On February 6, 2015 the IRS issued Rev. Proc. 2015-19, which provides guidance on the inflation-adjusted limitations on the amount of depreciation taxpayers can take for the first year they use a passenger automobile, a light truck, or a van for business purposes in 2014; along with modifications of the figures for 2015. The revised numbers for these “luxury automobile” limits were needed to reflect the Tax Increase Prevention Act (TIPA) of 2014, which retroactively extended 50% first-year bonus depreciation to the beginning of 2014, but did not extend it for 2015.
For more information, visit our “Tax Guide Online” website and click on the “What’s New” button, where we provide details about this update. To access the information, simply go to http://www.taxguideonline.com/pwbcpas/ and click on the “What’s New” button in the upper left corner.
We encourage you to visit our website today and often throughout the year. If you have questions on these or other topics, please contact us. We look forward to hearing from you!