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.
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