The opportunity zone fund provision that was included in the 2017 Tax Cuts and Jobs Act has created significant hype in the business community, especially within the real estate industry.
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The Fate of Vacation Rentals in Tucson with the onset of Commercial Taxation
Through the years, vacation rentals in many locations including Tucson have been popular for people who desire a private vacation experience or prefer a convenient short-term rental. However, developments in the last year brought what some considered a rather disturbing possibility to the forefront. Property Taxes During 2015, the Pima County Assessor reclassified hundreds of[ … ]
Finally, IRS Agrees to Raise De Minimis Threshold!
Great news! The IRS has finally heard the cry of many taxpayers and CPAs regarding the ability to expense minor purchases of supplies & equipment. As part of the tangible repair regulations made mandatory beginning with tax years beginning on or after January 1, 2014, the IRS included a De Minimis Safe Harbor. This safe[ … ]
New Retail and Restaurant Remodel/Refresh Safe Harbor
The tangible property regulations have added increased complexity for many taxpayers. Although the new regulations are favorable to taxpayers in many instances, it can often be a headache to determine the correct treatment. In an effort to mitigate disputes regarding the deductibility and capitalization of remodel and refresh costs between the Internal Revenue Service (IRS)[ … ]
