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April 1, 2020

The CARES Act stimulus package creates favorable opportunities to generate or enhance losses for your clients with significant depreciable property. Some highlights include:
 

  • NOLs generated in 2018-2020 can be carried back five years.
     

  • Losses carried back w...

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 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 (...

February 13, 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...

January 29, 2018

On December 22nd, 2017, the President signed Public Law Number 115-97, known as the Tax Cuts and Jobs Act. This wide-ranging act has changed many familiar provisions of the Internal Revenue Code and added new ones. Some of the more notable changes involve changes to de...

January 29, 2018

There has been confusion regarding the implications of the Tax Cuts and Jobs Act of 2017 (TCJA) Section 13301(a) on I.R.C. Section 163 Interest Expensing. Taxpayers’ interest deduction is generally limited to 30% of the adjusted taxable income plus floor plan financing...

November 2, 2017

During recent weeks, the Internal Revenue Service has issued guidance to postpone certain deadlines for taxpayers in California counties affected by wildfires. Similar to the recent hurricanes, these wildfires have focused taxpayer interest on the tax effects of destro...

October 2, 2014

On September 18, 2014 the Internal Revenue Service released an advance copy of Rev. Proc. 2015-54. This revenue procedure describes how to implement the final regulations of Treasury Decision 9689.

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