December 15, 2015
In an ongoing effort to keep you informed of IRS changes, we have a new and important one to report. And this time, the change eases your filing burden.
Within the last month, the IRS significantly simplified the paperwork and recordkeeping requirements for small business by raising the safe harbor threshold for deducting certain capital items from $500 to $2,500. This applies to money spent to acquire, produce, or improve tangible property that would normally qualify as a capital item.
The new $2,500 threshold applies to any such item substantiated by an invoice. As a result, small businesses will be able to immediately deduct many expenditures that would otherwise need to be spread over a period of years through annual depreciation deductions.
For more detail on this new change, please read the full IRS article here.
And, as always, contact our firm if you have questions. We are here to help!
BOSS is the answer to your back office headaches. Our cloud-based solution enables you to hand complex accounting tasks over to us. We work the numbers while providing you 24/7 access to your data—and all at a fixed, affordable monthly fee.
We can all get caught up in the day…meetings, calls, texts, emails and the myriad of other workday demands that pile up quickly and can create unwanted stress.
Kevin Tomas is a CPA – Senior Manager at Greene Finney, LLP. He specializes in managing and supervising back office support system (BOSS) and his specialty lies in working with government and nonprofit entities. Kevin went to Bob Jones University and graduated in 2004 with a Bachelor's of Science degree in Accounting. When he’s not working in the office, Kevin enjoys spending time with his family and hiking. Here are some other interesting thoughts and experiences he’s shared to introduce himself on a more personal level.
Labor Day is upon us—a popular holiday that is dedicated to the millions of women and men who keep this country going strong. For many, it also means that it’s time to break out the grill for that big end-of-summer celebration. And because most of us aren’t Grill Masters, this is a good time for a refresh on some basic grilling safety tips to keep everyone safe and the party going.