Retail
Tax Return Due Dates & Filing Extensions Changed
Tax Return Due Dates & Filing Extensions Changed
Congress & the IRS recently announced changes to due dates for partnership and corporate tax returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns. This announcement has received a lot of publicity, but AAFCPAs reminds you that the changes will not affect you […]
Managing the IRS Repair Regulations and the Ongoing Challenges Presented After Initial Implementation
Managing the IRS Repair Regulations and the Ongoing Challenges Presented After Initial Implementation
The IRS final “repair regulations,” effective January 1, 2014, completely revamped the way taxpayers evaluate expenditures in order to determine whether certain costs represent immediately deductible repair expenses, or capital improvements that must be depreciated over time. In addition, regulations issued in Section 1.162-3 provide new guidance on when a taxpayer may deduct costs incurred […]