What if your competitor was in the process of preparing a grant application in order to receive federal stimulus funds and you had no knowledge of those funds also being available to your organization? Could a competing contractor be working with the Navy to start constructing troop housing, and your company did not know that $280 million was designated for such types of projects?
One of the things that amazes me is how little is understood about the federal stimulus law. Sure, many accountants are sharing what is happening in regards to the tax law changes and the planning opportunities. Our firm, McKonly & Asbury, has a nice write up at this link. But I think the real value is trying to help navigate what opportunities exist within various segments. For instance, many contractors are not aware that within the stimulus bill $280 million was designated for Navy projects related to troop housing, child development centers… How can your business take advantage of this opportunity? What about transportation funding?
The Wall Street Journal had a great article yesterday about technology companies helping clients tap into the stimulus funds. Could this opportunity be available to one of my technology clients?
I am on a quest to find ways for my clients to benefit. I would be interested in learning what opportunities you are seeing or hearing about.
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I would have really liked to see a credit for "career advancement" - as you may or may not be aware, CPA Review has not been tax deductible nor will it be under the stimulus. Now this is, of course, a personal issue to me and while it is easy to debate whether or not test prep should qualify for a deduction, I believe this administration should be doing less QE and more tax breaks (but maybe that's just my political affiliation talking!).
So that was the big one we were hoping for and didn't see.
Not just on a professional level either - we just got word from the AICPA that they have seen a drop in 4 year college accounting students over the last year, meaning more accounting students are looking at community colleges at least for the first 2 years in the interest of saving money. Not to knock community colleges of course (my favorite econ teacher still teaches at one) but what is going to happen to the accounting industry 5 - 10 years from now?
I worry that students will have to choose between rent and college and the impact that will have on not just our industry but professional industries across the country.
Wish there had been more provisions in the stimulus for *that* and less for a $88 million new HHS HQ.
Posted by: Adrienne | April 09, 2009 at 01:02 PM