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January
2008
NEWS FROM BP&S
CreatiVasc Medical, LLC
 CreatiVasc Medical, LLC
launched their Fistula Finder on November 2nd at the
International Nephrology Conference in San Francisco.
CreatiVasc Medical is a Greenville, SC-based company that
was founded in 2004
to deliver a stream of innovative,
easy-to-use and intuitive vascular technologies that address
the universal problems of kidney dialysis connectivity.
Congratulations to the Company on the launch of their new
product.
NEWS FROM BP&S
New Hires
We are excited to welcome the following new employees:
Jessica Pease
A Charleston, S.C. native, Jessica Pease has joined the
Firm’s tax staff. Jessica earned a Bachelor of Business
Administration in Accounting from Lander University in May
2005. She went on to earn her Masters of Accountancy with
emphasis in Tax from Northern Illinois University in 2007.
While at Northern Illinois University, Jessica participated
in the VITA (Volunteer Income Tax Assistance) Program. She
is now responsible for providing tax compliance and planning
services to Firm clients.
In her own time, Jessica enjoys cooking, hiking, walking her
dogs, and spending time with friends and family.
Elizabeth Folkens
Originally from Florence, SC, Elizabeth has joined the
Firm’s audit staff. She recently graduated from Winthrop
University where she earned a Bachelor of Science in
Accounting. While attending college, she studied abroad in
Argentina for a semester, taking classes in Spanish and
Latin Economics. She also spent a month in Nicaragua
participating in volunteer work. She is now providing audit
and attestation services to the Firm’s clients and plans to
go to Graduate school at the University of South Carolina in
the Fall.
Elizabeth enjoys reading, traveling, camping, and spending
time with friends and family.
Benjamin Lynch
A Sumter, S.C. native, Benjamin Lynch has joined the Firm’s
tax staff. Benjamin earned a Bachelor of Business
Administration in Accounting from the University of South
Carolina in December 2007. While at the University of South
Carolina, Benjamin participated in Beta Alpha Psi, the
accounting honor fraternity. Ben will be tax compliance and
planning services to Firm clients.
Benjamin likes to spend time with friends and family,
walking and traveling.
TECHNICAL ISSUES
Bipartisan House stimulus package announced; while Senate
version will differ, quick Congressional action expected.
On Jan. 24, Congressional Democrats and Republicans and
President Bush reached an agreement on a bipartisan stimulus
package aimed at immediately jumpstarting the slowing
economy. The House stimulus package will include:
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Rebates.
Rebate checks will be computed under two separate
calculations, with an overall phase-out for those with
adjusted gross incomes above $75,000 for single
taxpayers and $150,000 for married couples. Rebate
checks will include a base amount determined under the
greater of two options:
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income tax paid in 2007, with a maximum of $600 for
a single taxpayer and $1,200 for married couples; or
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$300 for an individual and $600 for a married
couple, if the individual or couple earned income of
at least $3,000 in 2007.
The rebate check calculation will also include a children's
bonus. Anyone qualifying for the base amount will also
receive an additional $300 per child, with no cap on the
number of children. A total of 117 million families will
receive rebate checks.
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Bonus depreciation.
The bill will provide for 50% bonus deduction on new
equipment in the year it's placed in service, with
certain exceptions for equipment with a “long life.” The
temporary tax cut will affect depreciation on new
property with a depreciation period of 20 years or less.
It's estimated that the bonus depreciation, coupled with
expensing measures enacted in May 2003, will result in a
4% increase in business spending in the first 6 months.
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Section 179 expensing.
This bill will allow employers, including small
businesses, to fully expense $250,000 in both new and
used tangible property in the year it's purchased with
an overall investment limit of $750,000. (Under current
law, taxpayers can expense up to $128,000 for 2008 with
an overall investment limit of $510,000.)
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Government Sponsored Enterprises (GSE)/Federal Housing
Administration (FHA) Conforming Loan Limit.
The conforming loan limits for both FHA and GSE (such as
Fannie Mae and Freddie Mac) loans will be increased.
The stimulus bill will includes no spending on unemployment
insurance, transportation infrastructure, food stamps, or
Medicaid. It's expected that the House will approve the
stimulus initiative quickly. Floor consideration of the
package is likely on Jan. 29.
Meanwhile, Senate Finance Committee Chairman Max Baucus
(D-MT) said that the Finance Committee will mark up its own
stimulus bill next week—one different from the House's.
Baucus indicated that the Senate bill might include
extending unemployment insurance, increasing food stamps,
and additional business incentives. Expressing his intention
to work quickly, in a bipartisan manner, Baucus stated that
he thought the Finance Committee would complete its work by
the time the House sends a bill to the Senate.
This bill is still being debated at the time we “go to
press”. We will certainly keep you informed on this
legislation as it progresses.
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"Bauknight Pietras & Stormer, P.A. boasts a total staff of approximately 40 professionals and staff, a client base which includes a 20% market share of Columbia's largest privately-owned businesses."
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