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Guest blog: Keeping Watch on 2013 Tax Changes

Do you wonder how the impending tax changes will impact your business? Here’s what we think at BerryDunn:

What will happen?

Numerous proposals are on the table in Congress, and no one can predict which, if any, will be enacted. What we can predict is that any changes in the next few months are likely to require very quick adaptation, perhaps even retroactively.

 

Business changes that are currently set to occur on January 1, 2013:

  • Section 179 expensing limits will go down.
    • For 2012, the maximum Sec. 179 expense is $139,000 as adjusted for inflation.  This maximum is limited for total acquisitions in excess of $560,000.
    • For 2013, this maximum expense will go down to $25,000 and will be limited for acquisitions over $200,000.
    • Bonus depreciation on business assets will generally cease.
      • Currently, there is a deduction allowed for 50% of the cost of a new asset.
      • For 2013, bonus depreciation will not be available.
      • The payroll tax holiday expires.
        • Social Security/Medicare tax withholding from employees will go up from 5.65% to 7.65%.

Federal proposals for business taxes

While it is far too early to know how any of the following proposals will play out, here are just a few of the items currently being proposed in the administration’s “Framework” for Tax Reform, which is currently the cause of much debate in Washington, DC.:

  • The use of LIFO (last in, first out) inventory calculations would be eliminated.
  • The research credit would be reinstated and made permanent.
  • A 20% tax credit would be available for the expense of moving operations back to the U.S. along with the elimination of the tax deduction for expenditures for moving work overseas.
  • The Section 179 expensing limit would be increased to $1 million permanently. The future of bonus depreciation after 2012 remains unclear.
  • The top corporate tax rate would be reduced from 35% to 28% (and possibly to 25% for certain manufacturers).
  • Deductible start-up expenses would increase permanently to $10,000, subject to certain phase-outs.

It’s only the beginning…

The media sometimes makes it sound like everything will be resolved when the clock ticks midnight on December 31. But whether or not we go over the “cliff,” the changes will keep coming. For more information on these business tax items and for additional insights into taxes on individuals, you are welcome to visit http://bit.ly/KeepingWatch2013TaxChanges. We will post updates on berrydunn.com, including a Tax Update webinar in early 2013 to reflect the latest information from Congress.

~Marti Kinsel, CPA

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