Businesses often wrestle with understanding what items should be deducted versus what should be expensed. That task got a little more complicated this year when the Internal Revenue Service finalized new tangible property rules. They affect every business that has tangible property—buildings, machinery, equipment, furniture, vehicles—so they’re pretty far reaching. And they add a new layer of complexity to your tax planning.
We can help you address the new requirements, which may include determining whether you need to complete additional paperwork to request a change in accounting method.
Be sure to contact us to learn about handling this and any other tax law changes that may affect your business.