Final repair regulations add another tax management tool for farmers

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The final tangible property (property that can be felt or touched) regulations affect all taxpayers who acquire, produce, or improve tangible property. The regulations clarify whether costs are currently deductible or whether the taxpayer must capitalize and depreciate the costs. The final regulations are generally effective for tax years beginning on or after January 1, 2014.The final repair regulations include a de minimis (the law/IRS does not concern itself with anything under this amount) safe harbor that allows taxpayers to elect to deduct the cost of tangible property, rather than recovering the cost through depreciation expense. The de minimis safe harbor increases a farm client’s ability to expense the purchase cost of livestock and small equipment.Under the Treas. Reg. § 1.263(a)-1(f)(1) de minimis safe harbor, a taxpayer can take a current-year deduction (when the cost is paid or incurred) for the acquisition or production of units of tangible property that cost less than a specified amount, even if the taxpayer would normally have to capitalize the cost, or deduct the amount paid when the property is first used or consumed in the business. Thus, a farm client may be able to deduct otherwise capitalizable expenditures under the safe harbor. However, for a farmer who intends to later sell the property at a gain, electing the de minimis safe harbor may increase the tax owed on the later sale.Although the taxpayer’s accounting pro­cedures can set any dollar limit for expensing amounts, the per-item tax deduction is limited to $2,500 for taxpayers without an applicable finan­cial statement (AFS) and $5,000 for taxpayers with an AFS. Therefore, if the accounting procedure sets a threshold that exceeds $2,500 ($5,000 for taxpayers with an AFS), only the items that cost $2,500 ($5,000) or less qualify for the safe harbor. This activity will likely trigger extra IRS scrutiny. For farmers, the safe harbor is particularly useful to expense small equipment and livestock held for productive use, such as animals held for dairy or breeding.When a taxpayer properly applies the de minimis safe harbor, the amount paid is not treated as a capital expenditure or as materials and supplies. Instead, the taxpayer deducts the amount under Treas. Reg. § 1.162-1, provided the expense otherwise constitutes an ordinary and necessary business expense. If the items to be deducted don’t have an applicable expense line on Schedule F, they can be listed as “other expenses.”Any subsequent gain on disposition of the property is ordinary income, so in some situations, it may be prefer­able to not elect to expense the property under the de minimis safe harbor.Property expensed under the de minimis safe harbor is not I.R.C.§ 1231 property, and the tax­payer must report the sale on Form 4797, Sales of Business Property, Part II, as ordinary income. The income from the sale does not meet the test for self-employment income and, even though it is ordinary income, the taxpayer does not report the income on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship), or Schedule F (Form 1040), Profit of Loss From Farming, where it would be subject to self-employment (SE) tax.last_img read more

Cartoon: It’s a Big Ol’ Blogosphere

first_imgEver have that moment when you wonder if what you’re about to post will alienate you from the rest of the online world forever?I get that sometimes, which says a lot more about my own insecurities and the extent to which the social Web replicates the social dynamics of high school than it does about any real risk. My social network includes some very forgiving, open-minded people… and the online world is much, much bigger than anything I’ve tapped into so far.When I think of, say, the Vancouver social media scene, I think of people I know: family, friends, colleagues, clients, dev partners and the like. And yet that’s a tiny percentage of my neighbors who are engaged in social media.Just an example: when I look through the list of the top 100 Vancouver Twitterers by number of followers, I don’t recognize the vast majority of names. That tells me that a big conversation is going on (or a lot of small conversations) that I’m not a part of.Which is cool. It’s a big ol’ blogosphere, and I can’t possibly hope to keep tabs on any more than my small corner of it.It’s also a handy reminder to avoid the temptation of generalizing about the social Web from our own experience if it. For any of us who wants to understand how the Web and the way we use it are evolving and make some intelligent guesses about the future of social media, breaking out of our comfortable little circles and exploring a little is critical. Related Posts rob cottingham 5 Outdoor Activities for Beating Office Burnout 12 Unique Gifts for the Hard-to-Shop-for People… 4 Keys to a Kid-Safe App More Noise to Signal. Tags:#Cartoons#web 9 Books That Make Perfect Gifts for Industry Ex…last_img read more

