Monthly Archives: December 2016

Prior to 2016 property that was generally required to be capitalized and depreciated was property with a cost of $500 or more. Starting in 2016 this amount was increased to $2,500.

Starting with the tax year end of 12/31/15, the new due date for partnership income tax returns is March 15th of the following year. The reason for this change is that it will give partners more time to prepare their … Continue reading →

Recently, there have been a number of cases disallowing bad debt deductions, particularly for loans to shareholders and related parties. If a related party loan becomes worthless, it is treated no differently from a debt to an unrelated party. Of … Continue reading →