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New Bonus Depreciation Regs Bring Clarity, Anti-Abuse Provisions, But No Fixes
Posted by Tony Pisani on Thu, Sep 13, 2018 @ 04:09 PM

The IRS took a step toward clarifying an issue in the new tax reform law, but it did not answer one of the biggest provisions surrounding bonus depreciation.

On Aug. 3, 2018, the IRS and Treasury Department released the first proposed regulations on the expanded bonus depreciation provisions enacted by the 2017 tax reform act (the Act). These regulations provide clarification on which types of property qualify, when a taxpayer will not be considered to have previously used property, when property is acquired and placed in service and the effect of certain partnership elections. The new anti-abuse provisions focus on ensuring that the deduction is not claimed by multiple entities in the same controlled group and that the original use requirement is not circumvented.

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Topics: IRS, Bonus Depreciation, Partnerships, Tax Reform Act, Tony Pisani

Capturing the Benefits of Bonus Depreciation and the Section 179 Deduction
Posted by Bob Smith on Tue, Dec 13, 2016 @ 12:40 PM

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) created several benefits for tax planning, not the least of which was taking the uncertainty out of common tax deductions.

Several benefits that help offset the cost of improvements to tangible property had been set to expire in 2014, but the tax extension legislation renewed and in some cases enhanced the tax-saving opportunities. Among the provisions included in the PATH Act were bonus depreciation and the Section 179 expensing election. Both apply to similar types of projects and situations, but each provision has its nuances. As businesses can only take one or the other for the same asset, careful consideration is critical to maximizing their benefits.

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Topics: Bob Smith, Bonus Depreciation, Section 179, PATH Act, Protecting Americans from Tax Hikes Act of 2015

IRS Issues Guidance on 100 Percent Bonus Depreciation
Posted by Michael Corrente on Tue, Jun 14, 2011 @ 10:58 AM

The IRS on March 29 issued Revenue Procedure 2011-26 addressing several unanswered questions surrounding the 100 percent bonus depreciation provision included in last December's Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 ("Tax Relief Act").  As discussed below, the guidance provided by Rev. Proc. 2011-26 is generally taxpayer friendly.

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Topics: Michael Corrente, tax, IRS, IRS Updates, 100 Percent Bonus Depreciation, Bonus Depreciation

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