Seminar aimed at taking mystery out of tax issues

FORT SCOTT, Kan. -- A Fort Scott Area Chamber of Commerce seminar next week is designed to help managers and owners of local businesses understand tax issues that are often complicated.

The FSACC, in conjunction with the Diehl Banwart Bolton CPA firm, will conduct a seminar for area small businesses at 5 p.m. Wednesday at the Carriage House on the corner of Third and Main streets. Jim Banwart, Jr., a CPA at the firm, will inform attendees of year-end tax issues that could present advantages to managers and owners of local businesses. This is the last chamber seminar of 2009.

Topics that Banwart is expected to discuss during the hour-long seminar include tax advantages and disadvantages of entity selection (LLC versus S-Corporation); the Work Opportunity Tax Credit; and tax benefits of the American Recovery and Reinvestment Act of 2009, the $787 billion federal stimulus package enacted in February.

Banwart said the Work Opportunity Tax Credit is "possibly the most missed tax credit ever."

"It is a credit for hiring targeted groups of people such as unemployed veterans and disconnected youths," he said. "Potentially a $2,400 per employee tax credit."

There will be a brief discussion of some aspects of the ARRA, such as 50 percent bonus depreciation, $250,000 expensing election, Net Operating Loss carrybacks, and favorable depreciation of leasehold improvements, Banwart said.

If time allows, a brief discussion on Federal Energy Tax Credits available under current laws will also take place. Banwart said he will also field questions during the seminar.

Chamber officials chose the start time for the seminar to accommodate business owners' schedules.

"This is another informative seminar to help take advantage of any tax benefits that might be available and helpful during the current economy in Bourbon County," FSACC Business Development Division Chairman Jerry Witt said.

Each seminar and workshop takes place quarterly and focuses on a different topic. Topics of previous seminars this year include marketing, the H1N1 flu virus and its impact on business, and safety and security.

Chamber officials are currently discussing ideas for topics of seminars that are scheduled for 2010, and may possibly get some ideas from a community survey the chamber will distribute early next year, FSACC President and CEO Vicki Pritchett said.

"We feel these seminars and workshops are one way that we can contribute to the success of our area businesses," she said.

For more information, contact the chamber at (620) 223-3566.