Wednesday, November 25, 2015

Repairs expensing just allowed to $2,500, new safe harbor rules (was $500 which was tough)

Inside This Issue

Notice 2015-82 increases the de minimis safe harbor limit provided in the new Tangible Property Regulations (§ 1.263(a)-1(f)(1)(ii)(D)) of the Income Tax Regulations for a taxpayer without an applicable financial statement (“AFS”) (in other words, clients without audited financial statements) from $500 to $2,500.
Notice 2015-82 will be published in Internal Revenue Bulletin 2015-50 on Dec. 14, 2015.