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The House has approved two tax bills that are part of Republicans’ three-pronged "Tax Reform 2.0" package. The two measures, approved by the House on September 27, focus on retirement savings and business innovation.

The most controversial bill of the package, which would make permanent tax reform’s individual and small business tax cuts enacted last December, was approved by the House on September 28 (see the following story in this Issue). At this time, the Senate is neither expected to vote on the Tax Reform package before midterm elections in November nor approve the Tax Reform 2.0 package in its entirety.

Tax Reform 2.0
The Tax Reform 2.0 package was approved by the House Way and Means Committee on September 13. The following three bills are included in the package:

Protecting Family and Small Business Tax Cuts Act of 2018 (HR 6760);
Family Savings Act of 2018 (HR 6757); and
American Innovation Act of 2018 (HR 6756).

The House approved HR 6757 on September 27 by a 240-to-177 vote. HR 6756 was approved minutes later by a 260-to-156 vote.

Savings Accounts
HR 6757 proposes an expansion of certain savings incentives. Among other things, the bill would eliminate the age limit on individual retirement account (IRA) contributions. Additionally, it would create a Universal Savings Account (USA) to which individuals could contribute up to $2,500 annually. Withdrawals from USA accounts would be tax free. Tax-advantaged funds in USA accounts could be used for purposes other than retirement. Also, the bill would expand Code Sec. 529 plans to permit use for expenses related to trade schools, home schooling, and up to $10,000 in total distributions for student loan repayment.

Business Innovation
HR 6756 would improve the tax treatment of certain start-up business expenses. The bill would allow new businesses to write off up to $20,000 of start-up and organization expenditures. Additionally, HR 6756 would allow for a change in start-up ownership without triggering limits on certain tax benefits.

Democratic Criticism
Democrats remain united in their opposition of Republicans’ Tax Reform 2.0 efforts. The lack of Democratic support makes the package’s success in the Senate, at least in current form, highly unlikely.

At least 60 Democratic votes would be needed for approval. Senate Majority Leader Mitch McConnell, R-Ky., has said that the Senate will not take up any bills in the package until the requisite votes are accounted for.

Specifically, Democrats criticize HR 6760 for extending TCJA provisions, a law that Democrats claim primarily benefits wealthy individuals and corporations. However, some Democratic support is expected in the Senate on the business innovation bill, HR 6756. There is talk on Capitol Hill that the bill could be approved by Congress in the lame duck session toward the end of the year.

White House
The Trump administration announced its support of the Tax Reform 2.0 package in a September 26 Statement of Administration Policy. The White House praised HR 6760 for "preventing a tax increase on millions of middle-income families and small businesses after 2025." Additionally, the Trump administration praised HR 6757, saying it would "assist start-up companies and entrepreneurs by allowing them to write off more costs associated with starting their new business and by allowing them to raise capital and expand without losing their previously accrued tax benefits."

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The House has approved a tax bill that would make permanent tax reform’s individual and small business tax cuts enacted last December. The controversial bill is part of Republican’s three-bill "Tax Reform 2.0" package, two of which cleared the House on September 27 (see the previous story in this Issue).

Individual, Small Business Tax Cuts
The House approved the Protecting Family and Small Business Tax Cuts Act of 2018 (HR 6760) on September 28 by a 220-to-191 vote. The bill would make permanent certain individual and small business tax cuts enacted under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).

HR 6760 would make permanent certain TCJA individual tax cuts that are set to expire after 2025. These TCJA provisions were made temporary to comply with certain Senate budget rules applicable to the reconciliation process requiring only a simply GOP majority. Notably, these provisions include, among others:

lower individual tax rates;
a larger standard deduction;
a $10,000 annual cap on the state and local tax (SALT) deduction; and
a 20 percent deduction of business income for certain passthrough entities.

HR 6760 would reduce federal revenue by $631 billion over the next decade, according to a cost estimate by the nonpartisan Joint Committee on Taxation (JCT), (JCX-79-18). However, House Ways and Means Chairman Kevin Brady, R-Tex., highlighted the JCT’s findings particular to the bill’s macroeconomic effects. "Tax Reform 2.0 will permanently provide over $140 billion in annual tax relief for middle-class families, boost American GDP and investment, and create 1.1 million new jobs," Brady said in a statement, citing to the JCT report.

