By BUILDER Magazine Staff. Go to Jail?
In 2001, the IRS prosecuted 384 construction companies for tax evasion and won 324 convictions. More than three-quarters of those found guilty went to jail.
As Builder went to press, the IRS planned to address the Taxation Subcommittee of the Federal Government Affairs Committee at the NAHB Spring Boards to proactively reach "out to the construction industry in an effort to increase tax compliance and warn builders about abusive tax schemes."
Prosecuted schemes included depositing untaxed money into offshore bank accounts, using foreign bank credit cards, under reporting income, over billing for construction work, falsifying tax returns, and paying kickbacks for rigging government contracts.
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$930 Billion Question
Boomers, 31 percent of the U.S. population, continue aging. What will they want in housing?
The Seniors Housing Symposium, "Building for Boomers and Beyond," in Orlando, Fla., co-sponsored by the NAHB Seniors Housing Council and the NAHB Research Center, attracted more than 450 attendees seeking answers.
The nearly 77 million boomers reluctantly hitting their "middle years" want choices. Keynote speaker William Novelli, executive director and CEO of the AARP said, "These are people who are not afraid of making decisions, and they want instant gratification." They also have more than $930 billion in disposable income burning holes in their pockets.
"Ask, don't tell," said John Migliaccio, an applied gerontologist and president of Maturity Mark Services in White Plains, N.Y. "You need to educate the market to make its own choices."
"The boomer generation is the first to have seen its parents live long enough to transition into different levels of seniors housing," said Tracy Lux, president and CEO of Sarasota, Fla.-based Trace Marketing. Long life and better health mean retirement may be 30 years of a person's life. And much of that may be "aging in place." "Only 5 percent to 8 percent of those over 65 will move across state lines," Lux added.
Separate but Equal
The five current generations don't all respond to the same marketing message.
Phil Goodman, a principal in Generation Transitional Marketing, told attendees at "Building for Boomers and Beyond" to market by generation.
Each group has its unique mind-set shaped by the culture in which it grew up. Their values and experiences don't coincide. "Seniors and boomers have the greatest generation gap in U.S. history. Boomers are closer to their Gen-X children and their echo-boomer grandchildren," Goodman said.
Seniors (born 1915-1935)
Forgotten or Eisenhower Generation (1936-1945)
Generation X (1965-1976)
Echo boomers or Generation Y (1977-1994)