It’s time for mid-year tax planning – ATRA offers businesses many opportunities

Description

Abstract: Under the recently enacted American Taxpayer Relief Act (ATRA), businesses have many tax-saving opportunities, some of which might not be available next year. ATRA provides other opportunities, as well. This article discusses depreciation and expensing; research credits; and setting up a nonqualified deferred compensation plan. (A sidebar notes the importance of meeting IRS timing requirements for such a plan.)