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...
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...
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...
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
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...