* Section 179 and Bonus Depreciation
SECTION 179 LIMITS
The following summarizes the historical annual maximum allowable Code Sec. 179 deduction (i.e., dollar limit):
2010-2016 - $500,000
Code Sec. 168(k) provides a first-year bonus depreciation deduction for qualifying property.
A 100% rate applies to property acquired in 2011
A 50% rate applies to property acquired during 2012-2017
A 40% rate applies to property acquired during 2018
A 30% rate applies to property acquired during 2019
Tax Reform Update(view article)
We were notified by the Peer Review Committee Reporting
Acceptance Body that our most recent triennial peer review report with a pass rating was
accepted. A "pass" rating is the highest form of rating a CPA firm can receive.(view article)
On November 27, 2017, the Department of Labor (DOL) released the final rule that further extends the Transition Period and delays the applicability date of several of the prohibited transaction exemptions (PTEs) associated with the DOL’s revamped Fiduciary Rule. Today’s release extends the Transition Period another 18 months, which moves the applicable date for certain provisions discussed below from January 1, 2018 to July 1, 2019.(view article)
The Federal estate tax exemption is $5,490,000 for 2017. The federal estate tax rate is 40% over $5,490,000.
The NYS estate tax exemption is $5,250,000 as of April 1, 2017. On January 1, 2019, it is set to increase to match the federal exemption.(view article)
For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits. As with all tax regulations, there are stipulations and exceptions. Please call us with any planning we can assist you with.(view article)
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