IRS announces start of filing season

Yesterday, the IRS announced that it will begin processing 2014 tax returns on January 20, 2015.  This applies to returns filed electronically or on paper.  If you are one of the few who has their information and really want to file before that date, you can submit a paper return but they won’t begin processing them until January 20th, the same day they begin accepting electronic returns.

New Tangible Property Rules: Repair/Capitalization Regulations

Every taxpayer who owns rental property or a business with depreciable property has some important new changes and choices to make for their 2014 tax returns.  Some of this is discussed in Rev Proc 2014-16.  If you haven’t discussed this with your local Enrolled Agent or other competent professional, I would advise you to have that discussion as soon as possible.  If you ask your tax preparer about this and they don’t know what you are talking about, it’s time to change tax preparers.