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
Yes, I know what you are thinking… Are we REALLY still talking about the IRS Repair Regulations? Hasn’t the Repair Regulations ship already sailed?
While the big news of the Repair Regulations hit most taxpayers for the 2014 tax year,… Read More
Last year at this time, we were all busy planning for the IRS repair regulations. Most of the planning and work included “going back in time” and adjusting items on our tax returns due to the new repair regulations. Other… Read More
The IRS recently raised the de minimis safe harbor limit for taxpayers without an applicable financial statement (AFS). AFS include audited financial statements and certain financial statements reported to governmental agencies. Starting in 2016, the threshold for deducting certain invoiced… 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