Expenses & Deductions

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.

Tangible Property Regulations

The IRS recently released the long-awaited tangible property regulations, commonly referred to as the “repair” regulations.

Tangible Property Costs and Repair Expenditures Regs.

The IRS issued long-awaited regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements.

Regulations Issued on Repair Expenditures

The IRS issued long-awaited regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements.

Deducting Payroll Taxes on Deferred Compensation

Editor: Mary Van Leuven, J.D., LL.M. The IRS recently determined that Sec. 461, rather than Sec. 404, governs the timing of the deduction for payroll taxes on deferred compensation by an accrual-basis taxpayer. Background Generally under Sec. 461(a), a deduction is taken into account in the proper tax year under

Deducting Executory Contract Expenses

Editor: Mary Van Leuven, J.D., LL.M. On Dec. 21, 2006, the IRS released Rev. Rul. 2007-3, which provides guidance on whether the execution of a contract for services or insurance (an executory contract liability) establishes the “fact of the liability” under Sec. 461. The determination of whether a contract for

Newsletter Articles

SPONSORED REPORT

States look to unclaimed property for revenue

State audits of abandoned and unclaimed property (AUP) have exploded in recent years. This report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

DEDUCTIONS

Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.