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Posts from May 2010.

$1 billion will be awarded as part of Obama’s health plan

With a big boost from a new tax credit, many small companies with projects that strive to diagnose, treat or prevent illnesses will be able to further advance their efforts under an initiative announced on May 21 by the U.S. Treasury Department. The program is part of President Barack Obama’s Patient Protection and Affordable Care Act. Similar to the Advanced Energy Manufacturing Tax Credit Program announced during the third quarter of 2009, this tax credit program is expected to be very competitive, and the available $1 billion in tax credits/grants is expected to be allocated in short order.

Greenebaum Doll & McDonald is proud to present the Management Memo, a quarterly publication dedicated to providing a management-oriented analysis of what we see as interesting labor issues. 

Receiving notice that a company has filed a Chapter 11 reorganization bankruptcy case is not welcome news for general unsecured creditors, such as the debtor's suppliers, customers or vendors.  The key to success in addressing any unwelcome news is the creditor's response.  Unsecured creditors should consider proactive steps to protect their interests, rather than merely ignoring the bankruptcy.  One course of action that is sometimes available to bolster an unsecured creditor’s likelihood of payment is "critical vendor" treatment.

On April 29, 2010, the Kentucky Waterways Alliance, Sierra Club, Kentuckians for the Commonwealth, and the Kentucky Resources Council, Inc. gave notice to the U.S. EPA that unless it approves or disapproves Kentucky’s revised antidegradation of water quality rules within 60 days,  the groups will commence a civil suit under the Clean Water Act seeking to compel the EPA Administrator to exercise her non-discretionary administrative duty to approve or disapprove the proposed rules under the Act.  On November 13, 2009, the Kentucky Division of Water submitted revised antidegradation rules to U.S. EPA for review and approval.

On Thursday, April 29, 2010 the DOL announced its plans to require employers to prepare and adopt compliance plans. The compliance plans, aimed at reducing legal violations, would address wage, job safety, and equal employment opportunity issues. The DOL’s purpose, apparently, is to foster a culture of compliance to replace the current culture that enables many employers to ...

Greenhouse gases (GHGs), particularly carbon dioxide, are emitted by virtually every industrial and business facility. Indeed, if your plant or place of business includes a fuel-burning boiler or even a process heater, then your operations emit carbon dioxide into the atmosphere. Further, even where such equipment is small, emissions can be significant. For example, a 10 million Btu/hour natural gas boiler emits an estimated 4,500 tons of carbon dioxide per year.

Small businesses and tax-exempt organizations that employ low to moderate income workers may benefit from a new tax credit that was passed as part of the Patient Protection and Affordable Care Act (“Affordable Care Act”) legislation in March. In general, the tax credit applies to employers that employ less than 25 full-time equivalent (FTE) employees who are paid, on average ...

In Citizens United v. FEC, a divided U.S. Supreme Court struck down portions of 2 U.S.C. § 441b, which prohibits corporations and unions from making independent expenditures for electioneering communications. As a result, Citizens United makes it permissible for corporations and unions to spend unlimited dollars on independent advertising intended to influence federal elections at any time before a primary or general election. Because the Court’s holding deals primarily with First Amendment issues, it does little to clarify practical matters germane to corporations and unions, such as how independent expenditures may be restricted in the future or the manner in which corporations and unions may make independent expenditures in state elections. So, before spending your organization’s dollars on political advertisements, three key issues to consider are as follows: (1) the decision’s immediate effect on federal law; (2) the decision’s impact on state campaign spending; and (3) the decision’s potential effect on organizational governance.

Posted in Tax and Finance

Most of us have, at one time or another, had someone impart upon us the following pearl of wisdom – “if it sounds too good to be true…it probably is.” The IRS recently released a notice which confirms just that with respect to one interpretation of the meaning of section 2511(c) of the Internal Revenue Code of 1986, as amended (Code), which became effective on January 1, 2010 and ceases to apply at the end of the year.

Issue 1, 2010

May 2010

State and local property taxes can be a significant cost of owning real estate in Kentucky. Given the current downturn in the economy and the corresponding decline in the value of real property, there are opportunities to obtain reductions in assessed values. Managing this ongoing cost has the potential to yield real savings over time. 



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