Many folks are confused about the current status of the IRC 179 (Equipment Expense).  You might recall that in 2009, small businesses buying new or used qualifying equipment could immediately deduct up to $250,000.  There was a phase out beginning at $800,000 whereby for each dollar spent on equipment over $800,000 lowered the 179 deduction by a dollar.

In 2010, the $250,000 amount was lowered to $134,000 and the phase out was lowered to $530,000.

We will post changes if they occur, so check back often.

The IRS has issued guidance clarifying that, for calendar year 2009, reporting entities that are required to furnish information statements under code section 6045 have until February 16, 2010, to report the information required on these forms (Notice 2010-9, 2010-3 IRB). The date for filing is February 16th, since February 15th is a holiday. The extension applies to the following forms:

•Form 1099-Div, Dividends and Distributions;
•Form 1099-Int, Interest Income;
•Form 1099-OID, Original Issue Discount;
•Form 1099-Misc, Miscellaneous Income
•Form 1099-PATR, Taxable distributions Received From Cooperatives
•Form 1099-Q, Payments From Qualified Education Programs
•From 1099-R, Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts and,
•Form 5498, IRA Contribution Information.

The guidance also provides that where a customer has an account with a securities broker for which a Form 1099-B would be required to be furnished under code section 6045 in the event that a sale had occurred during the year, the additional time permitted by this guidance applies to other items the broker must report.