2.   A depreciation-related provision extends the bonus depreciation for certain property if that property was acquired in 2009.  For eligible property, the special depreciation amount is equal to 50% of its adjusted basis.  For passenger automobiles that are eligible property under the 50% bonus depreciation rules, the $8,000 increase for the first-year limit on depreciation also is extended to new vehicles placed in service in 2009.

 3.   Net Operating Loss Carryback - A net operating loss (NOL) may generally be carried back two years to generate a current tax refund, providing a cash infusion in times of loss. For 2008 (not 2009), ARRA extends the maximum NOL carryback to five years for small businesses with average annual gross receipts of $15 million or less.

 4.   Corporate taxpayers who choose to accelerate their alternative minimum tax (AMT) and research and development (R&D) credits in lieu of taking the 50% bonus depreciation will be allowed to continue that in 2009.

 5.   Shortening of S Corporation Built-In Gains Period – Although a C corporation conversion to an S corporation is not a taxable event, the S corporation normally must hold on to its assets for 10 years to avoid tax on any built-in gains that existed at the time of the conversion.  For conversions occurring in 2009 and 2010, however, ARRA reduces this holding period to seven years.

 6.   Work Opportunity Credit – Employers can claim a credit equal to 40% of the first $6,000 of wages paid to employees in certain target groups, such as ex-felons, food stamp recipients and disabled veterans.  This expanded benefit applies to such workers hired in 2009 and 2010.

 7.   Deferral of Income from Cancellation of Dept – Taxpayers generally must recognize cancellation–of-debt income (CODI) when they cancel, repurchase or are otherwise relieved of debt for an amount less than its adjusted issue price.  In certain situations, ARRA allows businesses to defer CODI generated by repurchases of business debt after Dec. 31, 2008, and before January 1, 2011, until calendar year 2014 and then report the income ratably over the 2014 through 2018 tax years.

 8.   For 2009, ARRA reduces the estimated tax payment requirements for many small business owners.  Owners generally will qualify for the reduced payments if their adjusted gross income (AGI) for 2008 was less than $500,000 and if more than 50% of their 2009 gross income is generated from a “small business,” which is defined as a business that, on average, had fewer than 500 employees during 2008.

 NOT SO GREAT CHANGES IN THE STIMULUS BILL THAT YOU NEED TO BE AWARE OF FOR YOUR COMPANY: Changes in COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) include the following amendments that affect every covered employer that sponsors a group health plan for employees and has terminated or laid off an employee on or after September 1, 2008.  The amendments to COBRA create additional notice obligations that take effect immediately.  In part, the COBRA amendments will require “assistance eligible individuals” who elect COBRA to pay 35% of the applicable COBRA premium while employers that provide group health coverage through insurance will need to cover the remaining 65%.

 The Act also includes a special election opportunity for assistance eligible individuals who were eligible to elect COBRA coverage when they were terminated, but did not because of cost, etc.  These individuals are entitled to an extended election period that begins on the date of the Act’s enactment and ends no sooner than 60 days after an extended election notice is provided to the individuals.

 All companies should contact their tax and accounting professionals, as well as the legal professionals, to make sure that you are continuing to maximize your tax credits and are in compliance with COBRA.

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CARD CHECK SEMINAR BY BILL HARDING, CHAPTER ATTORNEY

All workers, in every industry, deserve the fundamental American right to a federally supervised private-ballot election.

At this seminar learn what you can/can’t say to your employees regarding card check.

