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%.
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Capitalization & Depreciation
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.
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.
IRS issues 2017 car and truck depreciation limits
The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
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.
Retailer and Restaurant Remodel-Refresh Safe Harbor: Frequently Asked Questions
Taxpayers have had significant questions regarding the safe harbor.
Bonus Depreciation After the PATH Act
Congress made a notable change to the definition of qualifying property for bonus depreciation purposes.
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.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
