Hi, Website Visitor. Here are your Articles for October 15, 2008.
Rea & Associates, Inc. Announcements
Emergency Economic Stabilization Act Includes Tax Breaks for Businesses
On Oct. 3, 2008, Congress passed the Emergency Economic Stabilization Act of 2008, which President Bush signed into law the same day.The Act includes the much-publicized financial bailout plan, but you may not know it also includes a host of tax breaks and extensions of various tax provisions for businesses.
Emergency Economic Stabilization Act Also Includes Shortened Recovery Period for Leases, Property Improvements for Businesses
The Emergency Economic Stabilization Act of 2008 recently signed by President Bush also approved a shortened recovery period for leaseholds, restaurant property and improvements for retail property that will be beneficial to businesses.
Consider Per Diem Method for Travel Expense Reimbursement
Do you reimburse employees who incur lodging, meals and incidental expenses during business travel? If you currently reimburse actual expenses, it may be to your benefit to consider a per diem allowance instead.
On Oct. 3, 2008, Congress passed new legislation increasing FDIC coverage from $100,000 per account to $250,000 per account for depositors of all banks that are members of the FDIC. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009. The temporary new account limits will allow consumers and business owners to maintain higher balances in their accounts with the confidence that they are still FDIC-insured.
We take great care in the preparation of our articles and announcements. We also have a process of reviewing articles when major changes take place. The business, legal and tax climate is constantly changing especially when reviewed on an industry basis.
It may be very important to consult with us or your Investment Advisor before implementing ideas contained in articles and announcements. Many ideas have complexities and nuances that cannot be adequately detailed in the articles or announcements. We are not responsible for errors, misinterpretations or omissions related to these articles or announcements. Nor are we responsible for the applicability to your personal, business or tax situation.
Pursuant to Circular 230 promulgated by the Internal Revenue Service, if this email, or any attachment hereto, contains advice concerning any federal tax issue or submission, please be advised that it is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal tax penalties unless otherwise expressly indicated.
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