Developments in Tax and Business

Targeting Future Homebuyers

Researchers cite women, baby boomers and immigrants as the demographic groups most likely to drive future demand for housing. Women are the fastest growing buyer segment, while baby boomers are downsizing and seeking out smaller and less labor-intensive properties.

EPA Extends Storm Water Construction General Permit

The Environmental Protection Agency (EPA) has extended by one year, to June 30, 2011, its 2008 storm water Construction General Permit (CGP). The 2008 CGP regulates the discharge of storm water from construction sites that disturb one acre or more of land and from smaller sites that are part of a larger development. The agency wants the extension to incorporate the new national Construction and Development Effluent Limitations Guidelines requirements into the CGP.

IRS Audits

The audit rate for all corporate returns other than Form 1120S was 1.3% for the 2009 fiscal year, according to the IRS. For partnership and S corporation returns, the rate was .4%. The IRS audited 1,425,888 individual income-tax returns in 2009. However, the majority of those audits (77.1%) were correspondence audits.