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Tax Cuts and Jobs Act – New Depreciation and Expensing Rules and Limitations

The Tax Cuts and Jobs Act brings significant tax law changes for the 2018 tax year and beyond. One key area to focus your attention is the new rules and limitations for depreciation and expensing. Key changes include:An increase to the maximum section 179 property deduction A temporary increase to the bonus depreciation deduction Changes to depreciation limitations…
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Form 7004 – Automatic Extension for Partnerships & S-Corporations

Use Form 7004 to request an automatic extension of time to file certain business income tax, information, and other returns. The extension will be granted if you complete Form 7004 properly, make a proper estimate of the tax (if applicable), file the form by the due date of the return to which the Form 7004 applies, and pay any tax that is due.    …