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Celebrating
our 25th Anniversary
Daylight-saving time change may wreak
havoc on your system
In 2005 Congress lengthened the time that daylight-saving time is in
effect by four weeks. Beginning in 2007, it will start the second Sunday
in March and last until the first Sunday in November.
It’s not Y2K all over again, but there are similarities. Because many
software applications use time and date to process information, those
programs must be updated with the new daylight-saving schedule to
operate properly.
Vendors of operating systems, such as Windows, UNIX or Linux, are
expected to release updates in plenty of time to address the issue. So
long as you keep your systems updated with the latest patches and are
using a still-supported operating system version, you shouldn’t have any
problems.
But accounting, customer service, point of sale and manufacturing
systems software may pose a problem, especially if they’re older or
custom programmed. While some applications depend on the operating
system to provide the time, others have their own clocks.
To see if you’ll have any issues, inventory your applications by
specific version. Then check with your reseller or the software
manufacturer’s Web site to determine whether the applications will be
affected by the time change, and, if so, how to address the problem.
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Tightened rules make it harder
to deduct auto donations
This brief article discusses the
new rules for donating motor vehicles, boats and airplanes
to a charity. At issue is how to value a donated item,
depending on what it’s going to be used for. For example, if
the purpose of the donation is to provide transportation to
a needy person, you may claim a deduction equal to the
vehicle’s fair market value. But if the car will be sold at
an auto auction, you can only deduct what was actually
received for the vehicle.
Read more
Just when you got used to
Windows XP
A new Vista is on the horizon
After a five-year hiatus,
Microsoft is readying a new operating system to replace
Windows XP. Vista may have a major impact on your
business—sooner or later you’ll need to move to it. This
article describes what you can expect from Vista, including
enhanced security features and a “Sync Center” that allows
you to synchronize a laptop with a desktop PC and networked
system. It also explains why your current hardware may not
be powerful enough to support Vista. A sidebar discusses why
the 2007 change in daylight-saving time could affect your
software.
Read more
Shredding personal records
With year end rapidly
approaching you may be cleaning through records wondering
what to save and what to toss. Before you start, check with
your tax and legal advisors. If you don’t, you may get rid
of something you really need to keep. This article reviews
some general guidelines to help you determine which personal
records you must hold on to.
Read more
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Last of the red-hot
export incentives?
Businesses can use the IC-DISC to cut their tax bills
The repeal of the
extraterritorial income exclusion (EIE) has renewed
interest in a little-used export incentive: the
interest-charge domestic international sales corporation
(IC-DISC). Privately held companies with significant
export sales can use an IC-DISC to slash their tax bills
— and, for some, the tax savings will even exceed the
benefits available under the EIE. This article looks at
the requirements and potential savings.
Read more
A GRAT way to transfer
a family business
There are many estate
planning techniques available to help you transfer your
family business to the next generation at a low tax
cost. For a pass-through entity that generates strong,
predictable cash flow, the grantor retained annuity
trust (GRAT) is a great tool to pass business interests
to family members free of gift and estate taxes. This
article explores the benefits, how GRATs work and how
you may save.
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