The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
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Topics
Tax Computation
Bonus Depreciation: The PATH Act and Beyond
In addition to extending bonus depreciation and phasing out the bonus rate, the PATH Act made several changes to the types of eligible property
under Sec. 168(k)(2).
IRS Amends Form Instructions for AMT Depreciation Changes
The IRS announced that it has updated various 2016 form instructions to reflect changes to AMT adjustments made by the PATH Act.
Eligibility Rule Waiver Extended for Taxpayers Adopting Repair Regs.
The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.
Application of Partial Asset Dispositions and the De Minimis Safe Harbor
The initial adoption of the tangible property regulations has passed, but practitioners should continue to monitor partial asset dispositions and de minimis
safe-harbor elections.
Benefiting From New Tangible Property Regulations and Disposal Provisions
This item discusses how a taxpayer could have benefits of both the MACRS disposition regulations and tangible property regulations limited or lost entirely by failing to perform required compliance in a timely manner.
Avoiding Cost Segregation Recapture Tax
Tax professionals should consider a number of worthwhile opportunities to reduce or avoid recapture tax that is realized upon sale of property.
Deduct Your Demolished Building Using a General Asset Account
Recently released tangible property regulations provide a potential opportunity to continue depreciating a building after demolition has occurred.
Bonus Depreciation After the PATH Act
Congress made a notable change to the definition of qualifying property for bonus depreciation purposes.
Retailer and Restaurant Remodel-Refresh Safe Harbor: Frequently Asked Questions
Taxpayers have had significant questions regarding the safe harbor.
IRS Issues 2016 and Revised 2015 Vehicle Depreciation Limits
The IRS issued guidance providing the depreciation limits for automobiles for 2016 and revised limits for 2015 reflecting the retroactive increase in the amount of bonus depreciation permitted under recent legislation.
Sales-Related Expenses Remove Taxpayers From “Small Reseller” Exception of Sec. 263A
Determining whether an expense is deductible
as related to the sale of inventory or capitalizable under Sec. 263A appears to be less favorable to taxpayers following two recent court decisions.
Long-Term Tax Benefits of the Partial Disposition Election
The partial asset disposition election might be one of the most beneficial tools for many clients in year-end tax planning.
Safe Harbor for Purchases of De Minimis Tangible Property Will Be Raised
The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.
Majority of Costs to Remodel or Refresh Retail Stores Are Deductible Under New Safe Harbor
The IRS announced a safe-harbor method that allows qualifying taxpayers to deduct 75% of these expenses.
Tax Planning Businesses Can Do Before Year End
Here are some suggestions to help business clients reduce 2015 taxes by accelerating deductions into this year and delaying income until next year.
“Substantially Complete” Buildings Eligible for GO Zone Depreciation
In Stine, LLC, No. 2:13-cv-03224 (W.D. La. 1/27/15), a retailer’s store buildings were considered “placed in service” for federal tax depreciation purposes when they were “substantially complete” rather than when they subsequently were “open for business” resulting in the taxpayer’s being able to take an accelerated depreciation deduction for the buildings. This decision highlights the importance of properly identifying an asset’s placed-in-service date.
Cost-Segregation Studies and the Impact of the Tangible Property Regulations
This item highlights several important aspects of the final tangible property regulations and related transition guidance that may affect cost-segregation studies and resulting changes in accounting methods.
GAAs Are a Valuable Planning Option for Tangible Property Depreciation
General asset accounts provide a valuable simplification tool for tracking tangible assets and present some tax planning opportunities.
Final Guidance Related to Tangible Property Regulations Provides Time-Limited Opportunities
IRS released guidance related to the tangible property regulations regarding depreciation and dispositions.
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.
