![Larry Stolberg](https://www.taxconnections.com/taxblog/wp-content/uploads/L-S-8.4-3.png?resize=90%2C90&ssl=1)
Last fall, the IRS announced the increase in the expensing limit with respect to the safe harbor limit contained in Regulation 1.263(a)-1(f) from $500 to $2,500 per substantiated invoice. The increase commences in 2016. The election basically allows taxpayers without an applicable financial statement (AFS) audited by a CPA, to expense items that would otherwise be required to be capitalized and depreciated. There is no change to the $5,000 limit where an AFS is available. Read More
Recent Comments