Yesterday, per Notice 2015-82, 2015-50 IRB; IR 2015-133, the IRS increased the de minimis safe harbor limit (Reg. § 1.263(a)-1(f)(1)(ii)(D)) from $500 to $2,500 for those taxpayers who don’t maintain applicable financial statements. This change is effective January 1, 2016, but the IRS will not contest the use of the new $2,500 expensing limit for previous years including the 2015 tax year.
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© Copyright 2015 - Stevens, Sloan & Shah CPAs - A California Professional Corporation
975 West Alisal Street, Suite D, Salinas, CA 93901 || 1631 Willow Street, Suite 110, San Jose, CA 95125
Serving Salinas, Monterey, King City, Soledad, Carmel, the greater Monterey County Area, Silicon Valley and the Greater Bay Area