The inauguration of President Barack Obama today presages a series of changes in tax laws and accounting standards that are weighing heavily on senior financial executives and business groups, and will require an increased focus on risk.
Slightly more than half (51%) of the 300 some accountants surveyed by Ajilon Professional Staffing expect the new administration to have a "negative impact on corporate tax policy."
Financial Executives International (FEI) and other business groups hope to stop that from happening by encouraging Congress to include more tax cuts to the economic stimulus plan, which House leaders promise to present to President Obama by Feb.13. Already squelched by Democrats was a proposed $3,000 tax credit for every worker hired or retained.
Still on the table are bonus depreciation, a five-year extension of the net operating loss carry-back and a one-year deferral of the 3% withholding tax for government contracts, according to Charles Rangel, a New York congressman and chairman of the tax-writing House Ways and Means Committee.
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