A district court decision in 2015 said a retail store that received its certificate of occupancy was “placed in service” even though not yet open for business. Why does this matter? Various tax rules turn on this (e.g., equipment and other qualifying property must be placed in service for purposes of claiming bonus depreciation). The IRS announced recently that it would not follow this decision; it doesn’t view a C of O as amounting to “placed in service.”
Barbara Weltman
Big Ideas for Small Business, Inc.
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It's important to take care of ourselves and take steps to nourish ourselves--body, mind and soul. We may have to do this in different and creative ways now that many of us are staying at home. It's still important that we take time for ourselves. #selfcare #Health