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Construction and Real Estate News | Winter 2010
Our commitment to serving the construction and real estate industries has given us a wealth of industry knowledge, and helps us to provide you with the experience you need to meet your objectives. From innovative operational ideas to specialized tax strategies specific to your industry, put us on your team to help with the heavy lifting.
In this issue:
We've grown: our merger with Beers + Cutler provides greater depth
Tax considerations for troubled debt
Green building and tax opportunity
Revenue procedure provides guidance on five-year NOL carryback
Uniform audit and accounting guide revisions
Tribal housing authority wins $4 million stimulus grants
 | We've grown: our merger with Beers + Cutler
By Todd Carpenter and Kelly Toole
On December 1, 2009, Baker Tilly Virchow Krause, LLP merged with Washington, DC-based Beers + Cutler. The merger provides Baker Tilly Virchow Krause, LLP an East Coast presence with greater service depth and breadth.
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 | Tax considerations for troubled debt
By Dwayne Holt
The recent stimulus bill included a provision allowing taxpayers to make an irrevocable election to defer recognition of cancellation of debt (COD) income arising in 2009 and 2010 from business indebtedness discharged upon the reacquisition of a debt instrument and to recognize it in taxable income ratably over five years beginning in 2014.
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 | Green Building and Tax Opportunity
By Joshua Ganshert and Courtney Sandifer
The IRS issued a notice that clarifies the definition of an eligible contractor for purposes of the qualified energy-efficient home credit. This clarification states that developers who hire third party contractors to construct residential dwelling units would be considered the eligible contractor. Currently, the energy-efficient home credit has expired as of 12/31/2009. However, there are strong indicators that this credit will be extended into the 2010 year as it was for 2009.
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| | Revenue procedure 2009-52 provides guidance on
five-year NOL carryback
The IRS recently released Revenue Procedure 2009-52 as guidance under the Worker, Homeownership, and Business Assistance Act of 2009, which allows taxpayers to elect a three-, four-, or five-year net operating loss (NOL) carryback instead of the normal two-year carryback. The election applies to applicable NOLs for a taxable year ending after December 31, 2007, and beginning before January 1, 2010. The revenue procedure details the time and manner for making the election if the taxpayer:
- Has not claimed a deduction for an applicable NOL,
- Previously claimed a deduction for an applicable NOL, or
- Previously filed an election to forgo the NOL carryback.
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 | Uniform audit and accounting guide revisions
By Dan Buttke
The Uniform Audit and Accounting Guide (the Guide), scheduled to be published in January 2010, will include significant revisions from the most recent version, which was updated in September 2005. Architecture and engineering consulting firms contracting with the Departments of Transportation in their respective state as prime or sub-contractors are likely subject to the provisions of the Guide. The procedures discussed in the Guide were designed to be applied to audit and attestation engagements performed in connection with consultants’ Statements of Direct Labor, Fringe Benefits, and General Overhead, as well as the related accounting systems, job-costing systems, and labor-charging systems that provide the basis for these statements. The Guide itself should be used as a tool by architecture and engineering firms, as well as CPAs and state auditors that perform audits of those firms.
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.png) | Tribal housing authority wins $4 million stimulus grants
By Carlos Guice
Sicangu Wicoti Awanyakapi (SWA) Corporation, formally known as the Rosebud Housing Authority, manages the housing programs for the Rosebud Sioux Tribe. SWA engaged Baker Tilly’s Affordable Housing and Community Development specialists to assist them in preparing and writing the grant application. Recently, the tribal housing authority won a $4 million stimulus grant to fund much needed housing infrastructure.
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