Promising News on Tax Extender Legislation

12/09/2015Tax Insight

On December 7, 2015, House Ways and Means Chairman Kevin Brady (R-TX) unveiled proposed legislation to extend a number of tax provisions that expired at the end of calendar year 2014. The proposed legislation would prevent tax increases on millions of families and businesses as the 2015 tax year filing season begins early next year. … Read More

IRS Releases Retail & Restaurant Safe Harbor Related to Tangible Property Regulations

11/20/2015Cost Segregation, Tax Insight

On November 20, 2015, the IRS released Revenue Procedure 2015-56, providing certain “qualified taxpayers” engaged in the trade or business of operating a retail establishment or a restaurant a safe harbor accounting method for costs incurred related to remodeling and refreshing of their “qualified buildings.” “Qualified taxpayers” include those conducting activities within NAICS codes 44 … Read More

Repair Regs – Another solution to “Elect-out” of Rev. Proc. 2015-20 to preserve missed deductions

08/21/2015Repair Regulations, Tax Insight

The IRS has recently written on their website that eligible taxpayers may elect out of Rev. Proc. 2015-20 by filing a statement with their 2014 tax returns indicating their qualifying trade or business is not applying the simplified procedure of Rev. Proc. 2015-20. Qualified small business taxpayers who accept the relief of Rev. Proc. 2015-20 … Read More

Senate Finance Committee approves renewal of expired tax provisions

07/22/2015Tax Insight

Yesterday, on July 21st, the Senate Finance Committee repeated history by overwhelmingly approving a 2-year extension of over 50 expired tax provisions with a strong bipartisan vote, setting the stage for Congress to address later this year. The bill extends many long awaited business tax extenders that originally expired at the end of 2014 and … Read More

IRS Releases New Draft Form 3115

07/20/2015Repair Regulations, Tax Insight

On July 15th, The IRS posted onto its website an early released draft of Form 3115, Application for Change in Accounting Method. Form 3115 is used for accounting method changes, including complying with the Tangible Property Regulations (“TPRs”) as well as making depreciation adjustments resulting from Cost Segregation studies. The current version of Form 3115 … Read More

House Passes Permanent Extension of the R&D Tax Credit

05/22/2015R&D Tax Credit, Tax Insight

On May 20th, the US House of Representatives passed HR 880, making the Research & Development Tax Credit permanent. The House bill is called the American Research and Competitiveness Bill of 2015. HR 880 provides no revenue offsets which will likely be met with a presidential veto, consistent with what President Obama has promised to … Read More

AICPA Recommends Increasing De Minimis Safe Harbor Limit

04/28/2015Tax Insight

In a recent letter, the American Institute of Certified Public Accountants (AICPA) commended the IRS for requesting input on increasing the De Minimis Safe Harbor limit for taxpayers without applicable financial statements (AFS) and provided a recommendation. The safe harbor generally allows taxpayers with AFS (which usually means audited financial statements) to immediately deduct $5,000 … Read More