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IRS lowers standard mileage rates for 2016

The IRS announced on December 17, 2015 that standard mileage rates for the business use of vehicles will be lowered for 2016 in Notice 2016-1. The new standard mileage rates for the business use of vehicles will change from $.575 in 2015 to $.54 in 2016. Medical and moving mileage deduction for 2016 will be… Continue Reading

IRS raises tangible property expensing threshold to $2,500

IRS raises tangible property expensing threshold to $2,500

The safe harbor threshold that was $500 was raised to $2,500 by the Internal Revenue Service in Notice 2015-82 on November 24, 2015. Due to comments received from organizations and taxpayers, the IRS Commissioner said the threshold was reconsidered. The IRS received over 150 letters from businesses and their representatives regarding this matter noting that… Continue Reading

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