CalCPA comments on IRS revenue procedure.
Position | Capitol Beat |
In February, the IRS issued Rev. Proc. 2015-20, which made it easier for small businesses to apply repair regulations by allowing for a change in the method of accounting under the final tangible property regulations on a prospective basis beginning on or after Jan. 1, 2014. This issuance was a much appreciated and practical guidance that will be helpful to tax practitioners and their clients.
Within the procedure, the IRS asked for comments relating to the de minimis safe harbor limit for taxpayers without an Applicable Financial Statement (AFS). Specifically, the IRS wanted to hear if the current $500 threshold should be raised and, if so, to what level?
CalCPA's Committee on Taxation and Government Relations Committee worked together to draft and send a comment letter to the IRS recommending an increase of the threshold. CalCPA argued that if tax simplification is the goal, an increase in the threshold amount for taxpayers without an AFS is warranted.
A higher de minimis threshold of at least $2,500 would greatly...
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