Safe Harbor Expense Level Raised
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IRS Announces Increase in Tangible Property Dde Minimis Safe Harbor
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