Other Topics will include:  Hiring and Firing, DC Legislative Update, NLRB Appointments

and Supervisor and Employee Communications

This program will be held on March 3, 2009 from 12:00 – 2:00 at Quarry Oaks Golf Club

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Training Classes

Management & Safety Class Schedule

First Aid/CPR Classes

$50.00 each attendee – Member Price/$60.00 each attendee – Non-Member

Recertification only - $40.00 each attendee – Member Price/$50.00 each attendee – Non-Member Price

¨  March 5, 2009 – 1:00 – 5:00p.m. – LINCOLN

¨  March 12, 2009 – 1:00 – 5:00 p.m. – OMAHA

¨  March 18, 2009 – 1:00 – 5:00 p.m. – KEARNEY

¨  March 24, 2009 – 7:00 – 11:00 a.m. – LINCOLN

¨  March 26, 2009 – 7:00 – 11:00 a.m. – OMAHA

¨  April 1, 2009 – 7:00 – 11:00 a.m. - OMAHA

OSHA 10 Hour Class

OSHA requires a competent person on all job sites.  This course ensures that your people have the necessary training to comply with OSHA standards CFR 1926.32(f) for a competent person. Training includes OSHA Construction Standards CFR 29 1926, Scaffolds, Ladders and Stairways, Housekeeping, Personal Tools, Electrical Hazards, Fall Protection, Materials Handling, Hazardous Communications and much more!

**CFR 192 OSHA Regulations Book for the Construction Industry with new steel erection standards will be available for $25.00** each for class participants.

$135.00 each attendee – Member Price/$240.00 each attendee – Non-Member Price

¨  March 10, 2009 – 7:00 a.m. – 5:30 p.m. – OMAHA

¨  March 12, 2009 – 7:00 a.m. – 5:30 p.m. – LINCOLN

¨  March 19, 2009 – 7:00 a.m. – 5:30 p.m. – KEARNEY

¨  March 25, 2009 - 7:00 a.m. – 5:30 p.m. – OMAHA

¨  March 26, 2009 - 7:00 a.m. – 5:30 p.m. – LINCOLN

¨  April 1, 2009 - 7:00 a.m. – 5:30 p.m. – OMAHA

Forklift/All Terrain Training

The OSHA standard 29CFR1926.602(d) requires employees who operate forklifts be trained in both the classroom and through a practical exercise on the type of equipment that they will be running in the field.

$125.00 each attendee – Member Price/$200.00 each attendee – Non-Member Price

¨  March 10, 2009 – 7:00 a.m. – 5:30 p.m. – OMAHA

¨  March 4, 2009 - 7:00 – 11:00 a.m. – OMAHA

¨  March 5, 2009 – 1:00 – 5:00 p.m. - LINCOLN

30 Hour OSHA Class

Federal Law requires each company have a designated trained safety coordinator.  This will give your foremen, supervisors, safety directors or safety coordinators the expertise to comply with all OSHA and State requirements.  This is an in-depth look at CFR 1926 and 1920 and NE 757 as they affect construction. Price includes study materials

$395.00 each attendee – Member Price / $595.00 each attendee –Non-Member price.

¨  April 2, 9, 16, 2009 – 7:00 a.m. – 5:00 p.m. - LINCOLN

 
CARD CHECK SEMINAR – Presented by Bill Harding, Chapter Attorney

Other topics to include hiring and firing, DC Legislative Update, NLRB Appointments, Supervisor and Employee Communications.

$45.00 each attendee – ABC Members ONLY

¨  March 3, 2009 – 12:00 noon – 2:00 p.m. – QUARRY OAKS GOLF CLUB(includes lunch)

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Omaha Classes are held at the Education Center, 2602 Harney Street, Omaha

Lincoln Classes are held at the Training Center, 830 Westgate Blvd., Lincoln

PLEASE DUPLICATE THIS FORM FOR MULTIPLE CLASSES

Company:                                         Address:                                Phone:                                   Fax:               

Names (please print):                                                                       Class/Date:                            Cost:              

                                                                                                         Class/Date:                            Cost:              

                                                                                                           Class/Date:                            Cost:              

Return Registration Form and Check Payable to Associated Builders & Contractors

830 Westgate Blvd., Lincoln, NE  68528    FAX 402-477-4522

Email-debh@abcnebraska.org