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Hi, Friend. Here are your Articles for April 16, 2008.
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M&A Offices Closed Friday, April 18th for Team Celebration

McKonly & Asbury offices will be closed this Friday, April 18th as we celebrate the end of another successful tax season. Each year the M&A team ends "tax season" with a bang by enjoying a company party and teambuilding event in the morning, followed by the afternoon off! M&A thanks all of our wonderful team members for their hard work and dedication this tax season. We know that our people are our greatest asset and that M&A's success is a direct result of your efforts! We also thank our clients and friends in the community for your continued trust in us as your accountants and business advisors. Thank you! 


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Affordable Housing Alert: Tax Credit and Bond Bill Approved By Ways And Means Committee

The House Ways and Means Committee approved a bill yesterday (H.R. 5720) making changes in the low income housing tax credit and tax-exempt housing bond programs.  The bill includes: tax credit changes increasing the state per capita credit cap by 20 cents; extension of the high-cost area credit increase to state-designated buildings provision of 12 months to satisfy the 10 percent requirement for carryover allocations; increase in the allowable basis for community service facilities; and suspension of the recapture bond requirement for five years. Read on for more details.

           



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A Primer on Employee Stock Ownership Plans
Did you know that Employee Stock Ownership Plans (ESOPs), which began in 1974 with the passage of federal laws, were designed as a way to put ownership into the hands of American workers?  It is estimated that ESOPs comprise an estimated 10,000 companies in the US, employing an estimated 11.5 million workers.  Legislation enacted to encourage employee ownership allows certain incentives for lenders, selling owners, and ESOP companies. The tax advantages of ESOPs often make them a lower-cost source of corporate financing versus conventional sources.  Read on for more in this introduction to ESOPs.
 


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Don't panic. That is the general advice for investors who have just gone through an extremely volatile stock market quarter. Fear of losses can send investors away from a sound investment strategy. Click "Full Article" for a discussion of how market timing can hurt your investment returns, as well as three common, long-term strategies that may provide greater financial rewards.
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Phoning or text messaging while driving can be as tragic a mix as drinking and driving. If your employees routinely conduct business on cell phones while they drive, they increase the odds of an accident and of your company winding up in court. Click "Full Article" for research showing the dangers of using both hands-free and hand-held cell phones on the road, as well as steps your company can take to help reduce liability.
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Does your business reward employees with bonuses and gifts? These gifts, as well as fringe benefits, may have tax consequences for your company and the recipients. While it's not impossible for an employer to give a tax-free gift to an employee, it is difficult to do, as one Tax Court case illustrates. Educate your employees about the tax implications of bonuses, fringe benefits and perks to prevent a backlash of employee dismay at tax time. Click "Full Article" for a look at the issue.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.

The drafter of the tax articles in this e-newsletter did not intend nor write the advice to be used to avoid any penalty imposed by a taxing authority, nor may any user/recipient of this document use this document’s written tax advice for that purpose. This document’s tax advice was written specifically to support the promotion or marketing of the transaction/matter addressed by the written tax advice. Therefore, any user/recipient of this document should seek an independent tax professional’s advice regarding the user/recipient’s particular circumstances.

 The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

 

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