Because the PATH Act was enacted after many taxpayers had filed their 2014 returns, they may not know how to take advantage of tax changes.
To help taxpayers take advantage of retroactive changes enacted late last year affecting Sec. 179 property and bonus depreciation, the IRS issued rules for filing returns to take advantage of these deductions.
The IRS released guidance providing revised limits for the amount of depreciation taxpayers can take for the first year they use a passenger automobile for business.
The IRS issued revised numbers for the amount of depreciation taxpayers can take for the first year they use a passenger automobile (including a truck or van) for business in 2014 and the figures for 2015.
The IRS posted an updated directive for field examinations on the repair vs. capitalization issue that extends the suspension of examinations.
The IRS posted an updated LB&I Directive for field examinations on the repair vs. capitalization issue that extends the suspension of examinations
The IRS issued technical amendments to address the effective date for the temporary regulations that apply to amounts paid to acquire, produce, or improve tangible property.
The IRS announced it is delaying the effective date of the temporary regulations it issued in Dec. 2011 governing whether tangible property expenses could be deducted or had to be capitalized.