On December 18, the Senate passed — and the President signed into law — the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which the House had passed on December 17. The act extends certain tax relief provisions that expired at the end of 2014. In many cases, it makes the breaks permanent…. Read more

Good news for small businesses: On November 24, 2015, the IRS announced an increase in the safe harbor threshold for deducting certain capital items, raising it from $500 to $2,500, for qualified small businesses. The $2,500 threshold will take effect for taxable years beginning on or after January 1, 2016. Additionally, the IRS announced that… Read more

Purchasing a new home can be an exciting time, especially if it is your first. It can be a whirlwind—planning your budget, securing a loan and potentially improving the property. One thing that may get overlooked is how a new loan can affect your tax return. Properly deducting interest as well as other allowable expenditures… Read more

Reminder: September 15th and October 15th are the deadlines to file Forms 3115 to proactively comply with the Tangible Asset and Repair Regulations (TARS), which went into effect for taxable years beginning on or after January 1, 2014. Although Forms 3115 are not required with every return, the omission of these forms indicates acceptance of… Read more

As you may recall from a previous article, the IRS issued final regulations that provide guidance on whether businesses can deduct or must capitalize amounts that they pay to acquire, produce or improve tangible property. The new Tangible Asset and Repair Regulations (TARS) went in to effect for taxable years beginning on or after January… Read more