The IRS increased the de minimis safe harbor expensing threshold for taxpayers without an applicable financial statement from $500 to $2,500 per invoice or item. The increase is generally effective for tax years beginning on or after January 1, 2016.
Though you may not think of your winery as a manufacturing operation, it likely qualifies for California’s new partial tax exemption for manufacturers. The incentive reduces the tax rate on qualified expenditures by approximately 55 percent.
San Francisco’s transition to a tax on gross sales has proved confusing for developers and investors who are susceptible to mistakes because of the inherent complexity of ownership structures. The multiyear phase-in is set to be complete by 2018.
For the last several years, applications for tax-exempt status sat in a seeming black hole of IRS backlog and political maneuvering. We look at what’s happening now, including 1023-EZ applications, 501(c)(4) exemption applications, and more.
In this Q2 update, we cover important tax issues for companies in technology, clean technology, life sciences, and communications and media, including what your organization can do to stay ahead.
Buyers of a business are often more experienced at transactions than sellers, but tax and other issues can still catch them by surprise. We give an overview of areas to watch.