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Depreciation

Safe harbor for retail and restaurant businesses on when to deduct/capitalize remodeling costs

Safe harbor for retail and restaurant businesses on when to deduct/capitalize remodeling costs

Rev Proc 2015-56, 2015-49 IRB In a Revenue Procedure, IRS has provided a safe harbor method that taxpayers engaged in the trade or business of operating a retail establishment may use to determine whether costs paid or incurred to refresh or remodel a qualified building are deductible under Code Sec. 162(a), must be capitalized as […]

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Rev Proc provides detailed guidance on depreciation changes under TIPA

Rev Proc provides detailed guidance on depreciation changes under TIPA

Rev Proc 2015-48, 2015-40 IRB In a Revenue Procedure, IRS has provided guidance on changes made by the Tax Increase Prevention TIPA of 2014 (TIPA, P.L. 113-295) to provisions dealing with Code Sec. 168(k) bonus depreciation, the Code Sec. 168(k)(4) election to forego bonus depreciation and increase the alternative minimum tax credit, and the Code […]

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IRS clarifies when metals used in manufacturing process are subject to depreciation

IRS clarifies when metals used in manufacturing process are subject to depreciation

Rev Rul 2015-11, 2015-21 IRB   In a Revenue Ruling, IRS has held that in determining whether metals, that are used up or whose purity declines as part of the process of manufacturing a product, are subject to depreciation, is based on an examination of the specific facts relating to the metal’s use in a […]

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Depreciation dollar limits released for 2014 business autos, light trucks and vans

Depreciation dollar limits released for 2014 business autos, light trucks and vans

In Rev Proc 2014-21, 2014-11 IRB, IRS has released the inflation-adjusted Code Sec. 280F depreciation limits for business autos, light trucks and vans placed in service by the taxpayer in 2014, as well as the annual income inclusion amounts for such vehicles first leased in 2014. Depreciation deduction limits for 2014 are the same as […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney