Press Room: Article

March 26, 2009

The “Down Economy” and a Change in Focus for the Corporate Tax Department

In the past year, the state of the economy has been a major concern for the American public from both a personal and business perspective.

Starting with the bursting of the housing bubble and proceeding through the collapse of major investment banking firms, the effects have rippled through our economy. Many companies have reported significant layoffs and facility closures and it is expected that more will follow. In an attempt to avoid these consequences, many companies have placed an increased emphasis on reducing costs and maximizing cash flow.

The recent “American Recovery and Reinvestment Act of 2009” provides several tax provisions that may assist companies to reduce their current income tax burden or potentially to obtain refunds for prior income taxes paid…

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