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INDUSTRY NEWS New Study: Small Businesses Hit Hardest by Regulations A new study released last week by the Office of Advocacy of the U.S. Small Business Administration confirmed what most small business owners already know: The costs to small businesses to comply with government regulations are significantly more than the costs to large companies. Firms with fewer than 20 employees annually spend $7,647 per employee to comply with federal regulations, compared with the $5,282 spent by firms with more than 500 employees. The report analyzed compliance costs for economic, workplace, environmental and tax regulations for five major sectors of the U.S. economy: manufacturing, trade (wholesale and retail), services, health care and other (a residual category), revealing that the disproportionate cost burden on small firms is particularly stark for the manufacturing sector. The compliance cost per employee for small manufacturers is at least double the compliance cost for medium-sized and large firms. Among its other findings, the report also shows that the annual cost of federal regulations in the United States totaled $1.1 trillion in 2004. The Office of Advocacy within the SBA is unique among federal agencies in that it represents the views of small businesses, often in opposition to increased government regulation. The complete text of the SBA compliance study can be found at www.sba.gov/advo. Proposed Bill Cuts Marginal Tax Rates, Eliminates AMT for Small Businesses The U.S. House of Representatives' Small Business Committee held a public hearing on September 21 to receive testimony regarding the newly introduced H.R. 3841, the "Small Employer Tax Relief Act of 2005." This bill seeks to simplify the Internal Revenue Code and provide small businesses with tax breaks including the lowering of marginal rates. The two most important provisions of the bill would allow the self-employed to deduct the cost of health insurance premiums as a business expense and eliminate the requirement of paying the Alternative Minimum Tax (AMT). Under IRC section 162(l), most businesses may deduct the premiums paid for health insurance premiums as ordinary and necesary business expenses in determining tax liability. However, section 162(l)(4) does not permit this deduction for self-employed taxpayers. The proposed legislation would extend this deduction to the self-employed. In addition, the bill would lower marginal tax rates for small businesses and eliminate the burdens of the AMT as applied to such firms. Orginally, the AMT applied only to 156 "high income" individuals who, by taking various deductions and exemptions, ended up with no tax liability. It is estimated that by 2010, the AMT will apply to over 33 million taxpayers. H.R. 3841 has been referred to the House Ways and Means Committee, where action is pending. ICFA NEWS ICFA Music License Membership: Enroll Now and Save! When is the last time your costs for doing business went down? Your health insurance expenditures haven't dropped. Your taxes haven't seen any relief. Your gas costs ... well, no need to belabor that point. The good news is, thanks to the ICFA, the cost of obtaining music licensing from ASCAP, BMI and SESAC for 2006 has just decreased ... from $238 per year to $220 per year! Due to exceptional industry-wide support of the ICFA Music License program, the association has achieved a volume price break on licensing and is passing on that discount to its licensees. Sign up on or before October 15, 2005, to receive the license for just $220 per location. After October 15, 2005, the rate will be $232 per location. The fee covers music licensing with all three licensing agencies; there are no added fees. Membership is open to any company in the cemetery and funeral service industry in the United States. For details and to obtain a registration form, visit www.icfa.org/music or call the ICFA at 1.800.645.7700. Wide World of Sales Early, Early Registration Deadline Is Friday Register this week to take advantage of the Early, Early Registration Discount for the ICFA's Wide World of Sales Conference, January 12-13, 2006, at Treasure Island in Las Vegas, Nevada. Registrations are already pouring in for "Reality-Based Selling," the world's largest, most educational conference for sales managers, counselors, owners, suppliers and insurance agents. Registration to the conference includes admission to 20 all-new "how to" educational sessions; two networking lunches and two continental breakfasts; a take-home binder filled with handouts and additional sales-boosting materials; a meet-and-greet session with "Survivor" star Rupert Boneham; an "American Idol" Welcome Reception and Karoake Party; and opportunities