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Small Business News: IRS Raises Tangible Property Expensing Threshold

Contributed by Elite Bookkeeping & Tax Services

The Internal Revenue Service recently simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items.

The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or improve tangible property that would normally qualify as a capital item.

The new $2,500 threshold applies to any such item substantiated by an invoice. As a result, small businesses will be able to immediately deduct many expenditures that would otherwise need to be spread over a period of years through annual depreciation deductions.

“We received many thoughtful comments from taxpayers, their representatives and professional tax community”, said IRS Commissioner John Koskinen. “This important step simplifies taxes for small businesses, easing the recordkeeping and paperwork burden on small business owners and their tax preparers.”

Responding to a February comment request, the IRS received more than 150 letters from businesses and their representatives suggesting an increase in the threshold. Commenters noted that the existing $500 threshold was too low to effectively reduce administrative burden on small business. Moreover, the cost of many commonly expensed items such as tablet-style personal computers, smart phones, and machinery and equipment parts typically surpass the $500 threshold.

As before, businesses can still claim otherwise deductible repair and maintenance costs, even if they exceed the $2,500 threshold.

The new $2,500 threshold takes effect starting with tax year 2016. In addition, the IRS will provide audit protection to eligible businesses by not challenging use of the new $2,500 threshold in tax years prior to 2016.

For taxpayers with an applicable financial statements, the de minimis or small-dollar threshold remains $5,000.

American Corporate Enterprises, Inc. are not accountants and we do not offer tax advice.If you do not have a tax adviser and you need help with your bookkeeping or taxes, contact our affiliate:

Elite Bookkeeping & Tax Services (800) 416-3820

https://www.elitebookkeeping.biz

Business Financing and Incentives-Resources by State

Are you in need of some business financing in your state? Here are links to resources for loans, grants and tax incentives for you.

Alabama https://www.adeca.alabama.gov/Divisions/ced/cdp/Pages/SSBCI.aspx

Alaska https://www.commerce.alaska.gov/web/ded/FIN.aspx

Arizona https://www.azcommerce.com/start-up/incentives

Arkansas https://www.arkansas.gov/adfa/SSBCI/SSBCI.htm

California https://www.business.ca.gov/StartaBusiness/FinancingYourBusiness.aspx

Colorado https://www.advancecolorado.com/funding-incentives

Connecticut https://www.ct.gov/ecd/cwp/view.asp?a=1097&q=253520&ecdNav=|

Delaware https://delaware.gov/topics/startasmallbusiness.shtml

Florida https://www.enterpriseflorida.com/why-florida/business-climate/incentives/

Georgia https://www.georgia.org/small-business/finance/

Hawaii https://invest.hawaii.gov/business/financing/

Idaho https://business.idaho.gov/

Illinois https://www.illinois.gov/Business/Pages/financetaxes.aspx

Indiana https://iedc.in.gov/programs-initiatives

Iowa https://www.iasourcelink.com/funding

Kansas https://www.kansas.gov/business/funding.html#

Kentucky https://thinkkentucky.com/KYEDC/kybizince.aspx#SmallBusiness

Louisiana https://www.opportunitylouisiana.com/incentives

Maryland https://commerce.maryland.gov/fund

Massachusetts https://massecon.com/business-resources/incentives/

Michigan https://www.michiganbusiness.org/grow/incentives-taxes/#incentives

Minnesota https://mn.gov/deed/business/financing-business/index.jsp

Mississippi https://www.mississippi.org/home-page/business-services/entrepreneurs-small-business/

Missouri https://business.mo.gov/incentives/index.html

Montana https://businessresources.mt.gov/Finance

Nebraska https://www.neded.org/business/start-a-business/loan-guarantee

Nevada https://ssbci.nv.gov/About/About/

New Jersey https://www.nj.gov/njbusiness/financing/

New Mexico https://gonm.biz/business-resource-center/start/funding-sources-programs/

New York https://esd.ny.gov/BusinessPrograms.html

North Carolina https://blnc.gov/start-your-business/financial-resources

North Dakota https://www.business.nd.gov/finance/

Ohio https://development.ohio.gov/bs/bs_busgrantsloans.htm

Oklahoma https://okcommerce.gov/in-state-business-resources/incentives/

Oregon https://www.oregon.gov/business/Pages/financing.aspx

Pennsylvania https://community.newpa.com/programs/

Rhode Island https://commerceri.com/finance-business/

South Carolina https://www.scbos.sc.gov/

South Dakota https://sdreadytowork.com/Financing-Incentives.aspx

Tennessee https://www.tnecd.com/advantages/incentives-grants/

Texas https://gov.texas.gov/ecodev/financial_resources/loan_assistance

Utah https://www.utah.gov/business/starting/financial_starting.html

Vermont https://accd.vermont.gov/business/start/financing/lenders

Virginia https://www.yesvirginia.org/ProBusiness/BusinessIncentives

Washington https://www.access.wa.gov/topics/business/growbusiness/grantsloans

West Virginia https://www.business4wv.com/b4wvpublic/default.aspx?pagename=financialassistance

Wisconsin https://inwisconsin.com/grow/assistance/

Wyoming https://www.wyen.biz/business-services/financial-services/funding-sources/

Doing Business With States- Vendor and Procurement Resources

Are you interested in doing business with other states? Below are links for vendor and procurement resources for you.

