Just a friendly reminder that the Daily Grind eNewsletter is taking the week off and we'll be posting infrequently to close out the year. Of course, if there's something urgent you think we should know about – including EOY employee appreciation efforts – get in touch.
The Internal Revenue Service issued new rules to clarify the difference between a business expense that is a repair and tax-deductible and one that is an improvement but not deductible right away. Most of the new rules, which touch on everything from the repair of plane engine to a retailer's new roof, take effect on January 1. An ordinary business repair of an asset is generally tax deductible. An improvement is usually classified as a capital expenditure and not immediately deductible. The 255 pages of new regulations, published in the federal register on Tuesday, are temporary, meaning the IRS can edit the rules if sufficiently persuaded by the business community.
Patriotic Millionaires Support Higher Taxes, But Won't Donate to Treasury [TaxProf]
Conservative observers are waiting!
Rick Perry's presidential campaign costing Texas taxpayers millions [DMWT]
Kay Bell: "The Texas governor, however, says he's doing this not for his political future, but for our great state. It's 'appropriate' for the state's public safety department to pay for his security, he says, because Texans would benefit from his travels."
A Problem with Audit Model [The Summa]
There are others. But Professor Albrecht starts here.
'Must I Say My Last Boss Fired Me?' [WSJ]
Be loud and proud of your firings!