Posted on 01/21/2015 6:05:10 AM PST by taildragger
FR Tax Pro's I need your feedback.
The following are the main points post an indirect conversation with a CPA after they attended a Seminar on Section 3115, and changes to the "Code".
This has to do with Section 179 expensing vs. going to the Deprecation Schedule(s).
Here they are:
* Not expensing any capital goods over $500.
* They want businesses to depreciate any capital good (Marcs) above $500.
* "They" might want businesses to go back and amend many years to comply.
* No statue of limitation as to how far back "they" can go.
* If the CPA's makes a mistake, they could have fines up to $1000 and or loose that title.
* The additional work could take days to do taxes of a small firm and the major revamps could take a month.
* You are exempt if you hire a major auditing firm ( like any Dow or Fortune 500 company does).
Factions within the CPA world has asked the powers that be, please reconsider these changes with their recommended revisions.
One can make the logical leap to the fact that this might potentially burden many a small business.
I would be a blessing to get FR CPA's, Enrolled Agents etc to confirm all or any of this, and or correct any errors.
I look forward to your replies....
That, or a National Sales Tax, will never happen. The gov't would be giving up too much power...
Well, now you know who is behind the rule change.
Funny how so many of these so-called "capitalist" entities hate free market competition.
My CPA friend is aghast, however one of my first thoughts were who are the Gucci Gulf K-Street Group(s) that benefits?
I am not sure, but the look-back period maybe unlimited as it was explained to me, not 7 yrs only like for you and I....
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