$500 safe harbor increased to $2,500 for taxpayers

[Steven Hamilton II]

Good news everyone, the $500 de minimis safe harbor limit was increased to $2,500 for taxpayers who place property in service, that are NOT required to produce an audited financial statement(applicable finance statement).

Effective for January 1st 2016 they are adjusting audit procedures to ignore items below this threshold provided provided you have a receipt.

This means you will not have to depreciable items below this threshold as long as you elect that safe harbor.

Of course it was released this morning, after I prepared for my presentation this evening.

This represents HUGE $$$ savings and time savings.

IRS Notice Notice 2015-82This Notice is effective for costs incurred during taxable years beginning on or after January 1, 2016.