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Tax Law Changes

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Adam Boatsman of Boatsman, Gillmore and Wagner, PLLC shares presentation on tax law changes during recent chamber Land Use Committee and Manufacturers Council meeting.

Adam Boatsman of Boatsman, Gillmore and Wagner, PLLC shares presentation on tax law changes during recent chamber Land Use Committee and Manufacturers Council meeting.

Published in: Technology, Business

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  • 1. Charlotte Chamber Land Use & Transportation October 30, 2013 Boatsman Gillmore Wagner PLLC Make An Impact. ™
  • 2. Boatsman Gillmore Wagner PLLC Make An Impact. ™
  • 3. New Tax Law Changes for 2013: The Good • 50% Bonus Depreciation stays in effect for new assets placed in use in 2013 • Section 179 Expense – Up to $500,000 of business assets can be expensed (reduced dollar for dollar after more than $2m of assets are put in service) • 15 Year Recovery period for qualified leasehold improvements, qualified retail improvements and qualified restaurant property • Standard Mileage Allowance for business driving increased to 56.5 cents per mile Boatsman Gillmore Wagner PLLC Make An Impact. ™
  • 4. Still In Effect – 2013 The Good Manufacturers Deduction (Qualified Production Activities Deduction – Section 199) – 9% of lesser of: • QPAI or • Taxable income without regard to this deduction – Not to exceed 50% of W-2 wages paid Boatsman Gillmore Wagner PLLC Make An Impact. ™
  • 5. Still in Effect - 2013 The Good R&D Tax Credit – 20% of expenses over base amount – Meets 4 requirements: • New or improved business component • Technological in nature • Elimination of Uncertainty Solar / Roof Top • Federal Tax Credit + Depreciation • Great for Flat Roof Applications Boatsman Gillmore Wagner PLLC Make An Impact. ™
  • 6. Expiring At the End of 2013 The Bad • Section 179 – Rolls Back to $25,000 / $200,000 • Qualified Improvements – 39 Years • Bonus Deprecation All But Goes Away • R&D Credit • Solar (2016) Boatsman Gillmore Wagner PLLC Make An Impact. ™
  • 7. Manufacturer Tax Issues IC-DISC Tax Breaks for Exporters – Corporation must qualify as an IC-DISC – Exporter entity pays the IC-DISC commissions – Dividends to shareholders only taxed at lower qualified dividend rate – Modest interest payments made to the IRS in the instance of deferrals (up to $10m) – 95% of Sales / Assets attributable to foreign exports – 50% of goods manufactured in US – 4% of Sales / 50% of net income qualifies Boatsman Gillmore Wagner PLLC Make An Impact. ™