Main Street Practitioner Blog

 View Only

The IRS Issues Revenue Procedure 2016-14


The IRS issued Revenue Procedure 2016-14, which provides inflation adjustments for certain items for 2016, including the section 179 expensing limits. These amounts were modified late last year by enactment of the Consolidated Appropriations Act (P.L. 114-113).

"For taxable years beginning in 2016, under section 179(b)(1) the aggregate cost of any section 179 property that a taxpayer elects to treat as an expense cannot exceed $500,000," the IRS says. "Under section 179(b)(2)(C), the $500,000 limitation is reduced (but not below zero) by the amount the cost of section 179 property placed in service during the 2016 taxable year exceeds $2,010,000.

Revenue Procedure 2016-14 also provides updated amounts for excluding qualified transportation fringe benefits and deducting certain expenses of elementary and secondary school teachers.

The text of Revenue Procedure 2016-14 is available here.



#IRSReleases #NewsandInformation #IntheNews
Return to Blog List

Featured Blogs

Log in to see this information

Either the content you're seeking doesn't exist or it requires proper authentication before viewing.