Right now, some basic tax planning ideas can make a significant difference in reducing income tax, thereby increasing cash flow and even creating tax refund opportunities.
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Topics
Tax Computation
Elective capitalization as a TCJA planning tool
Taxpayers whose overall tax position in a given year would benefit from accelerating gross income or from converting current deductions into capital expenditures should consider the elective capitalization provisions of Sec. 266.
Cost recovery changes in the TCJA
This article discusses changes to the law and IRS guidance issued in Rev. Proc. 2019-8 on how to elect to expense qualified real property and change the depreciation of certain assets to ADS.
CARES Act QIP change requires action
Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.
How to take retroactive 100% bonus depreciation on QIP
The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).
Maximizing deductions on like-kind exchanges using cost segregation
This article will help practitioners understand how to maximize accelerated deductions by examining Sec. 1031 exchange rules and how they are affected by cost segregation studies.
Bonus depreciation regs. are favorable for taxpayers
The regulations include rules for self-constructed property, the determination of acquisition dates, predecessor ownership, certain partnership rules, and some industry-specific guidance.
100% bonus depreciation rules are issued
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
2019 inflation-adjusted vehicle depreciation limits and income inclusions issued
The IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2019.
IRS issues safe-harbor procedure for vehicle bonus depreciation
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.
Bonus depreciation safe-harbor rules for vehicles issued
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.
Proposed bonus depreciation regs. provide answers, create new questions
The proposed regulations clarify the elections available to all taxpayers regarding bonus depreciation.
Solar panels: Basis and bonus depreciation
The allowance of depreciation and the energy credit
both depend on a taxpayer’s having basis in the property.
100% bonus depreciation rules are proposed
The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.
IRS issues proposed regs. on 100% bonus depreciation
The IRS issued proposed regulations providing guidance on the new tax law’s amendments to Sec. 168(k), which increased bonus depreciation for qualifying property from 50% to 100%, generally effective for property acquired and placed in service after Sept. 27, 2017.
Statistical sampling and resulting allocations under fixed-asset studies
This item discusses a methodology to sample expenditures by reviewing amounts capitalized for
book purposes and to determine the extent to which they should be classified as tangible personal property or expensed for tax purposes.
Rules govern Sec. 179 and depreciation changes in PATH Act
The IRS issued guidance on how taxpayers can take advantage of various provisions enacted by the PATH Act.
Guide to expensing roofing costs
This column provides tax preparers an outline of questions to ask clients when evaluating roof repair costs.
Car and truck inflation adjustments for business use in 2017 are released
The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
Guidance issued on PATH Act depreciation, Sec. 179 changes
The IRS issued guidance on how taxpayers can take advantage of various provisions enacted by last year’s PATH Act.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
