New Tax Rules for Tangible Property

New Tax Rules for Tangible Property

Progress always requires change, and progress in the way we tax tangible property is no exception. The tangible property rules have long been one of the murkier areas of the federal tax code. But new regulations — the last piece of which was issued in September — clarified the rules for acquiring, improving, maintaining and disposing of tangible property used in a trade or business.

The IRS Continues to Face Severe Budget Cuts—What Does This Mean to Tax Advisors and Their Clients?

By | Larry's Tax Law | January 20, 2015
The IRS Continues to Face Severe Budget Cuts—What Does This Mean to Tax Advisors and Their Clients?

As reported in my January 21, 2014 blog post, federal budget cuts continue to hit the IRS hard.  In the Consolidated Appropriations Act of 2014, our lawmakers cut the Service’s budget by more than $500 million.  The Continuing Appropriations Resolution, 2015, signed by President Obama on September 19, 2014, gave the Service about a $350 million budget setback.