SST 2010 webpage up and running.
South Sound Technology Conference
Friday, November 19, 2010
William W. Philip Hall
University of Washington Tacoma
1918 Pacific Ave., Tacoma 98402
Friday, October 22, 2010
Wednesday, October 6, 2010
Angels and Small Business Tax Benefits
Last week, President Obama signed the Small Business Jobs Act of 2010, which includes several benefits for small businesses and also a benefit for angel investors. The Angel Capital Association wants to get this information out to you, as this benefit relates to investments made between September 27 and December 31, 2010 and may be of interest to many of you.
The new law includes a 100 percent exemption for gains made in Qualified Small Business Stock, and this new bill effectively means that you pay no taxes on gains from your investments that meet several criteria below and Alternative Minimum Tax does not apply. If you are interested in this program, PLEASE TALK TO YOUR ACCOUNTANT to ensure you have all the information you need to structure your investments to meet all requirements.
Criteria and Limitations:
• Investments must be made by a non-corporate investor (for example, individuals or funds structured as LLCs).
• Investments must be made between September 27 and December 31, 2010 to qualify for no taxes on the gains.
• The company in which you invest must be a C corporation and must be a qualifying type of business (many businesses except financial institutions, farms, professional service firms, hotels, and restaurants)
• The company in which you invest must not exceed $50 million in aggregate gross assets at any time before the investment or immediately afterward. An important issue in this size is that 80% of the assets must be used in the "active conduct" of the business at all times.
• The stock must be purchased by the investor as an original issuance from the corporation, directly or through an underwriter. So, notes and warrants do not count. We're hearing that if you have an outstanding note that converts to stock before December 31st, then the stock would count for this program. (BUT TALK TO YOUR ACCOUNTANT.)
• The stock must be held for more than five years (subject to exemptions for qualifying tax-free rollovers)
• There are limitations on redeeming shares of the company's stock before and after the qualified stock is issued.
• The gains eligible for the zero taxes by any single taxpayer max out at $10 million or ten times the adjusted tax basis of stock issued by the stock
• For just investments made between September 27 and December 31, 2010, the gains are also not subject to the Alternative Minimum Tax.
Other Important Things to Know:
It's confusing, but Qualified Small Business Stock (QSBS) taxes are actually based on ordinary income rather than what we normally think of as capital gains taxes. So, when you see that QSBS provides a 100% exemption of taxes on gains, the comparison is to the current 75% exemption on gains - which works out to 7% rate on ordinary income.
For any of you or your accountants looking for the actual language to the bill, we link you to the Small Business Jobs Act of 2010 here. The relevant sections are 2011-2013 (pages 51-53).
Here are a few of the articles and backgrounders we liked on the subject:
• Wall Street Journal - For New Tax Breaks, Act Fast , September 30, 2010
• Calling All Angels - Donald Jay Korn, Financial Planning Magazine, September, 2009 (This was written when the exemptions for QSBS were only 50 to 75%, but has helpful information, and includes one of the last media quotes from Luis Villalobos.)
• Favorable Legislation Relating to Qualified Small Business Stock, Latham & Watkins, September 27, 2010
• Overall summary of other items in the Small Business Jobs Acts
The new law includes a 100 percent exemption for gains made in Qualified Small Business Stock, and this new bill effectively means that you pay no taxes on gains from your investments that meet several criteria below and Alternative Minimum Tax does not apply. If you are interested in this program, PLEASE TALK TO YOUR ACCOUNTANT to ensure you have all the information you need to structure your investments to meet all requirements.
Criteria and Limitations:
• Investments must be made by a non-corporate investor (for example, individuals or funds structured as LLCs).
• Investments must be made between September 27 and December 31, 2010 to qualify for no taxes on the gains.
• The company in which you invest must be a C corporation and must be a qualifying type of business (many businesses except financial institutions, farms, professional service firms, hotels, and restaurants)
• The company in which you invest must not exceed $50 million in aggregate gross assets at any time before the investment or immediately afterward. An important issue in this size is that 80% of the assets must be used in the "active conduct" of the business at all times.
• The stock must be purchased by the investor as an original issuance from the corporation, directly or through an underwriter. So, notes and warrants do not count. We're hearing that if you have an outstanding note that converts to stock before December 31st, then the stock would count for this program. (BUT TALK TO YOUR ACCOUNTANT.)
• The stock must be held for more than five years (subject to exemptions for qualifying tax-free rollovers)
• There are limitations on redeeming shares of the company's stock before and after the qualified stock is issued.
• The gains eligible for the zero taxes by any single taxpayer max out at $10 million or ten times the adjusted tax basis of stock issued by the stock
• For just investments made between September 27 and December 31, 2010, the gains are also not subject to the Alternative Minimum Tax.
