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We have an Important Announcement!

RPC CPAs + Consultants, LLP will no longer be accepting online credit card payments after March 15, 2019.  Please call our Albuquerque office at 505-883-2727 or your local office and they will process your payment for you.

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RPC CPAs + Consultants, LLP (RPC) has merged with the nationally recognized accounting firm of Carr, Riggs & Ingram, LLC (CRI) and our offices will now operate under the name of Carr, Riggs & Ingram.  

We will continue our tradition of community support and delivering quality audit, accounting, tax, and consulting services - now with enhanced service capabilities available from a regional firm that is one of the Top 20 firms in the U.S. For more informaiton regarding CRI's 50+ office locations, more than 1,800 professionals, or industry and service specializations, visit our new firm's website at www.CRIcpa.com

Blog

Dec 30, 2014

Depreciation/Safe Harbor Elections

If you did not take advantage of the depreciation safe harbor election last year, you still have time to do it for 2015; the election should be made by the first day of the new tax year.  You will find some forms to assist you in making the election by clicking here.  The election is applicable for any business enterprise.  If the election is being made at the individual taxpayer level, for a sole proprietorship or other business endeavor, and you do not have a separate EIN number for your business, please fill in your social security number(s) in lieu of the employer identification number.

If the election is not made, the default ceiling for write-off will be $250.00 per item.  A taxpayer may make the election to change this ceiling amount to an amount up to $500.00 per item.  If the taxpayer is a business that either has its financial statements audited by a CPA, or if annual compiled or reviewed financial statements are required to be filed with a federal or state agency (such as the 8(a) program), the business may elect a ceiling up to $5,000.00 per item.  Please fill in the appropriate amount that relates to your business on the blank lines provided.

If you have any questions, please do not hesitate to contact us.  Please make sure that you send your tax preparer a copy of the signed forms for your tax records.  In addition, if you have not yet sent your tax preparer the forms on which you made the election for the 2014 tax year at the end of 2013, please remember to send those copies as well.