Tax Legislation Updates
Read about new and impending tax legislation updates that affect fixed assets and depreciation management, businesses, and individual taxpayers
New Tangible Property Regulations: Now Is the Time to Prepare for Changes
Corporate taxpayers: New regulations may require broad-reaching accounting process changes — and potential software upgrades. Are you prepared?
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Expanded Business Tax Benefits Set to Expire in 2013
Steep rate increases are in store for individual taxpayers next year. Likewise, businesses will face the elimination of several beneficial tax incentives.
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Latest Tax Legislation Updates
New Guidance on the Capitalization of Tangible Property
The IRS recently issued its much anticipated regulations providing taxpayers a broad range of guidance on whether to capitalize or expense amounts paid to acquire, produce, or improve tangible property. The new set of rules is far-reaching and it is likely that all taxpayers who use fixed assets in their businesses will be required to make a change in their accounting method to comply with them.
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Considerations for Claiming Bonus Depreciation
There are a number of challenges associated with claiming bonus depreciation including the need to determine which assets qualify for the bonus depreciation deduction, the need to calculate the bonus depreciation amount (which may be 30%, 50%, or 100%) and correctly apply the bonus depreciation rules for qualifying assets, based on their placed-in-service date, and much more.
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Reasons Not to Claim the 100% Bonus Depreciation Deduction
A major provision of the recently passed Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is the temporary allowance of 100% expensing using bonus depreciation (100% bonus depreciation). This new deduction represents a huge opportunity for many businesses to take sizable deductions. However, it is possible that claiming the 100% bonus depreciation deduction is not the best option for your particular business.
Find Out Why You May Not Want to Claim the 100% Bonus Depreciation Deduction »
Best Practices in Fixed Assets Management: A Resource Guide for Claiming Bonus Depreciation
Get answers to your questions such as what property qualifies for either the 50% or the 100% bonus depreciation deduction. The Guide includes additional important provisions created by The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and Revenue Procedure 2011-26.
Download the Resource Guide for Claiming Bonus Depreciation »
State Conformity with Federal Bonus Depreciation Rules:
States & Their Conformity with Federal Bonus Depreciation Rules
View the list of states and their current decision as to the handling of bonus depreciation.
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