Fixed Asset & Depreciation Management Resources: Bonus Depreciation and Other Tax Legislation Updates
Tax Legislation Updates About Bonus Depreciation, Fixed Asset Management, Section 179 Expenses & More
Read about new and impending tax legislation updates that affect bonus depreciation, fixed asset management, and businesses.
New Guidance on the Capitalization of Tangible Property
New IRS Guidance Clarifies Capitalization of Tangible Property
Good (and not-so-good) things come to those who wait. After eight years of contemplation and debate, the IRS issued new guidance last December on the rules that govern capitalization of tangible property.
Read the Article »
Bonus Depreciation
As tax regulations have continued to evolve during the past several years, bonus depreciation compliance has become much more complicated. Bonus depreciation has been allowed on a wide range of very specific asset types that change over time and that have different effective dates. The allowable bonus depreciation amount changes from 30% to 50% to 100% and then back to 50%. The fact that bonus depreciation was allowed to expire, was then reintroduced, and later extended three times, indicates that it is imperative that organizations that make use of these provisions know what the rules are when depreciating their fixed assets and have the enforceable policies, procedures, and expert tax systems in place to ensure compliance and take full advantage of available tax savings.
We've compiled several resources about bonus depreciation to help explain this complex deduction.
Considerations for Claiming Bonus Depreciation
There are a number of challenges associated with claiming bonus depreciation including the need to determine which assets qualify for the bonus depreciation deduction, the need to calculate the bonus depreciation amount (which may be 30%, 50%, or 100%) and correctly apply the bonus depreciation rules for qualifying assets, based on their placed-in-service date, and much more.
Learn More About the Considerations for Claiming Bonus Depreciation »
Reasons Not to Claim the 100% Bonus Depreciation Deduction
A major provision of the recently passed Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is the temporary allowance of 100% expensing using bonus depreciation (100% bonus depreciation). This new deduction represents a huge opportunity for many businesses to take sizable deductions. However, it is possible that claiming the 100% bonus depreciation deduction is not the best option for your particular business.
Find Out Why You May Not Want to Claim the 100% Bonus Depreciation Deduction »
Resource Guide:
Best Practices in Fixed Assets Management: A Resource Guide for Claiming Bonus Depreciation
Get answers to your questions such as what property qualifies for either the 50% or the 100% bonus depreciation deduction. The Guide includes additional important provisions created by The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and Revenue Procedure 2011-26.
Download the Resource Guide for Claiming Bonus Depreciation »
Article:
Property Qualifying for Bonus Depreciation
Just what property does qualify for bonus depreciation? This article will clear up the confusion as to which fixed assets qualify for this valuable deduction.
Download the Article: Property Qualifying for Bonus Depreciation »
White Paper:
Electing Out of Bonus Depreciation for Refundable Credits
Learn more about this complex provision and find out what you need to consider in order to make the decision most beneficial to your bottom line.
Download the White Paper: Electing Out of Bonus Depreciation for Refundable Credits »
On Demand Webinar:
2010 Tax Relief Act: Understanding and Planning for Bonus Depreciation and Other Fixed Asset Provisions
This webinar provides details about these provisions including the increase of the bonus depreciation deduction to 100%, changes to Section 179 expensing, and more, and demonstrates how an automated solution like fixed asset software from BNA Software makes it easy to develop scenarios to help you make the right choices to take advantage of the Tax Relief Act provisions to minimize your tax liability.
View the On Demand Webinar »
State Conformity with Federal Bonus Depreciation Rules:
States & Their Conformity with Federal Bonus Depreciation Rules
View the list of states and their current decision as to the handling of bonus depreciation.
View the List »
More Tax Legislation Updates About Bonus Depreciation, Fixed Assets Management, Section 179 Expenses & More
IRS Revenue Procedure 2011-26 Provides Bonus Depreciation Guidance »
The new IRS Revenue Procedure 2011-26 gives detailed guidance on handling the deduction for bonus depreciation in specific situations. While mainly concerned with the new 100% bonus depreciation deduction, Revenue Procedure 2011-26 also discusses the 50% bonus deduction.
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853)
2010 Tax Relief Act and the Effect on Fixed Assets Management »
Several of the most significant provisions in this Act affect fixed asset management including bonus depreciation deductions (100% bonus depreciation), Section 179 Expenses, and more.
Small Business Jobs Act of 2010 (H.R. 5297)
The Small Business Jobs Act and Bonus Depreciation »
The Small Business Jobs Act and Fixed Assets Management Miscellaneous Provisions »
