One thing is certain - the new guidance will require construction contractors to evaluate whether any changes are needed to their current revenue and financial reporting processes and systems to comply with the new guidance. Click here to read more.
On December 19, 2014, President Barack Obama signed the Tax Increase Prevention Act. The passage of this Act reinstated many taxpayer-favorable laws that previously expired at the end of 2013. While it’s obviously too late to do any prospective tax planning for 2014, these provisions may save you tax dollars for business decisions and purchases implemented in 2014 when you go to file your 2014 income taxes. Click here to learn more.
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