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Office Closure: Beginning July 2, the Delap office will close for an interior remodel. The remodel project has been in the works for months and will include an updated reception area as well as new and improved conference rooms. The project is scheduled to last a few months, with the office anticipated to reopen sometime around the holidays. We will continue to assist our clients with their accounting and advisory needs during the remodel, and we appreciate your patience and understanding during this renovation process.
Lower, taxpayer-friendly income tax and capital gains rates, along with more than 50 other tax provisions enacted in 2001 and 2003, generally referred to as the “Bush-Era Tax Cuts,” expired at midnight on January 1, 2013. However, a late maneuvering has created a retroactive bill that extends many provisions.
So what does this mean to you? Some quick highlights:
The act extends many business tax credits and provisions. The research and development activities credit extension is notable. Additionally, increased expensing under section 179 was extended through the end of 2013. Bonus depreciation allowing for 50% year one depreciation was also extended through 2013.
Other business provisions, including energy tax credits and provisions, have been extended. For a more complete list please contact your Delap professional.