Other Important Things to Know:
It's confusing, but Qualified Small Business Stock (QSBS) taxes are actually based on ordinary income rather than what we normally think of as capital gains taxes. So, when you see that QSBS provides a 100% exemption of taxes on gains, the comparison is to the current 75% exemption on gains - which works out to 7% rate on ordinary income.
For any of you or your accountants looking for the actual language to the bill, we link you to the Small Business Jobs Act of 2010 here. The relevant sections are 2011-2013 (pages 51-53).
Here are a few of the articles and backgrounders we liked on the subject:
• Wall Street Journal - For New Tax Breaks, Act Fast , September 30, 2010
• Calling All Angels - Donald Jay Korn, Financial Planning Magazine, September, 2009 (This was written when the exemptions for QSBS were only 50 to 75%, but has helpful information, and includes one of the last media quotes from Luis Villalobos.)
• Favorable Legislation Relating to Qualified Small Business Stock, Latham & Watkins, September 27, 2010
• Overall summary of other items in the Small Business Jobs Acts
Friday, September 17, 2010
Mobile App Links Retailers & Consumers
The Tacoma Metro marketplace is the first market in the country to get access to an exciting new technology being introduced by WhereURnow LLC. The company has developed a robust mobile application platform that will allow businesses of all sizes and scope to link up with consumers, who are interested in their services.
Additionally, the application utilizes the location information for both the consumer and the businesses to deliver information to consumers from businesses, based on what is closest to them. This allows business owners to target consumers who are interested in their services and are in their neighborhood.
The consumer gets relevant information both by proximity and their interests and provides mapping and directions to those businesses. As a consumer, you can also easily change the location of your search from your current location to another location with just a few clicks inside the application. You can select a different zip code, a different neighborhood, city or state.
The WhereURnow platform is a web based application, so it also allows consumers to look for information about businesses from their home or work and then easily save that info to their phone for future use.
The business owner also uses the web platform to manage their content on the WhereURnow platform. This allows the business owner 24/7 access to their content and allows them to change that content instantaneously. A business owner has the ability to have multiple offers in the system. The management system provided in the platform also gives the owner access to a complete redemption tracking system for any offers they put into the system and provides access to a loyalty program managed entirely through the WhereURnow interface.
The company launched the service on September 15th and is currently signing up businesses in advance of the public launch of the application in mid-October, which will be accompanied by a significant media campaign on local TV and internet sites.
Thursday, September 2, 2010
Tacoma Has New Science Cafe
Pacific Science Center has announced a third Science Café, which will be located in Tacoma, Washington.
Science Cafés bring scientists face-to-face with the general public in the comfortable, lively atmosphere of a neighborhood cafe or pub All Science Cafés are free to the public, open to all ages and no science background is required!.
The evening begins with a brief presentation by a scientist, which kicks off an extended discussion session between the scientist and audience. Previous cafés have covered climate science, evolution and religion, robotics, and health care, just to name a few.
A partnership with KCTS-9 Public Television, the Tacoma Science Café will take place the first Thursday of each month at the famous Harmon Brewery in downtown Tacoma. The pub, known as "Tacoma's Downtown Gathering Place" will welcome local scientists and community to discuss current science topics from climate impacts in the Northwest to the science of chocolate.
"We are grateful to the Institute of Museum and Library Services for their generous grant that allows us to expand our Science Café program to the South Sound," says Meena Selvakumar, Acting Vice President for Strategic Programs at Pacific Science Center.
Science Cafés bring scientists face-to-face with the general public in the comfortable, lively atmosphere of a neighborhood café or pub. All Science Cafés are free to the public, open to all ages and no science background is required!
"People attend our science cafés for a variety of reasons," said Wendy Hansen, Ph.D., SCOPE Project Manager for Pacific Science Center. "But most are there to learn something new about current research and to ask questions of the speaker. The appeal of the cafés is that people get to learn about cutting edge research in a fun environment."
The new café will launch Thursday, November 4, at 7 p.m. at the Harmon Brewery in downtown Tacoma. Each Science Café begins with a local scientist presenting a backbone of science related to the night's topic, followed by a short break for table discussion and beverage refills. The highlight of the night is an extended question and answer session with the scientist.
The Harmon Brewery is located at 1938 Pacific Avenue, Tacoma, WA 98402
Want more science cafes? Click here.
Science Cafés bring scientists face-to-face with the general public in the comfortable, lively atmosphere of a neighborhood cafe or pub All Science Cafés are free to the public, open to all ages and no science background is required!.
The evening begins with a brief presentation by a scientist, which kicks off an extended discussion session between the scientist and audience. Previous cafés have covered climate science, evolution and religion, robotics, and health care, just to name a few.
A partnership with KCTS-9 Public Television, the Tacoma Science Café will take place the first Thursday of each month at the famous Harmon Brewery in downtown Tacoma. The pub, known as "Tacoma's Downtown Gathering Place" will welcome local scientists and community to discuss current science topics from climate impacts in the Northwest to the science of chocolate.
