In May of 2006, Congress enacted the Tax Increase Prevention and Reconciliation Act of 2005. The two most notable pieces of the bill were the extension of the reduced tax rates on capital gains and dividends as well as the extension of the alternative minimum tax (AMT) reduction. For government contractors and individuals, such as farmers and medical professionals, another important part of the bill was the 3 percent withholding on payments made to government contractors, and for Medicare, farm,...
Read More >>Although the economy has struggled over the recent years, the
construction industry did not seen the drop in revenues and
profits until last year. This is due to the cyclical process
in which the construction industry struggles one to two years after
the national economy. As the recent small depression begins
to hit contractors across the country, both general contractors and
subcontractors are looking for ways to increase revenues and/or cut
costs.
One way for owners, general contractors (GC)...
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