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Tangible Property Regulations and Form 3115

The IRS recently issued final regulations, effective January 1, 2014, on the treatment of costs to acquire, produce or improve tangible property, to be applied to 2014 tax returns in determining if taxpayers can deduct costs immediately as repairs and … Continue reading

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Tax Bites: Owners of leasehold, restaurant and retail properties must act soon

In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying leasehold improvements made in 2013. Section 179 expensing. Congress revived … Continue reading

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