Developments In Tax And Business
More IRS Audits
A recent report from the Government Accountability Office reveals that for
its 2008 fiscal year, the IRS increased its audits of high-income taxpayers
by close to 16%. Audits of small businesses increased by 3%.
Less Information Required on Davis-Bacon Payroll Records
Contractors covered by the Davis-Bacon and Related Acts will no longer have
to include employees’ home addresses and Social Security numbers on weekly
certified payroll records submitted to contracting agencies or to the
federal Department of Labor’s (DOL’s) Wage and Hour Division. The change to
the prior requirement was driven by the DOL’s stated intention to “better
protect the personal privacy” of individuals involved in covered
construction projects.
Study Finds Retrofits Deliver Big Energy Savings
Twenty-one percent of the energy consumed each year in the U.S. is spent on
operating and maintaining homes, according to federal energy officials. A
recent study conducted for the California Homebuilding Foundation found that
spending $10,000 retrofitting a 1960s home could save 8.5 tons of carbon
emissions.
Work-In-Process is provided by
Somerset for our clients and other interested persons upon request.
Since technical information is presented in generalized fashion, no
final conclusion on these topics should be made without further review.
For additional information on the issues discussed,
please contact
Ken
Hedlund,
Jay Feller,
Steve George,
Chris
Mayfield or
Rebecca Ogle
of our
Construction & A/E Team.
This document is not intended or written to be used, and cannot be used,
for the purpose of avoiding tax penalties that may be imposed on the
taxpayer.
Somerset CPAs,
P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
www.IndianaConstructionCPAs.com
