Sunday, February 8, 2015

IRS: Another Regulatory Agency Out of Control

Bruce Bialosky | Feb 08, 2015 / Townhall
“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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