
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$30 Billion Small Business Lending Bill Passes
| from PPB Magazine
The $30 billion small-business lending assistance and tax relief bill was signed into law by President Obama on Monday. The new law creates a $30 billion fund that the government would invest in independent community banks to encourage lending to small firms, as well as includes $12 billion in tax cuts to small businesses.
Among the tax cuts for small businesses, the new law:
· Allows for an exclusion of capital gains tax on small-business investments made in 2010
· Increases the maximum deduction for start-up expenditures in 2010 and 2011 from $5,000 - $10,000
· Extends the American Recovery and Reinvestment Act bonus depreciation provision for one additional year for qualifying property purchased and placed into service in 2010
· Allows self-employed taxpayers to deduct healthcare costs for payroll tax purposes on 2010 returns
On lending, the new law:
· Creates a $30 billion Small Business Lending Fund through community banks as a conduit to increase lending to small business
· Provides $1.5 billion in grants for small-business lending through state-run programs
· Extends certain SBA American Recovery and Reinvestment provisions that eliminate borrow fees and increases the government guarantees on SBA loans from 75 percent to 90 percent
· Permanently increases loan limits on SBA loans
· Expands the SBA's trade and export finance programs
The Senate chose not to address the IRS Form 1099 issue, however. Instead the new law has a revenue offset that doubles the penalties for failing to file information reporting 1099 forms in a timely and correct manner. Maximum penalties for failure to file or filing incorrectly have increased substantially as well.
Under the bill, the new Form 1099 penalties will be:
· $30 per information return if you correctly file within 30 days (by March 30 if the due date is February 28); maximum penalty is $250,000 per year ($75,000 for small businesses)
· $60 per information return if you correctly file more than 30 days after the due date but by August 1; maximum penalty is $500,000 per year ($200,000 for small businesses)
· $100 per information return if you file after August 1 or you do not file required information returns; maximum penalty is $1,500,000 per year ($500,000 for small businesses)
The definition of small business for this purpose is average annual gross receipts of $5 million or less for the three most recent tax years (or for the period a business has been in existence, if shorter) ending before the calendar year in which the information returns were due. The new penalties are effective January 1, 2011.
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$1,000 Professional Development Scholarship Available for PPAMS Members
| A $1000 Professional Development Scholarship is available for employees of PPAMS member companies. The money can be used for registration and travel to attend any CEU-approved educational seminar. Past winners have used their scholarship to attend the seminars at the PPAI Expo in Vegas, one of the ASI Shows, and the PPAI Women's Leadership Conference. Scholarship applications were mailed this week with your ballot and are due no later than November 30, 2010. For questions or to obtain a scholarship application, please contact the PPAMS office at 615-465-8109 or email mark@ppams.com
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Advertise
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Banner ads are available on our website and in our e-newsletter. For more information, contact Mark Farrar at 931-695-3117 or mark@ppams.com
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