New tangible property regulations apply to all current and certain prior-year tangible assets, creating compliance efforts and opportunities for immediate and long-term tax savings.
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Tax Computation
Depreciation Guidelines for Vehicles and When to Report Them as Listed Property
If business vehicles are passenger automobiles, they are listed property and are subject to limits on the amount that can be deducted for regular depreciation, as a bonus depreciation allowance, and as a Sec. 179 expense.
Final Set of Repair Regs. Issued
The IRS issued final regulations providing rules for how to determine gain or loss when property subject to depreciation is disposed of, how to determine the asset disposed of, and how to account for partial dispositions of depreciated property.
AICPA Asks for Raise in Repair Regulations’ De Minimis Safe Harbor Threshold
The AICPA raised concerns about the low amount of the de minimis safe harbor threshold in the tangible property regulations and about the retrospective application of the new rules.
Regs. Govern Dispositions of Depreciable Property
The IRS issued final regulations providing rules for how to determine gain or loss when property subject to depreciation is disposed of, how to determine the asset disposed of, and how to account for partial dispositions of depreciated property.
Automobile Depreciation Limits Issued for 2014
The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
Major Developments in Cost Segregation
This article discusses the rules that must be followed to use the principle of cost segregation in any form.
2014 Car, Truck Depreciation Limits Issued
The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
Final and Reproposed Tangible Property Regs. Broadly Affect Taxpayers in Oil and Gas Industry
The final and reproposed tangible property regulations will significantly affect the oil and gas industry. Specifically, the unit-of-property determination has different implications for oil and gas companies, depending on which segment the companies operate in.
IRS Issues Repair/Tangible Property Regulations
The IRS issued long-awaited final and proposed regulations regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.
Repair Regulations Are Finally Issued
The IRS issued long-awaited final and proposed regulations regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.
ATRA Allows Taxpayers to Continue to Accelerate Certain AMT Credits
Under the provisions of ATRA, corporations or consolidated groups with AMT credits from pre-2006 tax years may continue to accelerate the use of these credits instead of claiming bonus depreciation for eligible qualified property.
The Repair Regulations: Considerations for “Downstream” Oil and Gas Businesses
The oil and gas industry faces numerous challenges in applying the fact-intensive rules of the so-called repair regulations to costs incurred to repair and maintain property during its service life.
IRS Addresses Treatment of M&A Transaction Costs and Success-Based Fees
Taxpayers that incur costs relating to an acquisition or restructuring transaction must generally capitalize the costs that “facilitate” the transaction.
Collateral Issues to Consider in Repair Regs. Accounting Method Changes
Accounting method changes adopted under the repair regulations will, in certain cases, affect the computation of other deductions or credits allowed under the Internal Revenue Code.
Fixed-Asset Implications Under the American Taxpayer Relief Act of 2012
The American Taxpayer Relief Act of 2012 contains many provisions that are favorable to businesses, particularly in the fixed-asset area.
2013 Automobile Depreciation Limits Released
The IRS on Monday issued the 2013 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
IRS Issues Prop. Regs. on Allocation of Costs Under Simplified Sec. 263A Methods
The IRS has issued proposed regulations on allocating costs to property produced or acquired by a taxpayer for resale.
Key Aspects of the New Tangible Property Regulations
Temporary regulations on expenditures to acquire, improve, and maintain tangible property significantly modify previous guidance and earlier proposed regulations.
Tangible Property Regs. Amended to Implement Delayed Effective Date
The IRS released technical amendments that delay the effective date of the temporary regulations it issued in December 2011 governing whether tangible property expenses could be deducted or had to be capitalized.
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.
