Do You Need To File Form 3115?

Late in the afternoon of Friday, February 13th, the IRS released Revenue Procedure 2015-20 that dramatically changed the implementation of the tangible property regulations (TPRs), which I have been writing about. (Read the previous blog here) The new revenue procedure provides that for each taxpayer’s separate and distinct trade or business with total assets of…

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Form 3115 – TPRs – Tangible Property Regulations

The IRS and the US Treasury issued final tangible property regulations (TPRs) that become effective, as an option, for the first time, for business 2012 and/or 2013 tax returns, but mandatory for this tax year 2014. These TPRs will most likely require all business taxpayers to file additional IRS forms and supporting statements for 2014…

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2015 Tax Amendments

Happy New Year! Prepping for 2014 Tax Returns

As we get ready for preparing our clients’ 2014 tax returns, we have extra work to do regarding the new “repair regulations,” which I wrote about last month. The new rules require analysis to be done, plus election statements and change in accounting method forms are required to be included in the 2014 tax returns.…

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Tax Increase Prevention Act Extended

President Barack Obama signed The Tax Increase Prevention Act on Friday. This means the 50-plus “extenders” that had expired on December 31, 2013 have been extended and expire on December 31, 2014. For example: Bonus and 15-year depreciation are available for certain leasehold improvements placed in service in 2014. Let us know if you would…

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Happy Holidays 2014!

Thank each and every one of you for helping us make 2014 a great year! We wish happiness for all this holiday season.

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building repairs

More About Repair Regulations for 2014

Repair Regulations for 2014 I hope you enjoyed your Thanksgiving holiday weekend! It is interesting to me that the new IRS regulations that I wrote about last time are called “Repair Regulations” when these new rules are mostly about expenditures that need to be capitalized, and then everything else can be treated as deductible repairs!…

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Depreciable Assets Regulations for 2014

There are some new IRS new regulations effective for tax year 2014 that every taxpayer will have to address if they have depreciable assets, such as buildings, furniture, equipment, cars, trucks, etc., and/or repairs, maintenance, construction and disposal of depreciable assets. These regulations are being described as the “repair regulations” and the “tangible property regulations.”…

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UT Dallas Accounting Advisory Board

Kurtz & Company, P.C. is pleased to announce that owner and President, David Kurtz, has been invited to join the University of Texas at Dallas Masters of Accounting Program Advisory Board. David’s participation will include providing guidance and feedback on the Masters of Accounting program at UT Dallas, information on skillsets and demands required in…

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Savings jar with money

Costs of Intangible Assets Not Immediately Tax Deductible

We all want to always deduct all the costs incurred in our business activities. However, there are certain costs that have to be deducted over a period of time.  Some of those costs are amounts paid: (1) to terminate certain agreements, including, but not limited to, leases of the taxpayer’s tangible property, exclusive licenses to…

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Tax Scam – Don’t Be Fooled, Be Aware

Friends and Associates, Please be aware of this scam. Thanks to Joel Crouch of http://meadowscollier.com for the information.   BE AWARE OF THIS SCAM I have recently been contacted by a number of attorneys, CPAs and other professionals about angry, threatening telephone calls and messages that their clients are receiving from someone who identifies himself or…

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