Construction
Businesses also benefit from new law
Most of the press coverage of the American Recovery and Reinvestment Act - officially named the American Recovery and Investment Act - focused on individual taxpayers. But, several key provisions of the new law bestow tax benefits on businesses, particularly smaller businesses. Businesses purchasing equipment, vehicles and other business assets may claim an almost immediate tax write-off for the cost. If you need to purchase additional assets of almost any type for your construction business, there is no better time than now.
'Shovel ready' companies stand to do well in 2009
Much of the federal government’s effort to stimulate economic recovery is cast in a sense of urgency. While the government is committing billions of dollars to projects designed to increase employment, restart the banking system, create a new energy policy and reform the healthcare system, all of these plans are being pursued with a need to get something started now and work out the details later. It is clear that many of these efforts will involve construction projects. There should be numerous opportunities for those in the construction industry who have the know-how, the financing and the skilled workers ready to capitalize on the opportunities that will present themselves over the coming months.
Report details common real estate crimes
Financial crimes tend to follow happenings in the real estate industry, according to the Financial Crimes enforcement network (FinCEN). FinCEN is a U.S. Department of Treasury agency that works to enhance U.S. national security, deter and detect criminal activity and safeguard financial systems from abuse. One in four suspicious activity reports filed concern actions from the real estate industry – from rehabbers to builders to contractors.
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Federal Tax Watch Special Issue - February 2008
Congress passes economic stimulus package
Industrial Manufacturing
Jobs will open as Baby Boomers retire
Based on statistics, at least 83 million Baby Boomers will begin retiring in the next three to five years. While many are delaying retirement as their savings have diminished in the current economy, millions will be retiring soon. This is predicted to have serious consequences in the labor force, leaving businesses with fewer people to fill positions than they have positions available.
Cost segregation worth a look
It is probably one of the most effective – and misunderstood – tax-saving tools in your accountant’s toolbox. It is a cost segregation study. And tax experts generally agree that these studies, which affect both rental residential and commercial properties, are worth the time, effort and cost typically associated with them. But before you pick up the phone to call your accountant, you should know that cost segregation studies are not for every business, and circumstances vary in which a business benefits from this unique money-saving analysis.
R&D tax credit still available, may save you tax
The Research and Development (R&D) tax credit is like the mythological phoenix. It regularly expires, only to be resurrected over and over again. The credit came into being in 1981. For more than a quarter of a century, this tax benefit has eluded many small and mid-sized businesses. For one thing, Congress has never found the budgetary resources to make the credit permanent. The perennial short-term nature of the credit makes it difficult for some businesses to invest in the record-keeping resources necessary to support the complex credit calculations. But after more than 30 years, perhaps it is time for your business to consider the fact that the R&D credit is as permanent as any other tax provision.
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