to win contests and door prizes. Members who sign up for the conference by September 30 receive the Early, Early Registration rate of just $385. Companies sending more than one attendee receive even greater discounts. For a complete conference program and to download a registration form, visit www.icfa.org/sales06.htm or call 1.800.645.7700. Notice: Please Watch ICFA Web Site for Convention Announcement The ICFA is currently in negotiations for a new location for its Annual Convention & Exposition in March 2006. An announcement of the final dates and location will be made on the association Web site at www.icfa.org and an e-mail will be sent to ICFA members as soon as plans have been finalized. The Convention had previously been slated for the New Orleans Convention Center, which is now closed through March 31 due to damage from Hurricane Katrina. And more ... It's not too late to register for the ICFA Fall Management Conference, October 19-22 at Kapalua Bay Hotel in Maui, Hawaii. Take advantage of top-level educational programming and excellent networking, set in a fabulous tropical resort setting. The ICFA Store allows members to purchase the latest ICFA resources and training products online. Some products are available for immediate direct download, including the newly released Wirthlin Report on consumer attitudes and article packages on cremation, cemetery and funeral home valuations and trust funds. The ICFA News Page takes you to sources throughout the world for industry news and updates. It brings you the most comprehensive selection of funeral service and cemetery news available anywhere, along with frequently updated general news items related to national and world events. The News Page reports the news before anyone else and is one of the most visited page on the ICFA Web site. Stop in each day and you'll see why. The Network is an online e-mail service that offers ICFA members an easy, free way to share questions and answers to everyday on-the-job challenges. Recent discussions have examined issues such as working with the Muslim community, distance between burial sites, direct mail marketing, the growing popularity of geocaching at cemeteries, recruiting staff and more. Ideal for smaller companies with smaller budgets. Join today! The ICFA Internet Expo is the largest online exposition in the cemetery and funeral service industry. Cemetery and funeral home owners and operators will find 300+ providers in more than 100 product and service categories. Exhibit space is provided as a free, exclusive benefit to all ICFA supplier and professional members. Check it out today! Need a labor relations and employment law attorney? Check out ICFA's HR Law Benefit program offering members no-cost telephone legal consultations, paid for by the ICFA via an exclusive retainer agreement. ICFA members now also have access to an attorney for tax-related questions regarding trust earnings, care fund allocations, capital gains, investments and more. The ICFA has retained Leslie Schneider, CPA, a tax attorney with Ivins, Phillips & Barker in Washington, D.C., for telephone consultations for up to 20 minutes with no obligation. To take advantage of this member benefit, call Schneider at 202.393.7600. The ICFA and Applied Merchant Systems of Chicago, Illinois, currently offer members a Credit Card Processing Program with a special low discount rate of 1.75 percent, with no per transaction processing fee. This new benefit makes it less expensive for cemeteries, funeral homes, memorial designers and related businesses to accommodate customers who wish to pay via credit card. For more information, call 1-800-675-6573. The ICFA Insurance Program, administered by Driver Alliant, allows members to purchase commercial property and casualty insurance -- including general liability, commercial property, automobile liability and physical damage, umbrella liability, professional liability, workers compensation, employee benefits and more -- at rates they probably would not be able to afford on their own. To advertise in the ICFA Wireless: The ICFA accepts limited advertising in the ICFA Wireless newsletter, a bi-weekly newsletter e-mailed to all ICFA members that are current on their dues and have provided a current e-mail address. For rates and to place your insertion, contact Quan Phan at qphan@icfa.org or 1.800.645.7700. To unsubscribe from the ICFA Wireless: Send an e-mail with "unsubscribe" in the subject line to: wireless@icfa.org. Please include your name and company name in the body of the e-mail. International Cemetery and Funeral Association 107 Carpenter Drive, Suite 100 Sterling, VA 20164 1.800.645.7700 703.391.8400 Fax: 703.391.8416 www.icfa.org Copyright 2005 International Cemetery and Funeral Association. |
