2020 – 09/23 The IRS has issued another set of final regulations on the additional first-year depreciation deduction, otherwise known as 100% bonus depreciation. The deduction generally applies to qualifying property acquired and placed into service after Sept. 27, 2017, and before Jan. 1, 2023. The final regs offer guidance on the requirements that must be met for property to qualify for the deduction, including used property. They also provide rules for consolidated groups and components acquired or self-constructed after Sept. 27, 2017, for larger self-constructed property on which production began before Sept. 28, 2017. Learn more here:
Similar Posts
Deductions: Estates and Trusts
2020 – 09/22 Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for tax years after 2017 and before 2026. The final regulations clarify deductions that don’t fall under that heading,…
Accounting Today Names 2020 Best Firms to Work For
Accounting Today and Best Companies Group have announced the members of the 2020 Best Accounting Firms to Work For list. The annual survey and awards program is designed to identify, recognize and honor the best employers in the accounting profession. Bland Garvey is honored to make the list for the eighth time.
Ordinary Business Expense Deduction
2020 – 08/27 by Lori Eads, CPA When the Paycheck Protection Program (PPP) was adopted as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), Congress made clear that any loan forgiveness under the program would be excluded from the borrower’s taxable income as long as the proceeds were used for amounts equal…
Social Security and Medicare Taxes
2020 – 08/10 In an executive order, President Trump directed that Social Security and Medicare taxes be deferred from Sept. 1 through Dec. 31, 2020. There are still many questions that are unanswered about how this will work and there may be legal challenges. At this point, the taxes are just deferred, meaning they will…
Payroll Associations Express Concerns
2020 – 08/25 In a letter to the U.S. Treasury and the IRS, two payroll associations weigh in on the payroll tax deferral. The groups expressed concern that employers don’t have enough time to implement it. On Aug. 8, President Trump issued an executive memorandum to defer the employee’s portion of Social Security tax from…
Does Your Vehicle Qualify for a Tax Credit?
2020 – 09/29 New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser of a qualified plug-in…
