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November 13, 2019

Over the past week there were several developments in the area of tax depreciation. These changes range from inflation-adjusted limits to new IRS audit guidance to the latest information on depreciation-related tax accounting method changes. Click here for our analysis...

November 5, 2019

Following passage of the Tax Cuts and Jobs Act (TCJA), tax professionals have questioned whether the identification of tangible personal property, in cost segregation studies, now negatively affects like kind exchanges. Under 13303 of the TCJA, 1031 now restricts like...

September 16, 2019

On Friday, September 13, the IRS released advance copies of final 100 percent bonus depreciation regulations and new, proposed 100 percent bonus depreciation regulations. Treasury Decision 9874 contains the final regulations for many TCJA 100 percent bonus depreciation...

August 5, 2019

On July 31, 2019, the IRS released Rev. Proc. 2019-33. This revenue procedure allows taxpayers to make or revoke certain elections for bonus depreciation under the Tax Cuts and Jobs Act of 2017 (TCJA) for the 2016 and 2017 tax years. The late and revoked elections crea...

July 25, 2019

The Tax Cuts and Jobs Act (TCJA) of 2017 increased the §179 expensing limit, but it also created additional opportunities related to § 179. Read about the opportunities as well as the nuances of active trades or businesses here.

November 19, 2018

On November 5, 2018, the Internal Revenue Service released a practice unit presentation for their Large Business & International division agents. A practice unit is a training module in presentation format used for IRS internal training purposes. This practice unit foc...

November 12, 2018

We are pleased to announce that Michael Warady, CFP, has rejoined our business development team. Having provided more than 25 years of client education and interaction, Michael will focus his attention in the Mid-Atlantic states, helping CPAs and their clients understa...

August 8, 2018

On Friday, August 3, the Treasury Department published proposed Tax Cuts and Jobs Act (“TCJA”) bonus depreciation regulations to the Federal Register’s Public Inspection Desk. Following the TCJA, these proposed regulations make substantial modifications to the bonus de...

March 6, 2018

Increase your knowledge of the fixed asset provisions associated with the Tax Cuts & Jobs Act of 2017 by watching SourceHOV Tax’s webinar, Depreciation Complexities of the Tax Cuts & Jobs Act: Solving the Mysteries and Understanding Potential, and downloading related g...

February 14, 2018

Most taxpayers and tax practitioners view bonus depreciation in a straightforward manner. If an asset is placed-in-service between certain dates, it is eligible for that period’s bonus depreciation. With the passage of the Tax Cuts and Jobs Act, Public Law No. 115-97 (...