US House Tees Up Tax Law Fixes

There’s still a ways to go, but the US House is moving in the right direction this week with the House Committee on Rules voting to send a year-end tax bill to the floor for a vote. The House Ways & Means Committee released its TCJA fix package this past Monday and it may be…

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Senate Leader Files Depreciation Bill

Senator John Thune, the #3 ranking republican in the US Senate this week filed the Investment in New Ventures and Economic Success Today (INVEST) Act, which will simplify depreciation rules and reform key parts of the tax code allowing business owners to more quickly recover investment costs and other business expenses. The INVEST Act would…

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IRS Announces Safe-Harbor for Restaurant Remodels

The Internal Revenue Service a few weeks ago authorized a new process that provides qualified restaurant owners with a safe-harbor accounting method for categorizing remodels and repairs to their property.  The new procedure (Revenue Procedure 2015-56) helps business owners determine whether expenses paid for certain building costs can be expensed and deducted immediately or must…

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US House Passes Permanent Section 179 Expensing Bill

It was one of the so-called “tax extenders” that have been allowed to expire in each of the past two years, only to be retroactively reinstated.  At long last, the US House has moved the issue forward again and passed legislation that will make the accelerated and bonus depreciation deductions permanent.  The legislation, known as…

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