Wednesday, May 12, 2010
Federal Issues
Health Care Reform Time Line
Neil Trautwein, Vice President and Employee Benefits Policy Counsel for the National Retail Federation presented the following Power Point at a Webinar sponsored by the National Retail Federation. The Power Point provides key information on what business owners need to know now and what will become effective for the remainder of 2010 and beyond. Click for webinar Power Point.
State Issues
Virginia Has Three
Sales Tax Holidays
The VRF lobbied for the inclusion of the tax absorption language to enable all retailers to participate in each sale.
- May 25–31—Hurricane Preparedness
- August 6–8—Back To School Supplies, Footwear and Clothing
- October 8–11—Energy Star and Water Sense Products
Click here for information.
Hurricane Preparedness Sales Tax Holiday, May 25-31
During this seven-day period, purchases of certain supplies and equipment needed for hurricane preparedness will be exempt from sales tax. Retailers may also choose to absorb the tax on other items during the holiday period, but they are responsible for paying the tax on those items to the Dept. of Taxation. Retailers are also permitted to advertise “tax free shopping” during and prior to the seven day sales tax holiday. This is a great opportunity for all retailers to participate in the sales by featuring the “shop tax free” in their ads.
For a list of Hurricane Preparedness exempt items, click here.
Advertising that you will pay the tax for a customer or advertising to shop tax free is against Virginia law at any time except during designated sales tax holidays. For state code relating to sales tax absorption, click here.
Accelerated Sales Tax Payment Due June 2010
Retailers who are required to remit their sales tax liability electronically and those retailers with taxable sales of $1million or more are required to make an Accelerated Sales Tax payment this June. If payment is made electronically it is due on June 30th. If payment is made by mail it is due on June 25th. Click here for details.
ABC Privatization
The Virginia Retail Federation has been given the opportunity to serve on the Governor’s ABC Privatization work group. The work group’s objective will be to develop the framework for privatizing the sale and distribution of distilled spirits.
The VRF’s legislative policy, which is reviewed and voted on annually by the RMA Board of Directors, clearly states that the VRF supports ABC privatization, however, there are a number of caveats:
- If it is the result of a formal study
- Is open to the public for input
- Is approved through the legislative process
- Has a proper regulatory control
There will be a joint meeting of the Government Relations Committees of the Retail Merchant Association and the Retail Alliance on June 1st to discuss in detail how ABC Privatization can be accomplished and not give an unfair competitive advantage to some retailers.
More details will follow as the summer progresses.
Upcoming Event
Wednesday, May 26, 2010
Your Tourism Investment and How to Protect It
Small business, small retailers, have an investment in tourism. Your localities invest on your behalf to attract visitors and customers. You invest in your company's inventory, staff and your store’s physical appearance. Tourism is big business. Learn how to protect your piece of this pie, and how to attract more tourists and convention delegates to your store.
Guest speaker—Jack Berry, President & CEO
Richmond Metropolitan Convention & Visitors Bureau
Wednesday, May 26
8:15–9:30 a.m.
Location: Retail Merchants Association
5101 Monument Avenue
Richmond, VA 23230
(804) 662-5500
Directions >>
Cost: RMA Members $5; non-members $7; SLPA members & law enforcement, no cost.
Contact: If you have questions, contact Len East at 804-662-5500, len@retailmerchants.com.
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Member News & Events
Richmond Flying Squirrels and Red Cross To Offer Free Adult CPR Training
The American Red Cross and The Richmond Flying Squirrels don’t want you to be “left out on a limb” if cardiac arrest strikes, so they are teaming up to offer free on-line CPR training. “CPR Grand Slam” starts at 9:00 AM, Saturday, May 29th, 2010 at the Diamond, 3001 North Boulevard in Richmond. The first 100 people who register get free Online Adult CPR certification and a ticket to see the Squirrels take on the Bowie Baysox. For more details and registration information visit: www.greaterrichmond.redcross.org.
The event kicks off National CPR/AED Awareness Week, June 1-7, 2010 during which the Greater Richmond Chapter of the Red Cross urges everyone to learn these lifesaving skills.
