More Talk, No Action (Yet)
Congress continues to kick the can on many issues, but in this case there’s at least promise of action yet to come. The Tax Extenders bill has some hugely important provisions affecting business and individual taxes for 2014: 50% bonus depreciation for another year; expensing up to $500,000 of new fixed assets; extension of the R&D and other credits; availability of 0% capital gains on 2014 investments in certain small businesses; and much more. Stimulating business activity with these provisions is out the window for 2014 because Congress did not act sooner. Affected taxpayers and their advisers are understandably frustrated holding up tax planning decisions until after the November elections, that then must be made in a short period of time.
When you vote, keep in mind who in Congress is unwilling to serve the people in a better manner than this. But also plan with your tax advisor how you can save some significant tax dollars, responding quickly to whatever provisions ultimately get passed.
Read more on this issue in this article, Senate Finance Leaders Urge Action on Tax Extenders.
Brian Monbouquette works with middle market and emerging growth companies as an interim or fractional CFO, and as a financial consultant applying his extensive experience in tax, capital raising, M&A and partnering. Brian has 30+ years of experience as a former Big 4 and regional firm tax partner, and as a CFO for a variety of high growth companies, predominantly with firms in healthcare/life sciences, software/Internet services, clean energy manufacturing and other services.
Brian started his career in the Boston and Providence offices of Price Waterhouse, where he worked for 23 years with both large multinationals and emerging growth companies, as well as with venture capital funds, healthcare providers and the country’s largest independent hydro site consolidator.