News / January 31, 2022
The IRS has released a new procedure that updates the list of automatic accounting methods changes that may be made by filing a form 3115 with your next timely tax return. Rev Proc 2022-14 lists 166 different accounting methods eligible to be changed using the automatic change procedures. Each accounting method contains a description of … Continue reading IRS provides updated list of automatic change accounting methods
News / November 30, 2012
The IRS alerted taxpayers in Notice 2012-73 that the final regulations regarding the deduction and capitalization of expenditures related to tangible property are expected to be released in 2013, and that the Service and the Treasury Department anticipate changes from the temporary regulations issued in December 2011. The final regulations will apply to taxable years … Continue reading Effective Date Extended for Tangible Asset Regulations
News / April 14, 2011
In March 29th the IRS released Revenue Procedure 2011-26 that provides detailed guidance on the 2010 Tax Relief Act’s 100% and extended 50% bonus depreciation rules. The new Rev. Proc. allows a broader definition of binding contact dates for self-constructed property to permit 100% bonus depreciation for components that are part of a larger project … Continue reading 2010 Bonus Depreciation Guidance