QUOTE OF THE WEEK

"Man must cease attributing his problems to his environment and learn again to exercise his will = -- his personal responsibility."
--Albert Schweitzer,
German philosopher, musician, theologian and physician

ESTATE-TAX DEBATE HEATS UP AS THE AUGUST RECESS APPROACHES

Supporters and opponents of restoring the estate tax are calling on Congress to make a decision before the August recess. The estate tax stands at 0% but will rocket to 55% in 2011 for anyone with assets of more than $1 million. Estate-tax supporters, who say the revenue produced could help close the deficit and help state and local governments, want a bill that would return the tax to 2009 levels but on a more progressive scale -- estates would pay either nothing, 45%, 50% or 55% depending on their assets. Estate-tax opponents support a compromise bill that would set the tax rate at 35% with exemptions for anyone with less than $5 million in assets. The Hill

HOW SOME BUSINESSES GOT THEIR NAMES

I found this article about how some popular businesses got their names. I thought you might find it interesting.

http://www.openforum.com/idea-hub/topics/innovation/article/how-16-great-companies-picked-their-unique-names-glen-stansberry

STEINBRENNER, THE OWNER OF THE YANKEES, SAVES MILLIONS IN TAXES

You've probably heard George Steinbrenner, the controversial owner of the the New York Yankees, died last week. Good tax planning on his part. As we all know, the estate tax itself "expired" this year. Under current law, it roars back on January 2011 with a $1 million tax-free "unified credit" and 55% top rate. Steinbrenner is estimated to have been worth $1.1 billion, which suggests that his estate will avoid $600 million in tax.

ECONOMY SLOWS IN RURAL AREAS

(Omaha World-Herald) -- Omaha.com reports that the Rural Mainstreet Index -- a "monthly survey, rural Midwestern bankers," including bankers in Nebraska -- showed "a slight slowdown in their communities’ economies after two months of economic gain." The index was just below 50 for July, which indicates economic decline. However, "Nebraska’s index was 53.2, down slightly from 55.3 in June." One Iowa banker said: "People seem to have very little confidence in the economy getting better."

BURDEN CREATED BY THE HEALTH CARE ACT TO PREPARE MORE 1099'S IN 2012 FINALLY GETTING SOME ATTENTION

I have been talking about this since the Health Care Act was passed. Finally it is getting some press.

(Omaha World-Herald) — Omaha.com reports that Nebraska "farmers, ranchers and small business owners could have a pile of new tax paperwork" due to Sect. 9006 of the new health care law. The provision mandates businesses use 1099 forms "to report to the Internal Revenue Service any time they purchase more than $600 worth of goods in a year from one vendor." The World-Herald story quotes Mike McFarlin, an Omaha certified public accountant, as saying: "This will be an administrative nightmare for small businesses to implement." The article notes that "Bob Dudley of Norfolk said his family business, Appeara, an industrial laundry and uniform supplier, has about 550 vendors supplying him with cleaning products, garments, hangers and other materials. He said he anticipates that most of those vendors would be covered by the new rules." The article also mentions that Nebraska's U.S. Sen. Mike Johanns "is pushing for a repeal of Section 9006" by offering new legislation, and "Nebraska’s three House members — Reps. Lee Terry, Jeff Fortenberry and Adrian Smith — are co-sponsors of a House bill that would repeal the new requirements." Sen. Ben Nelson is "calling on the IRS to look for ways to reduce the burden of the new requirements, possibly by consolidating existing forms," but he "also defended the (health care law's) underlying goal of closing the tax gap."

SNAPSHOT OF THE FINANCIAL OVERHAUL BILL

(Wall Street Journal) -- A summary of the financial overhaul bill is posted at WSJ.com. See it by clicking:

http://online.wsj.com/article/SB10001424052748703722804575369072934590574.html?mod=WSJ_hpp_MIDDLETopStories#project%3DFINCHART1007%26articleTabs%3Dinteractive