Blue Skies? The new minimum wage law could mean sunny skies--or clouds on the horizon.
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When president Clinton signed the minimum wage bill (officially dubbed the Small Business Job Protection Act of 1996, H.R. 3448) into law just before the Democratic National Convention, the sun came out and things looked brighter for small businesses all over the nation. Besides the minimum wage increase itself, the law includes a number of provisions designed to provide tax relief for small businesses.
But don't put away those umbrellas just yet: Upon closer inspection, a few clouds still loom on the horizon--clouds that, in the view of Michael J. Knight, a CPA and former chairman of the American Institute of Certified Public Accountants' Small Business Taxation Committee, might bring some showers into your life.
According to Knight, the law includes a number of measures that should simplify life for small businesses. He highlights the following categories:
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