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Treasury, IRS issue guidance to farmers on uniform capitalization rules

WASHINGTON – The Treasury Department and Internal Revenue Service today issued Revenue Procedure 2020-13 providing procedures for farmers who have elected out of certain capitalization rules and want to apply the small business taxpayer exemption in the same taxable...

  • February 22, 2020

Businesses should review depreciation deductions rules

Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses.  First off,...

  • August 15, 2019

Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises

WASHINGTON – The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.” People who have itemized before may be...

  • May 16, 2018