As year-end approaches, many taxpayers have been focused on whether an extenders package will be passed to offer Section 179 and/or bonus depreciation relief. However, before congress was able to act, the IRS sent taxpayers an early holiday surprise, increasing the de minimis safe harbor limit from $500 to $2,500 for taxpayers who don’t maintain an applicable financial statement (AFS). For taxpayers with an AFS, the de minimis safe harbor maximum remains unchanged at $5,000.
Read more about the de minimis safe harbor, IRS Repair Regulations, and the latest news from Anders.
The post Real Estate and Construction Newsletter December 2015 appeared first on Anders CPAs.