Repair and maintenance expenses are currently tax deductible. Capital costs are not. Through a Repair and Maintenance Study (also known as a Sec. 263(a) Study), you may be able to achieve significant tax savings by reclassifying assets improperly treated as capital expenses. In particular, companies operating in a number of industries may benefit from a [...]
The Small Business Jobs Act of 2010 (“Jobs Act”) included a provision that changed how tax law applies to an employee’s use of an employer-provided cell phone. The provision removed cell phones and other similar telecommunications equipment (“cell phones”), such as PDAs, Blackberrys, and smart phones, from the “listed property” classification for deduction and depreciation purposes. So, [...]
On September 21, 2011, the IRS launched the Voluntary Classification Settlement Program (VSCP), a new program that creates an opportunity for employers to resolve past worker classification issues at a minimal cost before an audit occurs. VSCP allows eligible employers to voluntarily reclassify workers (or a class or group of workers) as employees, rather than [...]
