by Kevin Jerry | Mar 28, 2023 | 3115s
Not Signing a Form 3115 is Considered to be a Bad Sign Annually, the IRS compiles a “Dirty Dozen” list of 12 scams and schemes that taxpayers may encounter, especially during tax filing season. Day six of the campaign will hit home with building owners and investors...
by Kevin Jerry | Feb 24, 2023 | Partial Asset Dispositions, The Tangible Property Regulations
Take Advantage of This Amazing Tax Opportunity When a taxpayer disposes of a portion of an asset used for making money, like a building, the disposed components have a taxable value that can be deducted in the year the assets were retired. This is missed by EVERY...
by Kevin Jerry | Feb 2, 2023 | Method Change, The Tangible Property Regulations
When and how do you change a method of accounting to use the final tangibles regulations? Under the Internal Revenue Code, a change in the method of accounting is usually a change in the handling of an expenditure. Meaning in the case of the tangible property...
by Kevin Jerry | Jan 25, 2023 | Depreciation
According to IRS Publication 946, you begin depreciating your property when you place it in service for its intended use and use the property for the generation of income. You stop depreciating the property when you have fully recouped your original cost basis or when...
by Kevin Jerry | Jan 18, 2023 | The Tangible Property Regulations
Generally, the final tangibles regulations don’t change the rules for deducting materials and supplies. The final tangibles regulations use existing court cases to decide on the exact definition and treatment of materials and supplies but added some safe harbors...