Democratic Support
Although the TCJA did not receive one Democratic vote, HR 6760, which extends many of the TCJA’s individual provisions, received three Democratic votes. Ten Republicans voted against the bill, all of whom hail from high-tax states and oppose the $10,000 annual cap on the SALT deduction.

Over 40 Democrats voted for the Family Savings Act of 2018 (HR 6757) and the American Innovation Act of 2018 (HR 6756), which focus on enhancing savings accounts and start-up business tax breaks. All three bills are now headed to the Senate, where the package is not expected to be considered before midterm elections in November. Additionally, the entire package is not expected to be approved by the Senate. However, it is considered likely on Capitol Hill that HR 6757, which promotes retirement and family savings, could be approved by the Senate in the lame-duck session.

"It’s encouraging to receive 44 Democratic votes in support of elements of Tax Reform 2.0," Brady said in a September 28 statement. "I’m confident that working with the Senate we can advance bipartisan bills to the President’s desk," he added.

Democratic Criticism
Although the Tax Reform 2.0 package did receive some Democratic support in the House, Democrats in both the House and Senate remain largely opposed to Republican efforts to extend the TCJA’s individual and small business tax cuts. Many Democrats have criticized the TCJA for primarily benefiting wealthy individuals and corporations.

"The Republicans’ tax 2.0 legislation is another reckless tax cut for the wealthy that leaves behind average, hardworking families," Ways and Means Committee ranking member, Richard Neal, D-Mass., said on the House floor just prior to the HR 6760 vote. "In less than a year, House Republicans have handed out trillions of tax cuts for the wealthy and big corporations," Neal added in a September 28 statement released after the 2.0 package cleared the chamber.

Meanwhile, House Speaker Paul Ryan, R-Wis., praised the Tax Reform 2.0 package for propelling economic growth and helping middle income taxpayers. "On top of making lower rates for individuals and small businesses permanent, these bills create new savings options for families to plan for education and retirement,"Ryan said in a September 28 statement.

Looking Ahead
House lawmakers left Washington, D.C. on September 28 to begin campaigning ahead of midterm elections in November. The Senate is not expected to take up the Tax Reform 2.0 package, if at all, until later this fall.

As for whether any of the three bills will become law this year, Brady remains optimistic. "We had 41 Democratic votes in support of retirement savings and that innovation for start-ups. I think that has a very good chance, with bipartisan support of getting to the President’s desk this year," Brady said in a September 28 televised interview. "The [individual tax cuts] permanency bill, that’s separate, will go to the Senate after today. [Senate Majority] Leader Mitch McConnell, has made it clear – when he sees a path for 60 votes, he’ll bring it forward."

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Stakeholders are urging the IRS to clarify its guidance on tax reform’s new passthrough deduction. The IRS held an October 16 public hearing on proposed rules for the new Code Sec. 199Apassthrough deduction at its headquarters in Washington D.C. The IRS released the proposed regulations, REG-107892-18, on August 8.

Over 20 stakeholders and practitioners spoke at the hearing. Additionally, over 300 comments on the proposed rules have been submitted to Treasury and the IRS.

Passthrough Deduction
The new 20-percent deduction of qualified business income for passthrough entities, subject to certain limitations, was enacted as part of tax reform legislation last December. The Tax Cuts and Jobs Act ( P.L. 115-97) created the new Code Sec. 199A passthrough deduction for noncorporate taxpayers, effective for tax years beginning after December 31, 2017. The deduction is scheduled to sunset in 2026.

Rental Real Estate
Several speakers at the hearing asked the IRS for guidance clarifying whether rental real estate activities are eligible for the deduction. Additionally, Troy Lewis, testifying on behalf of the American Institute of Certified Professional Accountants (AICPA), asked the IRS for guidance on specific circumstances in which rental real estate activities would not produce qualified trade or business income pursuant to the adopted Code Sec. 162 standard.

"Without further guidance clarifying when the rental of real estate would fail to rise to the level of a section 162 trade or business, unnecessary ambiguity exists that will likely create a divergence in practice," the AICPA said in its written comments. "Taxpayers are thus left to pursue their own interpretation of the rules under section 199A and the IRS will likely face greater complexity of administration."

