If you
would like to have further information on any of these
articles, let us know. We would appreciate receiving
your comments and/or suggestions, anytime!
acarroll@pmcpa.com
1. Looking
at the New Energy Tax Breaks for Businesses
The tax
breaks in last year's Energy Bill weren't just for
consumers and big oil companies. A surprising variety
of other businesses can benefit too.
Contractors
who build energy-efficient homes can earn a tax credit
of $1,000 to $2,000 per unit. To qualify, the homes
must have annual heating and cooling costs 30% to 50%
less than a comparable house.
Manufactured
housing (mobile home) makes are also eligible for this
same credit.
Appliance
manufacturers who make dishwashers, clothes washer, or
refrigerators can earn a tax credit if their appliances
meet certain energy efficiency standards.
Owners of
commercial property who make energy-saving improvements
may be able to take an immediate tax deduction for the
expenses. Improvements to heating, cooling, hot water,
and lighting systems, as well as to the building
envelope, are all eligible. To qualify, you must reduce
the combined energy costs of these systems by 50%
relative to a reference building.
Other
businesses qualifying for tax breaks include small-scale
producers of alternative fuels such as agri-biodiesel
and ethanol.
Most of
these tax breaks are available in 2006 and 2007.
These are
just a few of the new tax breaks that took effect this
year. Please call our office if you'd like further
details.
2. Focus on
Fraud: Recommended Reading From the ACFE
Author: Judith M. Collins, Ph.D.
Identified by the FBI as the top crime of
the 21st century, identity theft is most commonly
committed inside the workplace, and the victims are
always a company’s employees or customers. Preventing
Identity Theft in Your Business presents a
comprehensive, four-factor model for implementing an
effective information security plan and provides
step-by-step guidance on employee selection and
training. Rich with real-world case studies illustrating
how identity theft is committed and prevented, this
resource clearly demonstrates how you and your employees
can foster an honest work culture in your workplace.
Highlights include:
-
The
legal requirements for business
-
How
to tighten your business borders
-
How
to recruit your employees for security
-
The
e-business website
-
E-commerce best practices for customers
-
HIPPA: Security for healthcare companies
-
The
security standard checklist
This selection, as recommended by the Association of
Certified Fraud Examiners (ACFE), was used to develop
the 17-part series in this weekly column over the
previous several months. The synopsis above is from
ACFE materials.
“I highly recommend it.” – Martin A. Grausam, CPA CFE
CISA
3. Tech Tip
Weekly: Tracing Formula Error Values
Often, in MS Excel, an error in one cell (for example,
#DIV/0!, #VALUE!, #NA, and so on) is the result of an
error in a precedent cell. MS Excel helps you identify
the cells or cells that are causing the error value to
appear.
To trace the source of the error value, follow these
steps:
-
Click the cell that
contains the error.
-
Choose Tools, Formula
Auditing, Trace Error.
You can also click the Trace Error button on the Formula
Auditing toolbar.
MS Excel draws arrows to all direct precedent cells.
-
Repeat Step 2 as often
as necessary to draw arrows to indirect precedent
cells.
-
Double-click an arrow
to move the cell pointer to a precedent cell.
-
Choose Tools, Formula
Auditing, Remove All Arrows after you finish tracing
the source of your error.
You can also click the Remove All Arrows
button on the Formula Auditing toolbar.
4.
Compliance Calendar
February 23
-Employers
deposit Social Security, Medicare and withheld income
tax for February 15, 16, and 17.
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