Sunday, February 8, 2015
“This
new Congress has got to get the IRS and the rest of the federal
regulatory apparatus under control or we are going to become another
France with non-existent job growth. God help us.”
__________________________________________________________________
As
the current administration piles pounds of regulations on the American
public through uncontrolled executive branch agencies, most of us watch
this impervious to their actions unless it directly affects our daily
lives. This year the IRS changed
the rules regarding deduction of repairs, maintenance, and supplies,
tormenting the tax-preparation community and eventually saddling owners
of businesses and rental properties with extra cost in their tax
preparation. If you are not a business owner or a rental owner, you will
end up paying as well through increased costs or rents.
The
IRS decided that the rules regarding deduction of repairs and
maintenance or supplies needed clarification. The main reason gets down
to the fact they want people to capitalize more expenditures and expense
them over a period of time as opposed to in the year of purchase. That would create more revenue for the government. This is something the Congress should really be deciding; unfortunately, as
with many laws, the IRS (like other agencies -- FDA,FCC, SEC and EPA)
decides what they want to do without legislative oversight.
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