Likewise, the Council for Electronic Revenue Communication Advancement (CERCA) submitted comments highlighting the uncertainty as to whether and when a rental property is generally considered a qualifying trade or business for purposes of the Code Sec. 199A deduction. Notably, CERCA referenced the preamble to the regulations that indicates taxpayers should look to existing case law to determine whether rental activities meet the Code Sec. 162 standard. However, existing case law does not consistently apply a set of factors that taxpayers could reliably apply as rules, according to CERCA.

Determining that all rental real estate is a trade or business for purposes of the deduction would significantly simplify the deduction, Iona Harrison said, testifying on behalf of the National Association of Realtors. Making such a determination would also simplify IRS administration, she added.

SSTB
Several speakers and a number of comment letters requested that the IRS clarify its definition of a specified service trade or business (SSTB). The SSTB limitation is one of the most controversial provisions of the deduction. SSTBs are considered a "trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees," according to the IRS.

To that end, Major League Baseball (MLB) has pitched its assertion to the IRS that professional sports clubs are neither "personal services corporations" nor provide "services," as defined in Code Sec. 1202(e)(3)(A). The Office of the Commissioner of Baseball, which governs the 30 MLB clubs, has asserted in written comments that the business of a professional sports club is not an SSTB under Code Sec. 199A. Thus, "its owners should be allowed the full 199A deduction," Commissioner Robert D. Manfred, Jr. wrote in submitted comments.

Questions Remain
The October 16 public hearing served more as an opportunity for stakeholders to highlight issues rather than a forum for the IRS to provide answers. Treasury and the IRS are expected to consider hearing testimony and written comments when finalizing the rules. The regulations are expected to be finalized before the 2019 tax filing season.

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Top Senate tax writers have introduced a bipartisan bill to prevent duplicative taxation on digital goods and services. The bill aims to establish a framework across multiple jurisdictions for taxation of digital goods and services, including electronic music, literature, and mobile apps, among other things.

The Digital Goods and Services Tax Fairness Act (Sen. 3581) was reintroduced on October 11 by Senate Finance Committee (SFC) ranking member Ron Wyden, D-Ore., and SFC member John Thune, R-S.D. A similar measure was previously introduced in 2015 by Thune and Wyden in the 114th Congress. A companion bill is expected to be reintroduced in the House.

Digital Marketplace
While the digital marketplace continues to evolve, federal law addressing taxation of digital goods and services "lags" behind, according to a joint press release issued by Thune and Wyden. "As a result, some consumers can be taxed multiple times on a single digitally delivered product or service by different tax jurisdictions," Thune said. "Our bipartisan legislation simply prevents this duplicative and discriminatory taxation, which will help ensure today’s digital economy isn’t held back unnecessarily and can continue to offer opportunities to entrepreneurs and consumers alike," Thune added.

"Preventing unfair taxes on music, books and other important goods and services benefits consumers and innovators alike," Wyden said. "This bipartisan legislation solves a 21st century tax riddle by establishing a comprehensive set of rules for states to follow."

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The IRS has released Draft Instructions for the 2018 Form 1040. Additionally, the IRS has cautioned taxpayers that the draft instructions are subject to change. The IRS released a draft of the 2018 Form 1040 and six accompanying schedules last June.

Generally, the IRS does not release draft forms but has done so in this case as a "courtesy," the instructions state. "Do not rely on draft forms, instructions, and publications for filing,"the IRS wrote. Further, drafts of instructions and publications generally undergo some changes before being finalized, the IRS noted.

2018 Form 1040
Starting with the 2019 tax filing season, many taxpayers will be able to file federal income taxes on a new postcard-sized Form 1040. The IRS planned to finalize the new base 2018 Form 1040 this summer, an IRS spokesperson previously told Wolters Kluwer. "This early release is part of our standard process to invite stakeholder input into draft forms before finalizing them," the IRS spokesperson told Wolters Kluwer after the official release of the draft 2018 Form 1040.

Shorter Form, Six Schedules
The new, two-sided Form 1040 is intended to replace and consolidate current Forms 1040, 1040A and 1040EZ. "This new approach will simplify the 1040 so that all 150 million taxpayers can use the same form," the IRS said.

