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 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...
by Kevin Jerry | Dec 29, 2022 | Safe Harbors, The Tangible Property Regulations
De minimis Safe Harbor: An Administrative Convenience for the Service and the Taxpayer The Tangible Property Regulations under §263a provide three safe harbors designed to help small and large taxpayers avoid the Regulations’ complex and sometimes confusing...
by Kevin Jerry | Nov 23, 2022 | The Tangible Property Regulations
What you should know about the Tangible Property Regulations 1. What exactly are the tangible property regulations? §162 of the Internal Revenue Code allows you to deduct all the standard and necessary expenses you experience during the taxable year. This includes the...
by Kevin Jerry | Nov 16, 2022 | 3115s, 481a, Cost Segregation, Method Change, The Tangible Property Regulations
When a tax method change occurs, whether it is from cost segregation, the Tangible Property Regulations, or any other tax method changes (for which the cutoff method cannot be used), a 481a adjustment must be used. Suppose income for any taxable year is under a...
