8/7/2019 Letter From The Managing Partner - March 2010

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8/7/2019 Letter From The Managing Partner - March 2010

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KEY 2009 TAX DEVELOPMENTS THAT MAY AFFECT YOU

Many of you may find it difficult to keep track of the growing volume of complex, new

developments that can overwhelm even our most knowledgeable clients. This is particularly

true as Congress continues to pass new tax laws, both large and small. There are key tax

developments that occurred during 2009 that may affect you, your family, your investments,

and your livelihood. Now is the best time, during the course of this tax season, to sit down

with your SingerLewak Tax Partner to learn what steps you should implement now to take

advantage of favorable developments, and to minimize the impact of those that are

unfavorable.

Additionally, there are a number of tax credits often overlooked by business owners. We havethe resources and the capability to identify and claim these credits.

California currently has four types of Geographic Targeted Economic Development Areas:

l 42 Enterprise Zones

l 8 Local Agency Military Base Recovery Area (LAMBRA)

l 2 Manufacturing Enhancement Areas

l 1 Targeted Tax Area

Each of these areas has a related tax incentives benefit.

Federal Employment Credits and Incentives were created to offer a combination of grants and

tax credits for businesses in highly distressed urban and rural communities and are generated

in addition to the California Enterprise Zone Credits. In California, the following Federal

Employment Credits are available:

l Federal Empowerment Zone (FEZ)

l Renewal Community Zone (RCZ)

l Work Opportunity Tax Credit (WOTC)

These are available in certain areas of Los Angeles (city and county) as well as Orange County

(Santa Ana).

Please contact us if you have any questions and would like to discuss in further detail.

David Krajanowski, CPA

Managing Partner

California Credits and Incentives:

Federal Employment Credits and Incentives: