Fall 2014 issue of Horizons

FEATURE

Many of these changes are one-time opportunities which must be seized in 2014 to avoid additional costs to do so in later years.

Partial Asset Dispositions and Removal Costs Have you replaced a piece of property (i.e. a roof)? Whether such replacement occurred in 2014 or a previous year, mechanisms exist under the regulations to write off the remaining basis and the costs to remove the replaced property (i.e., the old roof). Since many of the above opportunities apply to both current and prior year expenditures, the expected tax benefits may be considerable depending on your industry and the size and nature of your business.

So what action should you take? Don’t let this one-time opportunity to save significant taxes pass you by. Contact your RubinBrown advisor today for a detailed consultation regarding the application of these new regulations to your business, and see how these changes may benefit you by reducing your income tax liability.

RubinBrown’s Tax Compliance & Consulting Services Group Our proactive tax expertise, combined with our objective of forming and maintaining personal, long-term relationships with our clients, are hallmarks that distinguish RubinBrown’s tax compliance and consulting services.

Steve Brown, CPA — St. Louis Partner & Tax Chairman Tax Compliance & Consulting Services Group 314.290.3326 steve.brown@rubinbrown.com

Chris Coleman, CPA, CCIFP — St. Louis Partner Tax Compliance & Consulting Services Group 314.290.3263 chris.coleman@rubinbrown.com

Tim Sims, CPA — St. Louis Partner St. Louis Tax Practice Leader 314.290.3434 tim.sims@rubinbrown.com

Henry Rzonca, CPA — St. Louis Partner Tax Compliance & Consulting Services Group 314.290.3350 henry.rzonca@rubinbrown.com

Greg Osborn, CPA — Denver Partner Denver Tax Practice Leader 303.952.1250 greg.osborn@rubinbrown.com

Jason McAdamis, CPA — St. Louis Manager Tax Compliance & Consulting Services Group 314.290.3227 jason.mcadamis@rubinbrown.com

Mary Ramm, CPA — Kansas City Partner Kansas City Tax Practice Leader 913.499.4406 mary.ramm@rubinbrown.com

page 26 | horizons Fall 2014