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New Depreciation & Capitalization Rules

New depreciation and capitalization rules allow small businesses who establish an accounting capitalization policy to expense equipment previously required to be capitalized, without subjecting it to any depreciation regulations. In order to take advantage of the liberalized rules, taxpayers must adopt an 'Accounting Capitalization Policy.'  Small businesses (businesses without audited financial statements) may choose to expense assets purchased so long as the asset does not exceed $500 per item.   A sample capitalization policy provided by our research service, Thomson Reuters, is available for your use below. If you need assistance in determining what your Accounting Capitalization Policy should be, [...]

2016-10-27T16:55:00+00:00 January 30th, 2014|Uncategorized|Comments Off on New Depreciation & Capitalization Rules

Health Insurance Exchanges are now Open

AICPA's October 11 e-Alert reminds taxpayers that: "While the government may be closed, the Health Insurance Marketplace (“Exchange”) is up and running. The Exchanges were formed to help Americans obtain affordable health insurance coverage. Individuals can apply for insurance on the Exchange web page. Step-by-step instructions walk applicants through the entire process, from choosing a plan that fits their needs to finalizing an application. Insurance coverage obtained through an exchange will become effective Jan. 1, 2014. Be advised there have been some problems reported with access to the exchanges due to technology glitches."

2013-10-12T11:58:58+00:00 October 12th, 2013|Uncategorized|Comments Off on Health Insurance Exchanges are now Open

The Affordable Care Act

In March 2010, President Obama signed the Patient Protection and Affordable Care Act (the “Affordable Care Act”) into law. While some provisions of the ACA have already gone into effect, a number of new provisions are scheduled to take effect January 1, 2014. Although we do not intend this newsletter to be the answer-all to the ACA, we thought this would be a good time to look at some of the provisions that might affect you. The Affordable Care Act – an Overview Under the Affordable Care Act, all individuals will be required to have health insurance. There will be [...]

2016-10-27T16:55:01+00:00 September 16th, 2013|Uncategorized|Comments Off on The Affordable Care Act

Arizona Update – §179 Depreciation Add-Back Eliminated

After the stock bubble burst in the late '90s, the government used the tax code to promote small business investment into equipment through increasing the immediate expensing limits provided for by Internal Revenue Code Section 179. For many years, the State of Arizona conformed the the Internal Revenue Code in arriving at taxable income.  Especially hard hit by the economic downturn, the State of Arizona decided it could not comply with the increased expensing election. For tax year 2013, the State of Arizona will conform to the increased §179 deductions of up to $500,000 on qualifying property. Aaron's Take:  The [...]

2013-09-02T13:55:02+00:00 September 2nd, 2013|Uncategorized|Comments Off on Arizona Update – §179 Depreciation Add-Back Eliminated