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+ - IT industry could be 'blindsided' by fiscal cliff->

Submitted by colinneagle
colinneagle (2544914) writes "For IT businesses, the fiscal cliff could mean higher taxes on research and experimentation than were imposed prior to 2011, a $114,000 decrease in tax provisions allowing small businesses to write off asset-related expenses, and the disappearance of a bonus first-year depreciation on expenses that stood at 100% as recently as 2011.

However serious these potential changes are, many in the IT world may not have been paying close-enough attention to avoid falling victim to them. Last month, nonprofit IT trade association CompTIA released a whitepaper showing that while 65% of its responding members believe the fiscal cliff should be approached with a combination of spending cuts and revenue increases, another 17% said they didn't know or were undecided.

Lamar Whitman, director of public advocacy for CompTIA, attributes this significant lack of knowledge to a combination of factors common in the IT industry. Quite simply, IT startups and small businesses may be too preoccupied developing and selling their products to stay abreast of changes in tax provisions, Whitman says.

In addition, many in the tech world do not have "a huge amount of political interest," and "don't follow it day-to-day." Then there's the fact that the politicians who continue to bicker over how to prevent have repeatedly told them "we won't go off the fiscal cliff.""

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IT industry could be 'blindsided' by fiscal cliff

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