Wondering what is this “unit of property” term you keep hearing? Well, here is your answer. The IRS issued new regulations in 2013 & 2014 trying to bring clarity to the many conflicting rules in the area of capitalization vs … read more
The Tangible Property and Repair Regulations & guidance issued in 2013 and 2014 has many new provisions including new “safe harbors” and definitions which affect all businesses that have depreciable property or pay for supplies and repairs. One area covered … read more
The IRS issued regulations in 2013 & 2014 trying to bring clarity to the many conflicting rules in the area of capitalization vs expensing of business property. These new regulations are commonly called the “tangible property regulations”. The new regulations … read more
Like-kind exchanges are back! Due to the economic environment over the last five years, there was a period of inactivity, but recently there has been much more activity in this area. For those who are entering into these transactions, it … read more
I will be the first to tell you that I do not understand virtual currency – the most well-known being bitcoin. I do not know how to get bitcoins or how to spend them. But I do know that there … read more
A taxpayer will generally recognize gain or loss upon the sale or exchange of property. However, gain or loss is not recognized under IRC §1031 on an exchange of property if: • the taxpayer exchanges property held for productive use in … read more
In the current economic landscape, more and more states are feeling the budget crunch. In an effort to raise revenues, states are sending out nexus questionnaires to out-of-state businesses. A taxpayer needs to be careful how to respond to these … read more
If someone sells an investment or other property, the gain or loss on the sale is determined by comparing the sales proceeds with the basis. What is “Basis”? The answer depends on how the seller acquired the property. The original … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
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