President Obama late on December 18 (date of enactment) signed into law legislation (H.R. 2029) that includes a $680 billion tax package and funds the federal government through September 30, 2016.
The IRS recently released Rev. Proc. 2015-56, providing a safe harbor for taxpayers operating a retail establishment or restaurant for determining whether expenditures paid or incurred to remodel or refresh a qualified building are deductible under Section 162(a) or must be capitalized as improvements under Section 263(a) or 263A.
The IRS recently released Notice 2015-82 (Notice), increasing the de minimis safe harbor limit in Reg. sec. 1.263(a)-1(f) for taxpayers without an ‘applicable financial statement’ (AFS) from $500 to $2,500.
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