This article discusses the extension of the Section 179
depreciation provision that allows business owners to accelerate depreciation on certain assets against business income in year one. This predominantly benefits new, small businesses, allowing them to deduct a large portion of upfront asset acquisition.
This is an extremely valuable tool when used knowledgeably, but there are a lot of technicalities and the audit risk of taking the deduction in certain situations is very high. Before you claim the 179 depreciation acceleration allowance, it is essential that your facts and circumstances are carefully reviewed by a CPA or tax attorney.
About Five Stone Tax Advisers
Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.
