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Don’t Leave 2014 Tax Dollars Behind!

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Well into the second quarter of 2015, many business owners may have forgotten about their 2014 tax return. However, with regulations issued by the IRS last year, many taxpayers have (and still can) capitalize on a new opportunity.

Specifically, the IRS issued new rules commonly known as the “Tangible Property Regulations” or TPRs. These regulations affect virtually every taxpayer that has fixed assets in their business. If a taxpayer owns commercial or multi-family real estate, senior living facilities, has a manufacturing facility, or has conducted major improvements to leased property, there may be opportunity regarding the 2014 tax year and future tax years as well.

The regulations set forth new guidance on capitalization policies, and provide safe harbor elections that allow taxpayers to write-off $500 or $5,000 of expenditures, depending on certain parameters. The rules also provide safe harbors as they relate to “routine” maintenance and allow for certain safe harbors for qualified small businesses. While these regulations are complex, understanding them can provide significant benefit for taxpayers, even if your 2014 tax return has already been filed.

Curious about how these TPRs can benefit you? Join us May 20 for an informative seminar/webinar and round table discussion. For more information and to register, click here. You can also contact us directly at 425-454-7990; we’re here to help!