The IRS has released long-anticipated final bonus depreciation rules, which will implement the first-year 100% deduction that was included in the Tax Cuts and Jobs Act (TCJA). Please note that these final regulations change a few aspects of the proposed regulations that were issued in August 2018. Overview The final regulations will enable companies to
The IRS issued Notice 2017-6 to extend the time to make certain changes to comply with the tangible property regulations. This includes making accounting method changes for repair and maintenance expenses, depreciation, and certain property dispositions. This extension may present a significant opportunity to unlock tax savings for taxpayers who previously made accounting method changes
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 the government in fiscal year 2014. It should be duly noted that since March 26, 2013 numerous government operations have
Through a thorough analysis of your expenses for repairs and maintenance, ETS can help you reduce your tax liability and improve cash flow by properly reclassifying these expenditures. First, we will identify which asset costs are not properly classified, then reclassify them as deductible repairs as defined by IRS Code Sections 162 and 263a. Deductible