In response to many comments, the Internal Revenue Service announced on Tuesday that is raising the de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements. The AICPA had advocated for increasing the limit to $2,500 in comments to the IRS. Journal of Accountancy online (11/24)
For more information, click on the link below to view the Journal of Accountancy article by Sally Schreiber, JD