The Internal Revenue Service has issued inflation adjustments for several tax breaks involving schoolteacher expenses, transit fringe benefits and Section 179 expensing of certain depreciable assets.
In Rev. Proc. 2016-14, the IRS provides inflation adjustments for items due to the enactment of the Protecting Americans from Tax Hikes Act (PATH Act) of 2015, the tax extenders legislation that Congress passed in December. The revenue procedure also modifies part of section 3.1 7 of Rev. Proc. 2015 - 53, concerning the inflation adjustment for excludable transit benefits.
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