by mariettacp | Jun 17, 2011 | Money Tips, Tax Tips
The dollar limit doesn’t mean the IRS Code Section 179 election can’t be made for property costing more than that amount. For example, if you buy a machine for $600,000 and place it in service in a business in a tax year beginning in 2011, you can elect to...
by mariettacp | Jun 15, 2011 | Money Tips, Tax Tips
To qualify for the IRS Code Section 179 election, the property must be tangible personal property. This means that real estate (buildings and their structural components) does not qualify, nor do intangibles such as patent rights. However, the following types of...
by mariettacp | Jun 13, 2011 | Money Tips, Tax Tips
Generally, the cost of property placed in service in a trade or business can’t be deducted in the year it’s placed in service if the property will be useful beyond the year. Instead, the cost is capitalized and depreciation deductions are allowed for most...
by mariettacp | Jun 8, 2011 | Money Tips, Tax Tips
There are many differences to be considered in determining which of administrative appeal to use. One of the most important differences concerns the right of review. A determination in a CDP hearing may be appealed to the Tax Court, but there is no right to judicial...
by mariettacp | Jun 6, 2011 | Money Tips, Tax Tips
Filing an application with the office of the Taxpayer Advocate is a third method of administrative appeal of a proposed levy. The Taxpayer Advocate or his designee can issue a Taxpayer Assistance Order (TAO) based on a determination that the taxpayer is suffering or...
by mariettacp | Jun 3, 2011 | Money Tips, Tax Tips
A second method of administrative appeal is by use of the Collection Due Process (CDP) program. A CDP hearing before levy is available in levy cases where the taxpayer has received a notice of intent to levy. A notice of intent to levy is accompanied by a notification...
