Q&A Regarding Filing Late Elections for Dispositions
If we make an election/statement in 2013 and discover in 2015 that a retirement of an asset from 2008 should be made, is the loss taken in 2015 or would we file an amended 2013
Category: Taxes
Q&A Session Regarding Cost Segregation & the Treatment of Property
A computer system used to control the heating, ventilation, and air conditioning system of an office building is classified as: A structural component of a building with a 39 year recovery period A project has
Q&A Re: Tangible Property Regs. Small Taxpayer Safe Harbor Election
Can we confirm whether the tangible property regs’ Small Taxpayer Safe Harbor election mentions anywhere whether, for purposes of the gross receipts test, one must consider “controlled group” or attribution rules under section 318? This
5 Survival Tips for Tax Season
It’s that time of year that we all look forward to, especially all the accountants buckling down with their survival kits! It goes without say that money and stress go hand in hand. For that
Re-examination of the IC-DISC
By L. Harris Partners The Interest Charge International Sales Corporation (IC‐DISC) has been a boon to United States exporters for years. Recent changes to the tax code have, once again, made the IC‐DISC a top
A quick read on what the Final Repair Regs mean – 263(a)
RECENT CHANGES TO REPAIR REULATIONs, EFFECTIVE JANUARY 1st, 2014 In order to readjust and clarify the repair regulations and make them more taxpayer friendly, the IRS recently made a series of changes. These regulations indicate
Q&A Session: Commencement Date for Implementation of the Final Treasury Regulations
I Need To Elucidate The Commencement Date For Implementation Of The Newly Released Final Treasury Regulations Governing Tangible Property. Can Someone Please Clarify This For Me? Yes, it should be duly noted that while taxpayers
The Administrative Effect of The Government Shutdown On The Internal Revenue Service
Overview On October 1, 2013 the United States Government was required to suspend all but its most needed operations as the result of the U.S. Congress’ failure to compromise upon appropriations that would have funded
Final Treasury Regulations Issued Governing the Proper Tax Treatment for Tangible Property
Introduction The Department of Treasury finally issued their much awaited final treasury regulations governing the proper tax treatment for repair and maintenance expenditures on Friday, September 13th. The final treasury regulations replace the temporary regulations
Consult Peter J. Scalise’s Specialty Tax Incentives Q&A Session on TaxConnections
I am a property owner in the process of rehabilitating a few older commercial buildings. My Accountant informed me that there are preservation tax credits that I can apply to reduce my rehabilitation costs but