New bonus depreciation deductions for business assets — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
The IRS will soon issue detailed guidance on the new 50% “bonus depreciation” deductions for business assets. (IRS News Release IR-2008-58) In the meantime, you can continue to rely on regulations issued for comparable bonus depreciation deductions in 2003, with appropriate changes in dates of service. The new tax break is available for new (not used) property with a cost recovery period of 20 years or less, water utility property, most computer software and qualified leasehold property. Property must be placed in service in 2008, but the deadline is extended to 2009 for certain property with a recovery period of 10 years or longer and certain transportation property.
The IRS is in the middle of intensive line-by-line payroll audits to ensure that your withholding procedures are 100% correct. And it's not just the IRS. The U.S. Department of Labor has been on the prowl lately for employers that slip up on the confusing retirement contribution rules....Click here to find out more.