The shortened form reflects many of the changes to the tax code enacted under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Some of these changes include the higher standard deduction and the elimination of certain deductions and personal exemptions. The new form now has 23 lines, decreased from 79. However, there are now six separate schedules that some taxpayers who continue to itemize will need to include with their return.

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The IRS’s new Commissioner was officially sworn in on October 1 by Treasury Secretary Steven Mnuchin. IRS Commissioner Charles "Chuck" P. Rettig will lead the implementation of tax reform enacted last December under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).

New IRS Commissioner
"I am honored, privileged and most humbled by the opportunity to serve with you as Commissioner," Rettig said in an internal IRS message obtained by Wolters Kluwer on October 2. "The foundation of my becoming Commissioner is a deep appreciation for the IRS, its workforce and our country."

The Senate confirmed Rettig’s nomination for IRS Commissioner by a 64-to-33 bipartisan vote. The Senate Finance Committee advanced Rettig’s nomination in July. President Donald Trump announced his nomination of Rettig last February.

IRS Priorities Moving Forward
Rettig outlined several IRS priorities in his message to IRS employees. Those priorities include, among others, implementing tax reform, balancing taxpayer service with tax enforcement, and deterring tax fraud.

"I know the Service has many challenges…I also know we must continue rebuilding trust with taxpayers while implementing the once-in-a-generation tax reform bill passed by Congress in December," Rettig said. "We must work on our IT modernization efforts," he added.

Additionally, while the IRS has been working toward moving more taxpayer services online, notably, Rettig emphasized the importance of providing personalized service to taxpayers. "Providing high-quality, personalized service is a critical component in helping taxpayers understand and comply with their filing and reporting obligations,"Rettig wrote.

Rettig’s term as the 49th IRS Commissioner is scheduled to expire on November 12, 2022. John Koskinen’s term as IRS Commissioner ended in November 2017. David Kautter, Assistant Secretary for Tax Policy at Treasury, has been serving as acting IRS Commissioner in the interim.

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The Senate Small Business Committee held an October 3 hearing on expanding opportunities for small businesses through the tax code. Senate lawmakers examined tax reform’s effect on small businesses and discussed witnesses’ proposals to address ambiguity in the new tax code.

Various provisions of the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) were discussed among lawmakers and witnesses. Specifically, Opportunity Zones under the TCJA were of particular focus.

Opportunity Zones
The TCJA created certain tax benefits for long-term business investment in Qualified Opportunity Zones, which generally include economically distressed communities. Although the TCJA did not receive a single Democratic vote, the Opportunity Zones program was generally based on a bipartisan bill sponsored by Sens. Tim Scott, R-S.C., and Cory Booker, D-N.J.

The TCJA’s Opportunity Zones program established tax incentives to spur business investment in these low-income communities to produce economic growth. Investor tax benefits include:

a temporary tax deferral for capital gains reinvested in a qualified opportunity fund;
the elimination of up to 15 percent of the tax on the capital gain that is invested in the qualified opportunity fund; and
the potential for a permanent exclusion of tax when exiting a qualified opportunity fund investment.

"Opportunity Zones are the most innovative and ambitious federal attempt to encourage long-term private investment in low-income communities in at least a generation," John Lettieri, president and CEO of Economic Innovation Group, testified. However, "investors have yet to receive the formal guidance or regulatory clarity needed to inform their decision-making," he added.

Clarity/Reporting Metrics
Witnesses told lawmakers that definitional clarity and proper reporting metrics for the Opportunity Zone program are needed. Lettieri noted that Treasury has broad authority in determining Congressional intent for defining key terms pertaining to Qualified Opportunity Zone business and investment. "These rules must be designed with practical considerations and basic market flexibility in mind. If too narrow in scope or impractical in nature, the rules would undermine the very purpose for which this incentive was created," Lettieri testified.

Additionally, John Arensmeyer, founder and CEO of Small Business Majority, stressed the importance of measuring the program’s success. Those metrics should include evaluating success "based on the number of jobs created, where those jobs are located, employee wages and the number of businesses created, particularly businesses formed by women or people of color," Arensmeyer told lawmakers.

Treasury
Treasury Secretary Steven Mnuchin recently expressed his support for Opportunity Zones. "I couldn't be more excited about the opportunity zones," Mnuchin said in an interview last week. "I think there's going to be over $100 billion dollars in private capital that will be invested in opportunity zones," he added.

Comment. The Office of Management and Budget’s Office of Information and Regulatory Affairs (OIRA) is currently reviewing proposed IRS regulations on "Capital Gains Invested in Opportunity Zones."Generally, OIRA has 45 days to review proposed regulations but may expedite the process to 10 days for rules applicable to tax reform. According to the OIRA website, the proposed rule was submitted to OIRA on September 12, and the status of review is pending.

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As 2015 winds down, another temporary extension of the tax extenders appears almost certain. Despite talk in early 2015 about finding a permanent solution to the on-again, off-again extenders, the arrival of November brings a short window for Congress to extend these tax breaks. The expected late passage of these popular tax breaks also adds uncertainty to year-end tax planning as well as possibly causing a delay to the start of the 2016 filing season.

Tax extenders

A host of temporary but popular tax incentives expired after December 31, 2014. Under current law, these incentives are unavailable for 2015 (although a very small number, notably bonus depreciation, have special provisions that may make them available in 2015 to qualified taxpayers).

For individuals, the popular state and local sales tax deduction, higher education tuition and fees deduction, exclusion of cancellation indebtedness on principal residence, the Code Sec. 25C residential energy credit, charitable distributions from IRAs, and the teachers' classroom expense deduction, have all expired. Unless extended, taxpayers will not be able to claim these incentives when they file their 2015 returns in 2016.

For businesses, the list of expired extenders is lengthy. Along with enhanced expensing under Code Sec. 179, other expired extenders for businesses include:

New Markets Tax Credit;
Employer wage credit for activated military reservists;
Subpart F exceptions for active financing income;
Look-through rule for related controlled foreign corporation payments;
Railroad track maintenance credit;
Seven-year recovery period for motorsports entertainment complexes;
100 percent exclusion for gain on sale of qualified small business stock;
Reduced recognition period for S corporation built-in gains tax;
Enhanced deduction for charitable contributions of food inventory;
Tax incentives for empowerment zones;
Indian employment credit;
Accelerated depreciation for business property on Indian reservations;
Special expensing rules for qualified film and television productions;
Mine rescue team training credit;
Election to expense advanced mine safety equipment;
Qualified zone academy bonds;
Low-income tax credits for non-federally subsidized new buildings;
Low-income housing tax credit treatment of military housing allowances;
Treatment of dividends of regulated investment companies (RICs);
Treatment of RICs as qualified investment entities;
S corporations making charitable donations of property; and
Economic development credit for American Samoa.

Pending legislation

A Senate bill, the Tax Relief Extension Act of 2015, may be the likely vehicle to extend the extenders. The Senate bill would extend the tax breaks for individuals and businesses for two years: 2015 and 2016 (retroactive to January 1, 2015 and through 2016). The Senate bill also tweaks some of the extenders. For example, the Senate bill adds the long-term unemployed to the list of eligible targeted groups for the Work Opportunity Tax Credit. The Senate bill also enhances the employer wage credit for activated military reservists, the special expensing rules for film and television, and transit benefits. Our office will keep you posted of developments as extenders legislation moves through Congress.

Not all expired

While taxpayers wait for action on the extenders. Some popular individual tax breaks are available for 2015. They include the American Opportunity Tax Credit (AOTC) (an enhanced version of the Hope education credit available through 2017) and the Code Sec. 25D energy efficiency credit (available through 2016). Additionally, the $1,000 child tax credit is permanent (although some the current provision that reduces the earnings threshold for the refundable portion of the child tax credit to $3,000 is only extended through 2017.). The student loan interest deduction and the child and dependent care credit are also permanent.

Please contact our office if you have any questions about the tax extenders.

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After acknowledging earlier this year that hackers breached one of its popular online apps, the IRS has promised more identity theft protections in the 2016 filing season. The IRS, along with partners in the tax preparation community, has identified and tested more than 20 new data elements on returns to help detect and prevent identity-theft related filings. The agency is also working to prevent criminals from accessing tax-time financial products.

