Recently, the landlord of a multi tenant office building in Chicagoí’s Loop reduced its taxes by over $500,000 after successfully demonstrating the building suffered from economic obsolescence given recent vacancies and the buildingí’s subsequent underutilization. Similarly, a real estate developer constructed an office building in Los Angeles and secured a property tax reduction of $300,000+ based on rent loss calculations. Also, an Indiana assessor reduced the tax liability of a large manufacturing company by $1,600,000 by accepting obsolescence calculations from the taxpayer for their tangible personal property. Companies with significant real or personal property tax liabilities may reduce their tax bill by identifying, quantifying, and demonstrating the obsolescence of their equipment and facilities.
Business combinations and transactions present companies with unique opportunities for growth and diversification. In recent years, transactions have become larger and more complex requiring the assistance of legal counsel, financial advisors, and accounting professionals to successfully execute mergers and other transactions. These endeavors often produce great results, but come with the burden of high fees, integration obstacles, and increased reporting requirements. To address the increasingly complex and variable reporting environment, the Financial Accounting Standards Board delivered guidance on business combinations in 2001 with Financial Accounting Statement No. 141 (“FAS 141”).
Canned software is a commodity that virtually all businesses use. As its purchase usually entails a significant investment for a business, its taxability status should be considered. Certain software purchases may be exempt from sales tax depending on where, when, and how the purchases were made. If the software purchase is found to be nontaxable, it is the economic equivalent of a 6 to 10% discount on the transaction. Even if the software purchase were found to be tax exempt after the purchase had been made, the business may still obtain, with sufficient documentation, a tax refund from the software vendor or the state or local taxing jurisdiction—generally, whichever jurisdiction had initially collected the tax on the purchase. Thus, on purchases of $1 million of software, savings or refunds of as much as $100,000 can be obtained.
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TPC Chicago is once again partnering with the Walter and Connie Payton Foundation this year to solicit donations for backpacks filled with back-to-school supplies for underprivileged children in the Englewood Neighborhood of Chicago. Local businesses and individuals provide the donated materials and the foundation organizes and distributes the backpacks to the children during an annual parade held in mid-August.
To learn more about the Connie and Walter Payton Foundation, you may visit http://www.payton34.com/
The 2009 Summer Interns in Chicago chose to work with Operation Support Our Troops- Illinois, Inc. (OSOTIL) as their True Service summer project.
The goal of OSOTIL is to provide an opportunity to express support for members of the armed forces from Illinois. The organization assembles packages of items that are not readily available to troops in deployed locations, along with personal letters, cards and notes of support. Additionally, OSOTIL provides financial support to wounded service members through organizations such as the USO, Wounded Warrior Project, and Fisher House for Illinois. Finally, OSOTIL educates and facilitates awareness as to the needs of military service members.
If you would like to learn more about this great organization you can visit their website:
http://www.osotil.org/aboutosotil.html
True Partners will be participating in the 7th Annual Run for Gus 5k Run/Walk that will be held on July 30th.
The Gus Foundation was established in 1995 by the family and friends of Gus Evangelides, who died after a courageous battle with a malignant brain tumor in April of 1995 – three months shy of his second birthday. During its 11 year history, the Gus Foundation has raised more than $4 million for pediatric brain tumor research and has became one of Children’s Memorial Hospital’s largest affiliated organizations.
Event Date: Thursday, July 30, 2009
Time: The Run/Walk begins promptly at 6:30 p.m.
Location: Diversey Harbor in Lincoln Park
(across from the Peggy Notebaert Nature Museum – 2430 N. Cannon Drive )
Registration: Pre-Registration: $30
Day-of-Registration: $35
CARA members receive a $2 discount
Kids (6 & under): Free
Timing The 5k course is USATF certified (IL-04061-JW) and professionally timed. All participants in the 5K run will receive a timing chip on race day, the 1 mile fun walk will not be timed. Time clocks will also be displayed at miles one, two and the finish.
Packet Pick-Up Day-of-Race packet pickup is available from 5pm to 6 pm at the race site in Lincoln Park. Timing chips will be available for pick up at the race. Please get there early to claim your timing chip.
Gear Check On-site gear check is available for all participants.
Parking Limited street parking is available on Cannon Drive. We recommend use of the various public lots surrounding Lincoln Park & Diversey Harbor.
Public Transportation CTA Brown and Purple lines stop at Fullerton. CTA Bus #151 stops very close to the race site. For more information on public transportation, visit the CTA website at www.transitchicago.com
Post Event Enjoy complimentary food and beverages, live music and entertainment for the whole family!
Additional information regarding the race and charity can be found on the Run for Gus website:
http://www.heroesforlife.org/site/PageNavigator/RFG_Event_Info
The professionals at TPC have over 1,000 years of combined experience helping manufacturers save hundreds of millions of dollars in operating and capital costs. Based upon our experience, these are the top five ways to reduce operating costs:
Now that Michael Phelps has won eight Olympic gold medals, it is time for Speedo to pay him the $1 million “prize” as promised. The burning question on my mind is who is going to tax it. China could argue that the money was earned while he was in Beijing, and thus he should pay tax on his winnings there. I am not sure if there are state and local taxes, but maybe Beijing will also want to tax the prize. The U.S. will want to impose a tax since Michael is a resident of the U.S. Likewise, Michael is a resident of Maryland, so I am sure that Maryland will want the piece of the action. Or is Michael a resident of Michigan – that is where he is enrolled in school. Does anyone have any insight?
During the past few months, Sam Zell, the new owner of the Chicago Tribune and the Chicago Cubs, has been working furiously to sell the Chicago Cubs for $1 billion. As a White Sox fan, it kills me to admit it, but the Cubs have a phenomenal national following. Now, anyone who has attended a baseball game at Wrigley Field has to admit that the aura and mystique of Wrigley Field are awesome. During the 2007 season, the attendance for Cubs home games was 3,252,462 (sold out!).
With ticket prices ranging from $18 to $80, the ticket revenues must have been around $130 million. The team had the eighth highest payroll in the league of $99 million. Adding in revenue from food and beverage, parking, broadcast rights, licensing, etc., makes the team appear to be a financial success.
On March 4, 2008, I purchased a Toyota Prius hybrid car, with a spacious interior, awesome fuel economy (45-50 mpg) at a manageable price (less than $30,000). The decision wasn’t easy, as I was leaving my Ford Expedition (very spacious, fairly expensive, and lousy fuel economy at 13 mpg). Although the large SUV was reliable, dependable, etc. I did not need it for my daily commute.
Funny thing is, I would have never considered this vehicle if I had not been forced to drive it as a rental car on my last trip to California . Thank you National Rental Car! Based upon my average annual driving distance, this car should save me $300 per month on gas, and will help me reduce my carbon footprint (1,000 fewer gallons of gasoline burned each year!)