The Economic Stimulus Package Act of 2008 is designed to boost the U.S. economy by providing tax rebates to individuals and tax incentives for businesses.
In 2006, policy makers for auditors of non-public companies set new standards that introduced a comprehensive audit methodology that differs significantly from the way audits have been performed for the past three decades.
A comprehensive tax bill was signed by Michigan Governor Jennifer Granholm in July enacting a new tax on business income and modified gross receipts effective January 1, 2008. The Michigan business tax (MBT) replaces the Single Business Tax (SBT) that is repealed on December 31, 2007.
With the passage of the Tax Relief and Reconciliation Act of 2006, a new method of calculating the R&D credit is available for R&D expenses incurred after December 31, 2006. This method may result in a greater credit for those taxpayers who have been previously limited under the Regular Method.
