Last set of IRS Repair Regulations Issued

The IRS issued final regulations with rules on how to:

  1. Determine gain or loss when property is subject to depreciation is disposed
  2. Determine the asset disposed
  3. Account for partial dispositions of depreciated property

General topics of these regulations are:

  1. Dispositions of MACRS property
  2. Partial dispositions
  3. Determining gain or loss
  4. General asset accounts

The regulations apply to tax years beginning on or after January 1, 2014; but, taxpayers can apply them to tax years beginning on or after January 1, 2012.


For more information, pleased view this referenced article from the Tax Advisor, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com

What are the IRS 2014 Per Diem Rates for Business Travel?

In late 2014, the IRS issued its updates of special per diem rates for certain business travel expenses incurred by taxpayers in IRS Notice 2014-57.

The IRS Notice includes rate for the following:

  1. Meal and incidental expenses,
  2. Incidental-expenses-only deduction, and
  3. List of high-cost localities for the high-low substantiation method.

For more information, please visit the referenced article or contact Thomas Vereecke at (616) 608-8510 or tvereecke@brickleydelong.