When President Bush signs the FSC/ETI bill, the days of small business owners and professionals such as doctors and lawyers expensing luxury SUVs are over.Writers of the 600-page measure closed a tax break that allowed business owners to save as much as $33,000 on the purchase of a $1000,000 vehicle, according to Tax Analysts.The Jobs and Growth Tax Relief Reconciliation Act of 2003 created the break by increasing from $25,000 to $100,000 the amount that small businesses can expense in the first year for buying a vehicle weighing 6,000 pounds or more.The incentive was originally written to assist farmers and contractors to invest in larger equipment, but the floodgates opened when it was discovered that luxury SUVs also qualified.The amendment reduces the SUV deduction to $25,000, while still allowing the farmers and contractors the break.
-
The Trump megalaw's expansion of opportunity zone credits and other investment approaches comes with caveats based on timing and taxes.
1h ago -
The Internal Revenue Service's plan under the Biden administration to audit high-income taxpayers appears less likely after staffing and budget cuts.
1h ago -
The Big Four firm has acquired certain assets of a boutique firm specializing in fiduciary trust services, based in Cincinnati.
2h ago -
Wolters Kluwer announced a version of CCH Validate that is now entirely in the cloud.
6h ago -
The VeritShield service offering is designed to help firms actively build and maintain a Written Information Security Program as required by the IRS.
7h ago -
The Public Company Accounting Oversight Board today sanctioned Goldman & Company, CPA's, Raymond Chabot Grant Thornton, and PWR CPAs.
July 11