Though Congress tried to extend some tax breaks for
businesses, it could not put the necessary legislation
together before adjourning for Thanksgiving. Congress
was able to pass a law authorizing seven more weeks of
unemployment benefits for out-of-work individuals (13
more weeks of benefits for individuals in states where
the unemployment rate is above 6%).
* Extension through 2009 of 50% bonus depreciation for
the purchase of business equipment.
* Easing funding requirements for pension plans to help
cash-strapped businesses.
Stay tuned for what is likely to be a year with multiple
changes to the tax code. Make it a priority to contact
us for tax guidance before you make important financial
decisions this year.