“We’d like every home and place where people work, worship or play to have at least one person certified in CPR and to have more Automatic External Defibrillators (AED) throughout our area,” says Greater Richmond Regional Chapter CEO, Reggie Gordon. “With CPR everyone has the power to possibly save a life. It’s literally at their fingertips. Take the online training then join us at CPR Grand Slam. You will go from being a helpless bystander to someone who is trained, empowered and prepared to take action and help in an emergency.”
Dominion Riverrock Kicks Off May 14-15
Sports Backers and Venture Richmond announced the final event schedule for Dominion Riverrock, the 2nd annual adventure sports and river life festival in Richmond. Among the sports featured this year are trail running, mountain biking, kayaking, freestyle biking and Ultimate Air Dogs. A host of impressive athletes are involved in the fest this year such as pro freeride mountain biker Jeff Lenosky, who designed this year’s freestyle bike course; as well as extreme kayaker Tao Berman and pro mountain biker Aaron Chase, both Red Bull athletes. And, Jon Lugbill, one of the greatest whitewater canoe slalom racers ever, is executive director of Sports Backers, co-producers of the annual festival.
This year’s music lineup of free concerts is particularly impressive and includes national artists like Grace Potter & the Nocturnals, who were listed as one of Rolling Stone’s best new acts of 2010, and Robert Randolph & the Family Band, a funk and soul group fronted by well-known pedal steel guitarist Robert Randolph. There are also plenty of Richmond-based groups in the lineup this year, such as The Congress, Beast Wellington, Antero and Farm Vegas.
Dominion RIverrock will also feature an interactive village open throughout the festival. In this area, festival goers can participate in plenty of activities for all ages including raft rides on the James River, kayaking in the canal, and more.
For those interested in registering, you can still sign up for all events online. On-site registration will also be available. For information about Dominion Riverrock 2010 and the full schedule, please visit www.dominionriverrock.com.
Lakeside Farmers' Market Hums Along
This Wednesday, Kruize Farm of Henrico County, Deer Run Farm, Wild Heaven Farm, Sergio Lopez, Flynns Foods, Dutch Oven Bakery and many other growers will be showcasing their fresh produce, meats, plants, baked goods, cheeses, pastas, and goat milk products. Local Farmers' Markets offer the opportunity to bring produce to your table that ripens on the vine and not in the truck traveling across the country. Visit this week, bring a friend, and discover the freshness. Open two days per week: Wednesdays open for two market periods. 8AM-noon & 3PM-7PM. Some vendors stay for the entire day and will keep selling to the lunch crowd. Saturdays 8AM-noon.
www.lakesidefarmersmarket.net
The first 30 people to bring a friend to the market will receive a free Virginia Grown Shopping Bag. See Sharon or Peter. Offer good until they are gone!
Paychex Offers Savings Calculator for HIRE Act—More info!
Paychex has introduced a new Web page and online calculator to help businesses determine their taxsavings if they take advantage of the recently passed HIRE Act to hire new employees.
The Web page provides the latest information available on the act, and features an interactive calculator. Employers can indicate the month of hire; type of pay (salary or hourly); and the annual salary or hourly wages, plus the hours per week. The calculator then computes the amount of the potential Social Security tax savings and business tax credit.
The Hiring Incentives to Restore Employment Act offers employment tax breaks for businesses that hire unemployed people, and extends further benefits to employers if those workers remain on the job for more than one year.
Employer benefits of the HIRE Act extend to organizations that take on people who have worked fewer than 40 hours in the 60 days before they are hired. There are two major tax incentives for employers:
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Businesses save the 6.2 percent employer portion of the Social Security tax for any qualified individuals hired after Feb. 3 and before Jan. 1, 2011. The available break is up to $6,622.00 for each new employee, depending on wages paid. Wages paid between March 19, 2010, and Dec. 31, 2010, can qualify for the credit.
- Employers get a tax credit of up to $1,000 after one year of employment for each employee hired under the provisions of the act. For the employer to claim this credit, wages paid during the previous 26 weeks must equal at least 80 percent of the workers’ wages during the first 26 weeks of employment.
Paychex officials say that the act does not place a limit on the total hires for each company, and it does not permit employers to terminate employees in order to make room for those who would enable companies to receive benefits.
For the latest on the HIRE Act, including the calculator to estimate potential savings, visit www.paychex.com/hireact.
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