Your Corporation or LLC would need to be registered in those states in order to do business there. We can help you with forming domestic entities as well as filing as foreign entities in every state.

Alabama https://purchasing.alabama.gov/Default.aspx

Alaska https://doa.alaska.gov/dof/iris/vendor.html

Arizona https://procure.az.gov/bso/

Arkansas https://business.usa.gov/external-site?ccontent=https://www.dfa.arkansas.gov/offices/procurement/Pages/vendorInformation.aspx

California https://www.dgs.ca.gov/pd/Home.aspx

Colorado https://www.colorado.gov/pacific/osc/procurement-resources

Connecticut https://das.ct.gov/cr1.aspx?page=8

Delaware https://business.usa.gov/external-site?ccontent=https://mymarketplace.delaware.gov/

Florida https://www.dms.myflorida.com/business_operations/state_purchasing/public_procurement_professional_development

Georgia https://doas.ga.gov/state-purchasing/suppliers

Hawaii https://spo.hawaii.gov/

Idaho https://purchasing.idaho.gov/

Illinois https://www.illinois.gov/cms/business/procurement/Pages/default.aspx

Indiana https://www.in.gov/idoa/2464.htm

Iowa https://das.iowa.gov/procurement/vendors/how-do-business

Kansas https://admin.ks.gov/offices/procurement-and-contracts/

Kentucky https://finance.ky.gov/services/eprocurement/Pages/doingbusiness.aspx

Louisiana https://wwwprd1.doa.louisiana.gov/OSP/LaPAC/pubMain.cfm

Maryland https://emaryland.buyspeed.com/bso/

Massachusetts https://www.mass.gov/anf/budget-taxes-and-procurement/oversight-agencies/osd/

Michigan https://www.michigan.gov/micontractconnect

Minnesota https://www.mn.gov/admin/government/purchasing-contracting/

Mississippi https://www.mscpc.com/bid-opportunities/

Missouri https://oa.mo.gov/purchasing#mogov-tabs-pane-4-tab-1

Montana https://vendorresources.mt.gov/

Nebraska https://das.nebraska.gov/materiel/purchase_bureau/vendor/vendor-info.html

Nevada https://purchasing.state.nv.us/

New Jersey https://www.nj.gov/njbusiness/contracting/

New Mexico https://www.generalservices.state.nm.us/statepurchasing/

New York https://nyspro.ogs.ny.gov/

North Carolina https://www.doa.nc.gov/pandc/Default.aspx

North Dakota https://www.nd.gov/spo/vendor/registry/

Ohio https://business.ohio.gov/state/

Oklahoma https://www.ok.gov/DCS/Central_Purchasing/Vendor_Registration/index.html

Oregon https://www.oregon.gov/DAS/EGS/PS/pages/supplier_info.aspx

Pennsylvania https://www.emarketplace.state.pa.us/

Rhode Island https://www.purchasing.ri.gov/bidinfo/geninfo/geninfo.aspx

South Carolina https://business.usa.gov/external-site?ccontent=https://procurement.sc.gov/PS/vendor/PS-vendor-new.phtm

South Dakota https://boa.sd.gov/divisions/procurement/vendors/

Tennessee https://www.tn.gov/generalservices/topic/vendor-information

Texas https://www.texasbidsystem.com/

Utah https://purchasing.utah.gov/vendorinformation.html

Vermont https://bgs.vermont.gov/purchasing

Virginia https://www.dmbe.virginia.gov/bid.html

Washington https://www.des.wa.gov/services/ContractingPurchasing/Pages/default.aspx

West Virginia https://www.state.wv.us/Admin/Purchase/vrc/default.html

Wisconsin https://doa.wi.gov/Divisions/Enterprise-Operations/State-Bureau-of-Procurement

Wyoming https://ai.wyo.gov/general-services/contracts–purchasing

Special Offer Through September

In case you missed our newsletter, we just wanted to remind you that through the month of September we are offering $50 off any incorporation package for any state.

View our package options at https://americancorpenterprises.com/compare-plans/

Also did you know that you can earn referral credit with us? Tell your friends about our special offer and if they place an order, you’ll receive referral credit. That applies even when we’re not running promotions.

Feel free to call us if you have any questions. Toll Free (888) 274-1130.

Thank you! We appreciate your business!

FTC Axes Business Opportunity Scheme

Today the Federal Trade Commission announced that U.S. and Canadian consumers lost more than $7 million due to eighteen elusive marketers selling work-at-home opportunities. The FTC banned those marketers from selling business or work-at-home opportunities under court orders.

According to the article, these orders, along with court orders against fourteen other people and companies named in the FTC lawsuit, resolve charges that the defendants conned consumers into thinking they could make money by referring merchants in their area to a non-existent money-lending service. Many victims affected by this scam were seniors with limited income and savings.

Jessica Rich, director of the FTC’s Bureau of Consumer Protection was quoted as saying “The defendants tricked people into purchasing worthless ‘business opportunities’, and manipulated credit card system to hide their tracks. We’re pleased the court stopped this deception, which harmed many older people just trying to make a living.”

The defendants falsely claimed consumers would earn up to $3,000 per month by referring small businesses to the defendants to obtain loans. After consumers paid up to $499 to buy the business opportunity, the defendants told them that, to succeed, they had to buy sales leads that cost tens of thousands of dollars but turned out to be worthless.

To read the FTC news release go to ftc.gov

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