Ernst & Young snags Mark Esposito from PricewaterhouseCoopers
Ernst & Young LLP has snapped up Mark Esposito, a startup and venture capital point-man at rival audit firm PricewaterhouseCoopers LLP.

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KBA auditors hand ex-CEO's laptop to Johnson County District Attorney's office
The accountants that performed a forensic audit of the Kansas Bioscience Authority said Tuesday that they've given former CEO Tom Thornton's laptop computer and copies of their analysis of the device to the Johnson County District Attorney's office.

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Cuban-American economist dies
Felipe F. Basulto is the retail market manager for TD Bank, overseeing the Miami-Dade locations and responsible for growth, profitability and continued expansion of TD Bank's retail network in the local market.

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N.S. top executives meet to share info
A group of Nova Scotia CEOs from private and public corporations and public sector organizations will have a rare opportunity to get together in Halifax today to talk business.

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Cynthia Izzo Promoted to Managing Director at KPMG's Advisory Services
Cynthia Izzo has been promoted to managing director in KPMG's Advisory Services practice in Boston, according to a news release.

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Movers & Shakers, 2/7: Jones to lead KatzAbosch Consulting
Andrew Jones has been hired to lead KatzAbosch Consulting LLC, a new wholly-owned subsidiary of KatzAbosch, a certified public accounting and consulting firm based in Timonium.

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Banks told to charge 5 a month for Facebook apps and 'virtual...
Advisers have told banks to build flashy current account gimmicks like Facebook notifications costing 5-a-month if they want to squeeze more money out of customers.

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Poll shows Calgarians not likely to buy homes this year
A new survey of Calgarians indicates 83 per cent of respondents are not likely to buy a home in the city this year.

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H&R Block employee killed in North Tulsa
A man walking across the street to get dinner is shot and killed in North Tulsa.

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Schools stress on need for project-based approach for experiential learning
Harjiv Singh, founder CEO, Salwan Media said, "There are several new career options and courses available today in India as well as abroad.

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Sale of Icelandic Skyr in New York to Double
Fjallabyggd is a skier's dream. Its slopes are perfect for slaloming and there are also tracks for telemark skiing.

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Study: Cloud services desired, but pay model has challenges
Digital lockers that house movies and TV episodes in the cloud are becoming a concept that consumers increasingly seem comfortable with.

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Rethinking how to attract and retain talent
That's a question many organizations are asking in the face of a slow economic recovery and continued global turbulence.

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Concur Technologies (CNQR) Given "Overweight" Rating by Oppenheimer (OPY) Analysts
Concur Technologies 's stock had its "overweight" rating reaffirmed by equities research analysts at Oppenheimer in a research note issued to investors on Monday.

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appropriately colored coatings that are designed to reduce heat gain. Taxpayers are eligible to receive a credit of 10 percent of the cost of these items. (The IRS has limited the maximum credit for windows to $200.)

Taxpayers are eligible to receive a dollar-for-dollar tax credit for Category Two expenditures. This category, however, has three specific caps. The IRS allows a $50 maximum for each advanced main air circulating fan installed in a furnace; a $150 cap for each qualified natural gas, propane, or oil furnace or hot water heater; and a $300 maximum for each qualified energy efficient item such as a heat pump.

To be qualified expenditures, the improvements must meet or exceed the criteria established by the 2000 International Energy Conservation Code and must be installed in the taxpayer’s main home within the United States. Installation costs can be included as qualified expenditures.

To illustrate the tax credit, Robert and Sue Parker paid $3000 for new windows, $800 for exterior doors and $500 for insulation materials in 2006. The following year, they purchased a qualifying heat pump for $350. All of their 2006 expenditures are listed under Category One and are subject to 10 percent of cost with a $200 maximum on windows. As a result, the Parker’s earned $330 in tax credit under IRS guidelines. ($200 maximum for windows, $80 for exterior doors and $50 for insulation.

The following year, the Parkers earned additional credit with their Category Two expenditure—a $350 heat pump. Normally, the Parkers would be eligible for a $300 credit for their Category Two purchase; however, since taxpayers are only permitted a $500 maximum credit, they are only able to use $170 towards the credit.

Another credit of interest to homeowners is the Tax Credit for Residential Energy Efficient Property—Solar Fuel Cell Equipment. This section of the Act provides credit to those who add solar panels, solar water heating equipment, or a fuel cell power plant to their home within the United States. Unlike the Tax Credit for Energy Efficient Improvements to Existing Homes, the Tax Credit for Residential Energy Efficient Property—Solar Fuel Cell Equipment states improvements do not have to be to your main or primary home.

Qualifying solar water-heating equipment is property to heat water in a personal residence or vacation home located within the United States. At least half of the energy used by the water heater must be used from the sun.

Solar panels, or photovoltaic property is property that uses solar energy to generate electricity for use in the home.

The IRS has determined the credit for each of these improvements is 30 percent of the qualified investment, up to a maximum of $2,000. Taxpayers may take a separate $2,000 credit for each type of system; however, each credit may only be taken once. Equipment used to heat a swimming pool or hot tub does not qualify.

A third credit under this section relates to the purchase of qualified fuel cell power plants. The credit is 30 percent of the purchase price of the qualified equipment. The maximum credit is $500 for each .5 kilowatt of capacity.

These additional credits are available for items placed in service during 2006 and 2007.

Dr. John L. Stancil, a tax analyst for WebTaxCenter.com, has been a member of the Florida Southern College faculty since 1988. He received his bachelor’s degree from Mars Hill College and holds a M.B.A. from the University of Georgia. He later earned his doctorate in accounting from the University of Memphis. He holds four professional certifications, including CPA, CMA, CFM and CIA. Stancil has received the Florida Institute of CPA’s 2005 Outstanding CPA in Public Service Award. (This award is given annually to a Florida CPA who has demonstrated significant contributions through community and civic activities.) He has also been recognized as the “Expert of Month” on several occasions by allexperts.com.

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