New IRS Ruling Simplifies Tangible Property Regulations for Small Businesses

On February 13, the IRS issued Rev. Proc. 2015-20, which will allow small businesses to change certain methods of accounting under the final tangible property regulations for 2014 without having to file a Form 3115 or an election statement.  The ruling aims to reduce the burden on small businesses and their tax preparers in response […]

Architects and Engineers, Do You Qualify for §179D?

Born out of the realization that commercial buildings are responsible for a significant proportion of energy consumption in the U.S., §179D was added to the tax code under the Energy Policy Act of 2005.  The goal of the provision was to encourage building owners in both the private and public sectors to implement energy efficient […]

Designing Your Optimal Tax Strategy: An Overview of Incentives Available to Architects

As architecture firms struggle to regroup in a post-recession economy, they may discover a financial boon through a little strategic tax planning.  Capitalizing on tax provisions such as §179D and the R&D Tax Credit, and properly applying cost segregation and tangible property regulations to minimize tax burden, may result in substantial savings. Added to the […]

Abandonment of Commercial Property using the Internal Revenue Code 263(a) – Tangible Property Regulations

Internal Revenue Code 263(a) – Tangible Property Regulations The IRS recently released the final tangible property repair regulations that provide a framework for distinguishing capital expenditures from deductible tangible property costs. These important new regulations will affect virtually all taxpayers that acquire, produce, or improve tangible property. Of Particular interest to commercial property owners are […]

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