Businesses and rental property owners knew that time was running out to take advantage of repair regulations tax savings through the tangible property regulations (TPRs). Fortunately for taxpayers, the IRS recently released IRS Notice 2017-6, which extends the time to… Read More
Millions of small businesses have taken advantage of Code Sec. 179 to deduct equipment and enhance their bottom line. Code Sec. 179 allows taxpayers to elect to expense the cost of “section 179 property” instead of depreciating it over its… Read More
In our continued effort to educate our clients on the many nuances of the IRS Final Repair Regulations, this post focuses on what we see as a taxpayer friendly aspect of the regulations – the Partial Asset Disposition Election.
The… Read More
Few areas of the repair regulation generate as much controversy between taxpayers and the IRS as do the rules that relate to a unit of property (UOP). The ever-present dilemma for taxpayers is how to determine when an asset has… Read More
The repair regulations have many complex areas to understand. One of the biggest changes to understand is the new elections that taxpayers can utilize on their tax returns. For the most part, these elections can be made on tax returns… Read More