"We are grateful to the Institute of Museum and Library Services for their generous grant that allows us to expand our Science Café program to the South Sound," says Meena Selvakumar, Acting Vice President for Strategic Programs at Pacific Science Center.
Science Cafés bring scientists face-to-face with the general public in the comfortable, lively atmosphere of a neighborhood café or pub. All Science Cafés are free to the public, open to all ages and no science background is required!
"People attend our science cafés for a variety of reasons," said Wendy Hansen, Ph.D., SCOPE Project Manager for Pacific Science Center. "But most are there to learn something new about current research and to ask questions of the speaker. The appeal of the cafés is that people get to learn about cutting edge research in a fun environment."
The new café will launch Thursday, November 4, at 7 p.m. at the Harmon Brewery in downtown Tacoma. Each Science Café begins with a local scientist presenting a backbone of science related to the night's topic, followed by a short break for table discussion and beverage refills. The highlight of the night is an extended question and answer session with the scientist.
The Harmon Brewery is located at 1938 Pacific Avenue, Tacoma, WA 98402
Want more science cafes? Click here.
Monday, August 2, 2010
South Sound Technology Conference 2010: Save the Date
Save the date of Friday November 19th to come and attend the 11th annual South Sound Technology Conference on the University of Washington, Tacoma campus. Last year’s event was a great success with over 165 registrations and over 200 attendees filling the William W. Philip Hall during the course of the all day event.
Like the 2009 event, there will be keynote speakers in the morning and during lunch, technology panels and exhibits in the Kopp gallery. Also, once again there will be dual track breakout sessions, though this year we have reserved larger rooms to accommodate the sessions.
One of the tracks has been identified as Energy, Sustainability and Technology which is a very timely topic. Other parts of the program will be developed as we get closer and will be posted on the South Sound Technology Conference website at www.sstconference.org. Thanks go out to Seamus Holman and Gridworks Design for once again sponsoring the site: http://www.sstconference.org/
The annual South Sound Technology Conference is the technology showcase for Tacoma and the South Puget Sound. For years it has brought together leaders from industry, education, and government from around the state to discuss and demonstrate technological innovations and their ongoing applications.
Panel and keynote presentations — including networking opportunities — provide a venue to discuss, explore, understand and deploy technology as a solution, an opportunity and an advantage. SST is perhaps this region’s best annual event to learn how technology is transforming our business and community life.
Tuesday, July 20, 2010
Tuesday, June 29, 2010
Tacoma Leaders Close When Cloture Fails
Earlier, we’ve blogged about the Finance Reform bill and its comparatively minor provisions that relate to angel investors. I say comparatively minor as the Finance Reform bill does many earth-shaking changes in the nation’s/world’s financial market. Those many earth-shaking changes are where the news action is.
However, a new local link is emerging.
CQ News reports today that final action on the comprehensive financial service overhaul remains uncertain. With both the election of Sen. Scott Brown (R-MA) and the death of Sen. Robert Byrd (D-WV), sixty Democratic senatorial votes are no longer assured. With only four Republican senators voting “yea” for the Finance Reform bill, the question arises which Democrats are voting “no.”
Chamber delegation visiting with Sen. Cantwell immediately following Senate failure to
vote on her amendment.
Those two Democratic senators voting “no” are said to be Sen. Charles Grassley (D-IA) and our own Sen. Maria Cantwell.
When the Chamber’s delegation visited Washington, D.C. last month, Sen. Cantwell had just had defeated (by Sen. Harry Reid, (D-NV) Majority Leader, pursuing a cloture vote) on the Senate floor her proposed amendment. She was quoted at the time by Jordan Fabian, thehill.com/blogs, that a vote on her amendment was continguent on her voting “yea” for the Finance Reform bill.
Sen. Cantwell’s amendment, co-sponsored by Sen. Blanche Lincoln (D-AR), aims to toughen enforcement of complex financial derivatives.
However, a new local link is emerging.
CQ News reports today that final action on the comprehensive financial service overhaul remains uncertain. With both the election of Sen. Scott Brown (R-MA) and the death of Sen. Robert Byrd (D-WV), sixty Democratic senatorial votes are no longer assured. With only four Republican senators voting “yea” for the Finance Reform bill, the question arises which Democrats are voting “no.”
Chamber delegation visiting with Sen. Cantwell immediately following Senate failure to
vote on her amendment.
When the Chamber’s delegation visited Washington, D.C. last month, Sen. Cantwell had just had defeated (by Sen. Harry Reid, (D-NV) Majority Leader, pursuing a cloture vote) on the Senate floor her proposed amendment. She was quoted at the time by Jordan Fabian, thehill.com/blogs, that a vote on her amendment was continguent on her voting “yea” for the Finance Reform bill.
Sen. Cantwell’s amendment, co-sponsored by Sen. Blanche Lincoln (D-AR), aims to toughen enforcement of complex financial derivatives.
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