Author Archives:
Josh Crisp

The COVID-19 pandemic was a challenging time for individuals, families, and businesses. Concern about the widespread transmission of a relatively unknown virus resulted in stay-at-home orders and forced business closures. While a practical step, it did create significant complications for many including restaurants, bars, and entertainment businesses. Additional challenges were created with the introduction of social distancing rules which only served to further complicate matters. The result was that revenue vanished while expenses compounded leaving employers with little choice other than to lay off staff.  

Sustainable building isn’t just the way of the future; it's what’s happening now. Achieving energy-efficient design and construction is a multi-faceted approach involving engineers, architects, builders – and even federal tax incentives. The Section 179D energy efficient tax deduction is one of the main tax incentives for building owners who install qualifying energy-saving systems can leverage. The good news for Atlanta contractors is the recently enacted Inflation Reduction Act contains dozens of new incentives for eligible renewable energy upgrades and purchases.

Earlier this week, the Inflation Reduction Act  (Act) passed all Congressional hurdles and is expected to be signed into law by President Biden in the coming days. Passed through the budget reconciliation process, it’s less expensive than the Build Back Better Act, which is where most of the provisions started. Still, it is the single biggest climate action bill to date with additional measures to lower healthcare costs. Controlling two highly volatile cost centers – healthcare and energy – is thought to dampen the effects of inflation, though experts disagree on the extent.

As it turned out, semiconductor chips make the world turn. Though most notably missing from the auto industry, semiconductor chips also power smartphones, computers, electronic toothbrushes, and more. Since COVID began, there’s been a worldwide chip shortage. Unfortunately, it is unclear when this crucial-shortage will be resolved. In fact, it appears many major automobile manufacturers, including Ford, have elected to re-start production because of a lack of certainty about when the shortage will be resolved.

There is a new change to federal estate planning rules which will be warmly received by Atlanta high net-worth individuals and family offices. The IRS recently released Revenue Procedure 2022-32, which allows certain qualified estates a longer timeframe to elect portability along with a simpler procedure. Previous guidance allowed for late elections for up to two years.

Almost 30 percent of global carbon dioxide emissions can be traced back to building operations. This is a surprising number that reflects the impact certain building systems can have on the environment. Beyond this, older systems are likely to be consuming more resources, and therefore cost more, to operate. That is why so many have decided to leverage renewable energy systems to address the problem.

Required minimum distributions (RMDs) can be tricky. The IRS mandates that once a person reaches a certain age – currently age 72 – they must make mandatory withdrawals from certain retirement accounts every year. Fail to withdraw the right amount of money, and the individual gets a 50 percent excise tax.

Before COVID-19, changes to participant elections needed to be done in person with a notary or plan representative. Since March 2020, plan sponsors have had the option of permitting participants to make changes of election remotely. That relief was set to expire on June 30, 2022. However, the IRS recently announced new extended temporary relief for physical presence requirements to December 31, 2022 – and there seems to be talk of making it permanent.

Originally established by the American Rescue Plan Act of 2021, the Restaurant Revitalization Fund (RRF) was designed to provide needed capital to help restaurants and other hospitality businesses keep their doors open. As one of the hardest-hit industries by the combination of stay-at-home orders and forced business closures, the capital infusion was desperately needed. The RRF provided up to $10M per business was available and repayment was not required assuming monies were used to pay eligible expenses.

Each year the Administration issues a proposed budget to Congress which outlines policy objectives, funding allocation, and concurrent tax changes from the coming fiscal year. In late March, President Biden issued the Budget of the United States Government – Fiscal Year 2023. The specific details are included in a separate document, General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, also known as the “Green Book”.