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Extenders Bill on the Way Signed by President Obama

07 Jan

The bill, titled the “Protecting Americans from Tax Hikes (PATH) Act of 2015,” makes some of the extended provisions permanent while extending others only for two years. Among the provisions included in the PATH bill are a number of items that may be of direct interest to NSA members. These provisions include the following sections: [...]

NEW IRS REPAIR VS CAPITALIZATION REGULATIONS:

19 Jan

NEW IRS REPAIR VS CAPITALIZATION REGULATIONS: In 2013 the IRS issued final regulations pertaining to repair vs capitalization regulations. The regs are 222 pages long with 170 examples and is effective January 1, 2014. The following are highlights of the new regulations. Improvements:  The regulations require taxpayers to capitalize  amounts paid to improve a “unit [...]