NAWBO-IE to Honor Amazing Women April 19, 2012

	****FOR IMMEDIATE RELEASE**** Contact: Hilda Kennedy: (310) 901-4831, hjk1twin@aol.com OR Carolyn Ortman (951) 784-9174, carolyn@ckogroup.com Website: www.nawbo-ie.org

 

 

 

 

NAWBO-IE Honors Exceptional Business Owners on April 19                    

Event to raise scholarship funds for college students

Corona, Calif. – The envelope, please! The National Association of Women Business Owners, Inland Empire Chapter (NAWBO-IE) once again honors outstanding local women business owners and community leaders at its annual Amazing Women Event (AWE), April 19 at 6 pm in Corona (Eagle Glen Golf Club, 1800 Eagle Glen Parkway, Corona.) Visit www.nawbo-ie, “Programs and Events” for all event details. Or to register visit: http://nawboie2012awe.eventbrite.com/. 

All in attendance will have the opportunity to enter to win prizes, including a $500 Southwest Airlines gift card, four tickets to an Angels game, a BlackBerry tablet and more! Plus, those who join NAWBO-IE that night will receive $50 off their membership fee along with a host of special goodies!

The evening’s emcee will be Gael Sylvia Pullen, pioneering businesswoman, speaker, author, and ardent philanthropist. AWE is a wonderful opportunity to not only network and connect with influential decision-makers, but to support local college students.

The 2012 AWE nominees were nominated by their peers:

Legacy Award --Cheryl Brown, Brown Publishing; Josie Gonzales, County of San Bernardino Supervisor; Maddalena Riboli, San Antonio Winery; Carmelita Rood, Retired Saving and Loan, Menifee Chamber of Commerce. 

Community Bridge Builder Award -- Yolanda Carrillo, Corona-Norco Family YMCA; Robbie Motter, Contacts Unlimited; Linda Sarancha, Foothill Financial Advisors; Peggy Stapleton, KSGN Radio.

Rising Star -- Michele Donaldson, Beverly Hills Bridal Exchange; Breanne Houston, T3 Fitness; Jessica Sanchez, JS Platinum Insurance Services; Darlene Tarnoski, A Difference Today, Women Against Child Trafficking.

Business Woman of the Year -- Palbinder Badesha, Express Employment Professionals; Bambi Cahilly, Excel Scientific, Inc.; Lynn Diamantopolous, Athena Marketing Research, Inc.; Tracey Papkey, Potamus Press Printing.

Trailblazer -- Diane Cooper, Hourglass Wine and Art Gallery; Nicole Farrell, Karaoke with Nicole; RJ Jackson, Inspirational Speaker and Author; Lorna Jenkins, My Learning Studio.

NAWBO-IE will also honor Hilda Kennedy, President of AmPac Tri State CD and NAWBO-IE’s 2011-2012 President with the Acknowledging NAWBO Individuals That Achieve (ANITA) Award for her dedication to NAWBO-IE, her community, and to helping others achieve in numerous ways.

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About NAWBO-IE: One of 80 chapters nationwide, NAWBO-IE is the organization of choice for women business owners in the Inland Empire, and is also a strong voice in Sacramento for public policy issues affecting women-owned businesses. Their goal is to promote and enhance the growth and profitability of their member businesses. To find out more about the vision and objectives of NAWBO-IE, the benefits of joining or becoming a corporate partner, please visit www.nawbo-ie.org.

Member in the News: Hope Suhr of Hope's Chest

NAWBO-IE Member, Hope Suhr, Featured in North County Times.

Hope Suhr, Owner of Hope's Chest in Canyon Lake, CA

Read article below:

http://www.nctimes.com/business/retail-hope-s-chest-owner-finds-new-life-in-bra/article_7259abf1-ae31-5aaf-9886-c6b077f4d63b.html

You, Your Business and Tax Law Changes

The transition from 2011 to 2013 promises to be a rocky one in the tax world, as we move through the 2012 election year with a extremely partisan debate over the future course of the federal tax system and federal budget in general.  With expiring tax provisions, new health care taxes, and estate taxes back, tax planning is highly advisable.  Here are some of the changes to be on the lookout for:

The New Hire Retention Credit was originally created as an incentive to hire unemployed workers in 2010.  Now it is to help retain the newly-hired employees for whom the hiring exemption was claimed in 2010. The new credit is allowed for such employees who remain an employee for 52 consecutive weeks.  The credit is the lesser of $1,000 or 6.2% of wages paid by the employer to the retained qualified employee.

Congress has repealed the 3% withholding requirement that was scheduled to take effect in 2013 for all payments to government contractors providing property or services to a federal or state/local government agency.  In addition, the new law extends and expands the Work Opportunity Tax Credit (WOTC) applicable to qualified veterans.  This credit applies to any veteran who served for more than 180 days. 

An employer may offer his employees a “simple cafeteria plan” for the years after 12/31/10. Such plans are granted a safe harbor for meeting non-discrimation rules that generally apply to cafeteria plans.  Remember, cafeteria plans are not available to partners, LLC members or sole proprietors.  Nor can they be offered to S corporation shareholders owning over 2% of the company.

Employers will be required to disclose the value of the employee’s health insurance coverage sponsored by the employer, starting with the 2012 W-2s. 

The American Recovery & Reinvestment Act temporarily shorted the built-in gains tax waiting period for corporations that switch from a C to S status to 7 years from 10 years.  The new law, changes the waiting period even further, providing that no BIG tax is owed on built-in-gains recognized in tax years beginning in 2011, if certain provisions are met.

100% bonus depreciation remains in effect for 2011, but drops to 50% in 2012 and is scheduled to disappear altogether in 2013, with an exception for certain “long-lived” property.

Maximum section 179 expense (for fixed assets) drops in 2011 to $139,000 (from $500,000), futher dropping to $25,000 for tax years beginning after 2012. 

For decedents dying in 2010 and 2011, the estate tax applicable exclusion amount is $5 million.  For deaths in 2012, the applicable exclusion is inflation adjusted to $5,120,000, with the maximum estate tax rate being 35%.  In 2013 and beyond, the transfer tax is scheduled to return giving us a top rate of 55% plus 5% for certain estates, and a $1 million exemption.

Phoebe Vausher-Frankeberger is a partner with Frankeberger Vausher + Company, CPAs which is located in Chino Hills.  She can be reached at 909-597-1100 or at PhoebeF@FVCPAs.com