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2010-01-26T08:09:45-05:00

Looking for a tax deduction for 2009? If you make a cash donation by March 1st for Haiti relief you can deduct it on your 2009 tax return.

DOT board opens road project pipeline - Atlanta Business Chronicle:

2010-01-23T12:07:27-05:00

Good news for highway contractors in Georgia:

The State Transportation Board agreed Thursday to loosen up funding of highway projects that has slowed significantly since the state changed its budgetary practices nearly two years ago following a critical audit.

Board members voted overwhelmingly to return to a system of “accrual accounting,” which allows the Department of Transportation to commit funds to multi-year projects before all of the money is in hand.

A state audit in 2008 concluded that accrual accounting was a violation of the Georgia Constitution, and then-DOT Commissioner Gena Evans halted the practice.

Combined with the economic downturn, the change in policy slowed the flow of DOT funds for new construction – which had hit a record $2.7 billion in fiscal 2007 – to a trickle, prompting highway contractors across the state to lay off large numbers of workers.

“This state is hurting tremendously for jobs,” said board member David Doss of Rome, who made the motion to return to accrual accounting. “By us having our hands tied by this accounting, it has cost jobs.”

In passing Doss’ motion with just two “no” votes, the board turned aside warnings from the agency’s legal staff that if Georgia Attorney General Thurbert Baker rules accrual accounting illegal, the DOT would have to pay back any advance funds used to award construction contracts.

After the 2008 audit, the board was forced to scramble to plug a $450 million deficit in that year’s budget caused by advancing funds to highway projects.

“I think we’re being too hasty to move ahead with this right now,” said board Chairman Bill Kuhlke of Augusta, who voted against the proposal.

Under Doss’ motion, the DOT will send a letter to Baker informing him of its action and requesting a formal opinion on the legality of accrual accounting.

“If we’re wrong, we’re in no worse a position than we were on June 30, 2008,” Doss said. “We took steps to fix it.”

DOT board opens road project pipeline - Atlanta Business Chronicle:

Commercial builders in survival mode - Atlanta Business Chronicle:

2009-10-30T08:13:33-04:00

A halt to construction is forcing Atlanta’s commercial contractors to shed jobs and scramble for new business.And 2010 may be even worse for the industry, as banks remain unwilling to lend money for new commercial real estate projects with so many toxic loans left to purge. Read more at:

Commercial builders in survival mode - Atlanta Business Chronicle:

Georgia Grants Tax Relief to September Storm Victims

2009-09-30T08:59:05-04:00

The Georgia Department of Revenue has extended tax relief related to the severe storms and flooding that occurred on September 18, 2009. The relief applies the same as the relief announcement issued by IRS.

Relief. Georgia tax filing deadlines for taxpayers who reside or have a business in the disaster area are postponed until December 17, 2009. The relief also applies to taxpayers not residing in the covered area but whose books, records, or tax professionals' offices are in the disaster area, as well as relief workers assisting in the affected areas. Taxpayers requesting relief should write ““September 2009 Storms” across the top of any forms submitted to the Department.

The relief applies in the following : Bartow, Carroll, Catoosa, Chattooga, Cherokee, Cobb, Coweta, DeKalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding, Rockdale, Stephens, and Walker.

Disaster victims in Georgia qualify for tax relief

2009-09-29T12:35:51-04:00

The IRS has announced that victims of the recent severe storms and flooding in counties of Georgia that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Only taxpayers considered to be affected taxpayers are eligible for the postponement of time. Affected taxpayers include:

Individuals whose principal residence is located in the counties designated as disaster areas, or whose tax records necessary to meet a filing or payment deadline are located in a covered disaster area,
Business entities whose principal place of business is located in the counties designated as disaster areas, or whose tax records necessary to meet a filing or payment deadline are located in a covered disaster area,
Individuals who are a relief worker assisting in a covered disaster area, regardless of whether affiliated with recognized government or philanthropic organizations,
Any individual whose principal residence, and any business entity whose principal place of business, is not located in a covered disaster area, but whose records necessary to meet a filing or payment deadline are maintained in a covered disaster area,
Any estate or trust that has tax records necessary to meet a filing or payment deadline in a covered disaster area, and
Any spouse of an affected taxpayer, solely with regard to a joint return of the husband and wife.

The following counties are in a federal disaster area qualifying for individual assistance because of severe storms and flooding on Sept. 18, 2009: Bartow, Carroll, Catoosa, Chattooga, Cherokee, Cobb, Coweta, DeKalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding, Rockdale, Stephens and Walker counties. For these Georgia counties, the extended filing date is Dec. 17, 2009.

Hartsfield eyes Nov. for $800M in bond financing - Atlanta Business Chronicle:

2009-09-27T08:36:56-04:00

Hartsfield-Jackson Atlanta International Airport officials expect to go to the bond market in mid-November for financing to finish its international terminal. Read more here:

Hartsfield eyes Nov. for $800M in bond financing - Atlanta Business Chronicle:

IHS: Construction spending to keep falling

2009-09-24T09:37:22-04:00

Construction spending is expected to fall 12 percent this year and 4 percent next year, according to IHS Global Insight Third Quarter Construction Briefing.That is the bad news. The good news is that real total construction spending is expected to rebound with double-digit growth on an annual basis in 2011 and 2012. Read more here:

IHS: Construction spending to keep falling - Atlanta Business Chronicle: