Senators Propose IRS Bill - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Senators Propose IRS Bill

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Most people don't want to think about filing their taxes next year, but new IRS expensing rules could mean major changes for small business owners and farmers.

Sen. Hoeven along with a senator from Washington state proposed a bill which would amend a recently implemented IRS code. The code places a limit on expensing the cost of repairs and tangible property costs, and the senators' bill would increase expensing repairs such as tractor attachments or business computers.

"It provides a safe harbor of $5,000 in repairs or parts purchases, and you can expense those on your tax return. And without this legislation, it would be very cumbersome a lot of cost to it, audited financials and all kinds of record keeping. It just doesn't work for small business," says Hoeven.

Hoeven also says he has bi-partisan support for this bill. And that he would like to see the bill passed this year, so that it won't affect businesses owners when filing next year.

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