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IRS Section 199 Alert The American Jobs Creation Act of 2004 created a new Internal Revenue Code Section 199 for a deduction based on domestic production activities. This new deduction is equal to 3% in tax years 2005-2006, 6% in tax years 2007-2009 and 9% in tax years 2010 and beyond on qualified domestic production net income. We will be contacting you in the near future to discuss this new deduction and its application to your operations. If you are interested in discussing this new deduction, please contact us as soon as possible. Since there is likely to be a high level of interest in this provision, if you would like to receive immediate assistance in this area, please contact our offices as soon as possible. If you have further questions on this issue, please contact our offices. Thank you, |
