Part of the government funding legislation that the President recently signed into law included a provision repealing Section 512(a) (7), commonly referred to as “the parking tax.” The repeal of the parking tax was included in the ‘Further Consolidated Appropriations Act of 2020,’ which contained a number of tax provisions. Section 512(a) (7) was originally…

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On May 5, 2019, Governor Holcomb signed into law Senate Enrolled Act #565 updating numerous tax provisions including updates to both Section 179 and bonus depreciation when property is acquired in a trade.  We now have two separate Section 179 limitations. The Section 179 limit for property acquired in a trade is generally limited to…

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