The Corporate Transparency Act (the “CTA”) has been in place since 2020 when it was passed as part of the National Defense Authorization Act for Fiscal Year 2021; however, after a long administrative rulemaking process, the Beneficial Ownership Information (“BOI”) reporting requirements have only recently been finalized and will first become effective on January 1
regulations
Thoughts on Final IRS Regs Re: Capitalization vs. Write-off
By Thomas Schober on
Posted in Operating a Business, Tax
One of my favorite legal publishers, Thomson-Reuters, to whom I subscribe to their newsletter, “Checkpoint,” recently released an extensive report entitled, “NAVIGATING THE FINAL REGS ON DEDUCTION VS. CAPITALIZATION OF TANGIBLE PROPERTY COSTS.” In it, they say:
The IRS recently issued long-awaited final regs providing guidance on the application of Code Sec. 162(a)…