Developments in Tax and Business
More IRS Audits
A recent report from the Government Accountability Office reveals that for its 2008 fiscal year, the IRS increased its audits of high-income taxpayers by close to 16%. Audits of small businesses increased by 3%.
Less Information Required on Davis-Bacon Payroll Records
Contractors covered by the Davis-Bacon and Related Acts will no longer have to include employees’ home addresses and Social Security numbers on weekly certified payroll records submitted to contracting agencies or to the federal Department of Labor’s (DOL’s) Wage and Hour Division. The change to the prior requirement was driven by the DOL’s stated intention to “better protect the personal privacy” of individuals involved in covered construction projects.
Study Finds Retrofits Deliver Big Energy Savings
Twenty-one percent of the energy consumed each year in the U.S. is spent on operating and maintaining homes, according to federal energy officials. A recent study conducted for the California Homebuilding Foundation found that spending $10,000 retrofitting a 1960s home could save 8.5 tons of carbon emissions.