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 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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Lease Purchase Tax Ruling

Purchase of underlying property didn’t prevent deduction for lease termination payment. The Court of Appeals for the Sixth Circuit has allowed a party that exercised an option to buy property that it was leasing to deduct a portion of the amount tendered in the transaction as a lease termination payment. In so doing, it rejected…

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Why A Partner Can Receive More Taxable Income Than Cash

(and Vice Versa) I get asked relatively often why, in a given year, a partner may be taxed on more partnership income than was distributed to him or her from the partnership in which he or she is a partner. The answers lies in the way partnerships and partners are taxed. Unlike a regular corporation,…

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Real Estate Tax Tips and 1031 Exchange

Thinking of buying or selling rental property? Here are some things to thing about first. If you are selling a piece of rental property to buy another, you may be able to take advantage of the tax free exchange, often called a 1031 exchange, and defer your capital gains income taxes.

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picture of electrical system diagram

Rental Property Depreciation Tips

If you are depreciating residential or nonresidential rental property over a 27.5-year or 39-year period, some items of property that are, seemingly, “part of the building” can, nevertheless, be depreciated over a period far shorter than 27.5 or 39 years. Generally, the speedier depreciation is available for items that service the machinery or equipment used…

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Maximize Depreciation Deductions for Business Owned Real Estate

When buying business real estate – for your own occupancy or for rental to others – you should take steps that maximize the income tax depreciation deductions that you can claim for the property. Here are a few suggestions. Separating improvements from land. Not all of the cost of acquiring real estate is depreciable. Specifically,…

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