QUARTERLY INDUSTRY UPDATE
Proposed Tax Changes Affect Businesses, Consultants - Changes to US tax code proposed as part of the Obama administration's 2012 budget plan would create opportunities for tax accountants as well as for other firms and independent contractors in the professional services sector, according to the Journal of Accountancy. On the table are plans to eliminate some capital gains taxes and energy tax credits and to enhance research and experimentation tax credits. The president's budget plan also proposes to scale back reporting requirements established by the Patient Protection and Affordable Care Act of 2010, which many small businesses criticized as onerous.
Professional Services Firms Cut Staff, but Some Open New Offices - Employment in the US legal services industry, part of the professional services sector, fell by 0.1 percent in February 2011 from the same month in 2010, ending a five-month string of year-over-year gains. However, some law firms have announced offices in new territories to take advantage of the recovering economy, according to American Law Daily. Several US law firms have established a foothold in Canada, especially Calgary, to take advantage of the burgeoning oil sands industry. Other national firms have opened offices in Detroit, indicating new optimism about the city's potential recovery, and in Boston. Employment in the professional services sector overall, which tends to be a trailing indicator of economic growth, rose by 1 percent in February 2011, marking the fourth straight month of gains from the year before.
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