Financing, Insurance, & Penalties
Small Business Administration (SBA)
Business Insurances
Penalties
Small Business Administration (SBA)
The SBA's business development programs provide marketing and training information to small businesses. The SBA's business finance, investment, and procurement programs provide loan and economic assistance to small businesses.
Locally, the REGION E DEVELOPMENT CORPORATION provides information on loan programs available through the Small Business Administration (SBA). They are located at 736 Fourth Street SW, Hickory, NC 28602 and can be reached by calling 828-322-9191. This entity assists in preparing applications for SBA 7(A) and Section 504 loans. Certain fees apply.
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Business Insurances
Business insurance protection is integral to the successful operation of any business. Management should seek and obtain the advice of knowledgeable business insurance agents to address needs and make prudent choices.
Various types of protection that businesses should consider are:
- Property
- General Liability
- Automobile
- Umbrella Liability
- Workers Compensation
- Disability
- Life
- Health
Tbe Workers Compensation Act requires that employers having three or more employees provide workers compensation insurance.
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Penalties
Penalties are levied by both the Federal and State taxing authorities for, among other things;
- failure to file an income tax return
- failure to pay the tax due
- failure to make tax payments
- accuracy-related penalties
- negligence penalties
There are over one hundred penalties in the tax codes. The penalties presented above are civil penalties. There are also fraud (i.e. criminal) penalties for the intentional misrepresentation of taxable income or the willful failure to file tax returns.
Failure to follow the tax laws can be quite costly. You may be liable for the full amount of tax owed plus penalty amounts plus interest charges. And worse, penalties are never tax deductible.
Comment: It makes prudent business sense to fully comply with the tax laws. This means filing and paying on a timely basis. Your tax advisor should explain the filing requirements and exactly what information is required for your business to be in compliance.
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