Car and truck depreciation limits for 2017
In Rev. Proc. 2017-29, the IRS provided the Sec. 280F depreciation limits and lease inclusion amounts for vehicles first placed in service or leased in 2017. For passenger automobiles other than trucks and vans, in the first year, the limit is $11,160 for bonus depreciation and $3,160 if bonus depreciation does not apply. For trucks and vans, the corresponding amounts are $11,560 and $3,560. In the second and third years, the limits are, respectively, $5,100 and $3,050 for passenger autos and $5,700 and $3,450 for trucks and vans. For years after that, the limits are $1,875 for passenger autos and $2,075 for trucks and vans.
Comments requested on FASB revenue standards
In Notice 2017-17, the IRS is seeking comments on a proposed revenue procedure for requesting consent to make qualifying same-year accounting method changes to reflect adoption of FASB's new revenue recognition standards (see "U.S. Tax and FASB's New Paradigm for Revenue Recognition," page 62). Comments are especially requested on 10 specific method-change issues identified in the notice and four issues regarding conformity of the new standards with existing Internal Revenue Code provisions and regulations. The IRS requested comments on some of the same issues two years earlier in Notice 2015-40 but stated it received "very few" comments in response to that notice.
Comments are due by July 24.
Procedures for refunds of FICA and RRTA taxes clarified
In Rev. Proc. 2017-28, the IRS issued guidance to employers on the requirements for employee consents to support a claim for refund of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA). The procedure clarifies the basic requirements for a request for employee consent and the consent itself. It permits employee consents to be requested, furnished, and retained in an electronic format and offers guidance on what constitutes reasonable efforts to obtain employee consent.