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 / January 24, 2012
The IRS has concluded in Chief Counsel Advice 201203014, that qualified restaurant property and qualified retail improvement property placed in service during the 2008 and 2009 tax years is eligible for bonus depreciation under Code Sec. 168(k) if the property also meets the definition of qualified leasehold improvement property. Taxpayers should note for qualified leasehold … Continue reading Bonus Depreciation for Qualified Restaurant and Retail Leasehold Improvements
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Learn how your company’s activities to improve your design, products or process can lead to significant R&D tax credits.