LexisNexis® Legal Newsroom
Florida Amends Regulation Requiring Adjustments in Calculating Federal Taxable Income

Florida recently enacted some changes to Fla. Admin. Code 12C-1.013 (the Regulation), which details adjustments to federal taxable income that are used in arriving at Florida taxable income. The changes principally affect the treatment of 50 percent bonus depreciation and cancellation of indebtedness...

Year-End Legislation Extends Key Provisions for Businesses, Provides 100 Percent Expensing for Certain Assets and Enacts New Foreign Procurement Excise Tax

By Robert A. Clary II , David G. Noren, James A. Riedy PC and Rachel E. Aaronson As part of legislation enacted at the end of 2010, the U.S. Congress extended several beneficial tax provisions for businesses, including the research credit, active financing exception under Subpart F and look-through rule...

Recent Developments: Bonus Depreciation, Gift Card Guidance, and Rev. Proc. 2011-14

By Ellen McElroy and Anthony J. Balden There have been several recent tax accounting developments. The most significant is important new legislation that allows businesses to deduct 100 percent of the cost of qualifying property. Because the new provision has a limited time horizon...

Pepper Hamilton LLP: New Bonus Depreciation Guidance in Rev. Proc. 2011-26 Offers Opportunities for Taxpayers

By Ellen McElroy & Anthony J. Balden The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, 1 signed into law last December, temporarily increases bonus depreciation deductions under Section 168(k) from 50 percent to 100 percent. This immediate...

McDermott Will & Emery: IRS Clarifies When 100 Percent Bonus Depreciation Applies

By Gale E. Chan , Madeline M. Chiampou , and Philip Tingle The IRS recently issued guidance clarifying when taxpayers are eligible for 100 percent bonus depreciation. In addition, the guidance provides procedures for electing 100 percent bonus depreciation and 50 percent bonus depreciation for...