Do you have a “Repair and Maintenance/Small Asset Purchase” Policy?
Changes have been made to the treatment of Repairs and Maintenance Expense and Small Asset Purchases by the IRS. In order to treat certain items as an expense in the current tax year, you need accounting policies and procedures in place. The cost of an item could be currently deductible for tax purposes if the amount paid does not exceed $500 per invoice (or per item as substantiated by the invoice.) Contact us if you have any questions or need assistance in ensuring you have proper accounting policies and procedures in place.