Key Takeaways - IRS opens a limited window to reverse prior Section 163(j) elections. Revenue Procedure 2026-17 allows certain real estate businesses to withdraw an otherwise irrevocable election and potentially reclaim bonus...more
On March 18, 2026, Rev. Proc. 2026-17 was released, providing relief to taxpayers that made an election under section 163(j)(7) to be treated as an “electing real property trade or business,” “electing farming business,” or...more
Senate Bill 1507 (“SB 1507”), which aims to disconnect Oregon’s state tax laws from a few provisions of the Internal Revenue Code (the “IRC” or the “Code”), was recently passed by the Oregon Senate and the Oregon House of...more
The Hidden Tax Trap: How California Non-Conformity with the IRS Impacts Business Tax Planning - What is the "Hidden Tax Trap" and why should you be aware of non-conformity between California tax laws, and those at the...more
Revenue Procedure 2026-17 gives certain taxpayers a limited opportunity to withdraw a previously irrevocable election to be treated as a real property trade or business and to revisit the depreciation consequences that came...more
The IRS released Revenue Procedure 2026-15, which provides the inflation-adjusted luxury automobile depreciation limits under Internal Revenue Code (Code) Section 280F for passenger vehicles, including trucks and vans, placed...more
Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note. Each week we pull together the items we deem most important to...more
The One Big Beautiful Bill (OBBB) (P.L. 119-21) enacted in 2025 included significant amendments to the bonus depreciation rules under Section 168(k). It permanently reinstated bonus depreciation at 100% of the cost of...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for February 17, 2026 – February 27, 2026....more
On February 20, 2026, the U.S. Department of the Treasury and the Internal Revenue Service released Notice 2026-16, providing interim guidance on a new 100% special depreciation allowance for certain nonresidential real...more
On February 20, 2026, the Internal Revenue Service (Service) and Department of the Treasury (Treasury) issued Notice 2026-16 (Notice), providing an initial round of guidance on the special depreciation allowance for qualified...more
The sweeping changes made by the legislation commonly known as the One, Big, Beautiful Bill Act (OBBBA) included permanent 100% first year bonus depreciation for qualified property acquired and placed in service after January...more
The tax landscape is undergoing a significant transformation. With the enactment of the One Big Beautiful Bill Act (“OBBBA”) and shifting state regulations, tax professionals and business leaders face a complex environment...more
The One Big Beautiful Bill Act (the “Act”) includes significant amendments to bonus depreciation under Section 168(k). The Act permanently reinstated “bonus” depreciation at 100% of the cost of eligible property, and refines...more
At the tail end of the 2025 – 2026 legislative session, Michigan’s Legislature moved swiftly to enact House Bill (HB) 4961, which decouples from five federal tax benefits enacted earlier this year under the federal One Big...more
As 2025 winds down, now is an ideal time for business owners to take a fresh look at their tax strategies, estate plans, charitable giving, and transition goals. There’s plenty to consider, and proactive planning before...more
Two of the new and important tax changes made by the One Big Beautiful Bill Act (OBBBA) allow the full and immediate expensing of certain business assets placed in service during the taxable year. This occurs under changes...more
Following is a summary of the materials covered at the September 24, 2025, installment of Bacon & Business, a quarterly breakfast panel discussion hosted by Bradley Arant Boult Cummings LLP, EP Wealth Advisors, and Southern...more
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”), which enacts significant changes to federal tax provisions. Among the changes, OBBBA adds “qualified sound recording productions” as a...more
The One Big Beautiful Bill Act (OBBBA) is big news for closely held businesses. Signed into law on July 4, 2025, by President Trump, the massive spending and tax package made many provisions from the 2017 Tax Cuts and Jobs...more
On July 4, 2025, the President signed into law a reconciliation bill that is referred to as the One Big Beautiful Bill Act (“OBBBA”). In significant part, the OBBBA extended or made permanent various provisions of the Tax...more
In this last installment of our multi-part series on the One Big Beautiful Bill Act (the “OBBBA”), my colleague, George Bonini, and I discuss three provisions of the OBBBA that impact many businesses, particularly those in...more
On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was signed into law, ushering in substantial changes to business-related tax provisions and incentives. Navigating these updates will be essential for effective tax...more
Depreciation plays a crucial role in real estate investing, directly impacting how much income investors report and how much tax they pay. Under Section 168(a) of the Internal Revenue Code, the costs of certain business...more