Identity theft

Combatting identity theft is on ongoing process as criminals continue to create new ways of stealing personal information and using it for their gain. Tax-related identity theft typically peaks early in the filing season. Criminals file bogus returns early so taxpayers remain unaware you have been victimized until they try to file a return and learn one already has been filed. Between 2011 and 2015, the IRS identified 19 million suspicious returns and prevented the issuance of some $60 billion in fraudulent refunds. During the 2015 filing season, the IRS detected and stopped more than 3.8 million suspicious returns.

However, criminals continue to probe for weaknesses. In May, the IRS discovered that criminals had breached its Get Transcript app. Return information of as many as 300,000 taxpayers may have been compromised, the IRS reported.

New protections

In March, the IRS began working with the return preparation community and the tax software industry to develop a coordinated response to tax-related identity theft. The stakeholders, the IRS reported, have focused on a number of areas including improved validation of the authenticity of taxpayers and information on returns, increased information sharing to improve refund fraud detection and expand prevention, as well as more sophisticated threat assessment and strategy development to prevent risks and threats.

One outgrowth of the process is the creation of new data elements that can be shared at the time of filing with the IRS to help authenticate a taxpayer's identity. The IRS explained that there are more than 20 new data components. They will be submitted with electronic return transmissions during the 2016 filing season. Some of the data elements are

Reviewing the transmission of the tax return, including the improper and/or repetitive use of internet addresses from which the return is originating;
Reviewing the time it takes to complete a tax return, so computer mechanized fraud can be detected.
Capturing metadata in the computer transaction that will allow review for identity theft related fraud.

"We are taking new steps upfront to protect taxpayers at the time they file and beyond," IRS Commissioner John Koskinen said at a news conference in Washington, D.C. "Thanks to the cooperative efforts taking place between the industry, the states and the IRS, we will have new tools in place this January to protect taxpayers during the 2016 filing season."

Financial products

Previously, the IRS announced that it would limit the number of direct deposit refunds to a single financial account or pre-paid debit card to three. Fourth and subsequent valid refunds will convert to paper checks and be mailed to the taxpayer. The IRS emphasized that it will continue to bolster its efforts to curb tax-time financial product fraud.

If you have any questions about tax-related identity theft, please contact our office.

IR-2015-117, FS-2015-23

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As the calendar approaches the end of 2015, it is helpful to think about ways to shift income and deductions into the following year. For example, spikes in income from selling investments or other property may push a taxpayer into a higher income tax bracket for 2015, including a top bracket of 39.6 percent for ordinary income and short-term capital gains, and a top bracket of 20 percent for dividends and long-term capital gains. Adjusted gross incomes that exceed the threshold for the net investment income (NII) tax can also trigger increased tax liability. Accordingly, traditional year-end techniques to defer income or to accelerate deductions can be useful.

Techniques for deferring income include:

Hold appreciated assets;
Consider a tax-fee like-kind exchange or property if disposing of appreciated assets used for investment or in a business;
Sell depreciated capital assets, especially if capital gains have been realized;
Hold U.S. savings bonds;
Sell property on the installment basis;
Defer bonuses earned in 2015 until 2016;
Make salary-reduction contributions into employer-sponsored plans, such as 401(k) plans, 403(b) plans, and 457 plans, and into flexible spending accounts;
Minimize retirement distributions;
Defer billings and collections;
Recharacterize a Roth IRA as a traditional IRA if the traditional IRA was converted to a Roth IRA in 2015, and the assets in the Roth IRA have subsequently declined in value.

It is important to monitor the progress of tax legislation. Congress has not yet renewed individual and business tax extender provisions that expired at the end of 2014, but historically Congress does renew these provisions. Extenders for individuals include the state and local sales tax deduction (in lieu of the state and local income tax deduction), the higher education tuition and fees deduction, the teacher's classroom expense deduction, and the residential energy property credit.

Techniques for accelerating deductions include into 2015:

Bunch itemized deductions into 2015 by paying medical expenses, making charitable contributions, and paying miscellaneous expenses such as employment-related items (don't delay bill payments until 2016);
Accelerate payments of state and local taxes by increasing withholding or making the final state estimated tax payment installment in 2015;
Make payments/contributions by credit card (timing is based on payment by credit card, not on payment of the credit card bill);
Use Code Sec. 179 for business expensing and bonus depreciation to write off the costs of newly-acquired equipment.

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