Pushing Tax Reform – TPR De Minimis Safe Harbor Threshold

The American Institute of Certified Public Accountants (AICPA) has recently been participating in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus in this regard has to do with rules relative to the de minimis safe harbor …

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Write Off Your Building Improvements under the Safe Harbor for Small Taxpayers

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 and repair regulations” or TPR regulations. The new regulations, which apply to tax years beginning in 2014, have many …

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How to Deduct Recurring Maintenance? The Routine Maintenance Safe Harbor

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 in the regulations is costs related to improving or repairing property and which of these …

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Materials and supplies – IRS guidance on how to deduct

One of the areas included in the new Tangible Property and Repair Regulations released in 2013 and 2014 is guidance from the IRS regarding what are materials and supplies and when a business can deduct them. The new regulations, which apply to tax years beginning in 2014, include: New definitions of materials and supplies Rules …

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Expense Your Property under the De Minimis Safe Harbor

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 apply to tax years beginning in 2014 and include new “safe harbors” and definitions which …

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