IRS PUB UPDATES & RELEASES
Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments (for Individuals).
This is a new publication for use in preparing 2008 returns. It explains the federal tax treatment of cancelled debts, foreclosures, repossessions and abandonments, including the impact of recent new law. ClientWhys offers a 3-Hr CPE Course #CPE209, “Debt Relief Income and Insolvent Taxpayer Exclusion” on this subject matter.
Publication 946, How To Depreciate Property.
This updated version, which is for use in preparing 2008 returns, explains several new law changes affecting deprecation and expensing, including:
- 50% additional first year depreciation deduction is available for qualified property acquired after Dec. 31, 2007, and placed in service before Jan. 1, 2010.
- Election to accelerate certain credits in lieu of the special depreciation allowance.
- Increased Code Sec. 179 deduction dollar limits.
- Depreciation limits on business vehicles.
- Additional tax relief for businesses affected by federally declared disasters.
- Additional tax relief for businesses affected by Kansas storms and tornadoes.