Why Using 2 or 3 Simple Words May Be the Best Password Protection of All

first_img3 Areas of Your Business that Need Tech Now What makes a great password may not be its complexity but how many words you want to string in a row.Passwords get hacked in five basic ways, writes Thomas Baekdal in a blog post on the topic:The hacker asks for the password through a scam of some sort.The hacker guesses. People like to use simple things they remember, like their birthday. That makes it easier to hack.The hacker does a brute force attack. A hacker simply attempts to sign-in using different passwords one at the time.The hacker attempts to sign-in using a list of common words.The hacker uses the dictionary approach by using the full dictionary of words to try and access the network.IT security professionals encourage people to use complex passwords. Those are difficult to break. The problem is people write those passwords down on pieces of paper. That’s not very secure.But what you really need are passwords that you can memorize but are also difficult enough that it’s not worth the time for the hacker to try to crack them.Using more than one common word would take a hacker months to guess. Three common words and it’s nearly impossible to crack. Baekdal:It would take:1,163,859 years using a brute-force method2,537 years using a common word attack39,637,240 years using a dictionary attackIt is ten times more secure to use “this is fun” as your password, than “J4fSNow what can the provider do to make the network more secure?1. Add a time-delay between sign-in attempts. Instead of allowing people to sign-in again and again and again. Add a 5 second delay between each attempt. It is short enough to not be noticeable (it takes longer than 5 seconds to realize that you have tried a wrong password, and to type in a new one). And, it forces the hacker to only be able make sign-in requests 1 every 5 seconds (instead of 100 times per second).2. Add a penalty period if a person has typed a wrong password more than – say – 10 times – of something like 1 hour. Again, this seriously disrupts the hacking script from working effectively.By adding the time delay, the provider now protects the user and rewards the one who uses the method for stringing together multiple words.Passwords are notoriously easy to crack. But it does not have to mean remembering strings of random letters and numbers. As Baekdal points out, a hacker can hack the password “alpine fun” in only 2 months if he is able to attack your server 100 times per second. But, with the penalty period and the 5 second delay, the same password can suddenly sustain an attack for 1,889 years. Tags:#enterprise#networking IT + Project Management: A Love Affair Related Posts center_img Massive Non-Desk Workforce is an Opportunity fo… Cognitive Automation is the Immediate Future of… alex williamslast_img read more

Karnataka SSLC Results 2019 Amused Twitterati ask how Haasan Ramanagara topped chart

first_img22Kodugu78.8180.68 (18)77.09 (9)78.93 (18)86.90 (18) 7Managaluru86.7385.56 (4)82.39 (2)88.01 (3)89.35 (8) Hassan first in #SSLCResult2019How?????Kids:students and teachers effortsMens:Rohini sinduri mam planLegends: Revanna Anna nimbus effect#SSLC #SSLCResult2019 Hassan from 7th place to 1st place Ramnagar from 17th place to 2nd place. Not only me, everyone are shocked seeing this. Looks Suspicious !! ಏನಲೇ ಪಾ ಇತರಾಗು ಪೋಲಿಟಿಕ್ಸ್?? Karnataka #SSLCResult2019 6Chitradurga87.4680.85 (16)72.64 (19)73.19 (29)85.95 (19) 27Bagalkote75.2872.70 (25)64.53 (33)85.71 (7)77.20 (30) 25Vijayapura77.3683.23 (9)72.23 (20)70.57 (31)75.70 (31) 16Kopal80.4580.43 (19)76.05 (11)75.92 (26)71.91 (33) 33Raichur65.3368.89 (29)69.69 (30)82.19 (11)87.03 (17) 5Udupi87.9788.18 (1)84.23 (1)89.52 (2)93.37 (1) 20Chikkaballapur79.6968.20 (31)70.13 (28)80.92 (14)82.58 (27) RankDistrict20192018201720162015 12Sirsi84.6778.06 (21)80.09 (4)85.24 (9)91.52 (4) 15Chamrajanagar80.5874.46 (24)75.66 (12)75.59 (27)89.04 (11) 4Uttara Kannada88.1288.12 (2)79.82 (5)87.84 (4)92.87 (3) 9Davanagere85.9481.56 (15)75.33 (14)78.43 (19)87.15 (16) Sudeep shetty‏ @sudeeps58085243 34Yadgiri53.9535.54 (34)74.84 (16)68.57 (32)85.06 (22) 18Tumkur79.9282.97 (10)68.15 (32)76.10 (23)88.96 (12) 19Haveri79.7576.76 (23)70.46 (26)74.55 (28)85.59 (21) Rahul‏ @Raul98126235 CM of #Karnataka is from #Hassan, so that district topped the state….!! Currently he is an MLA from #Ramanagara , so that district topped second! Hence, Where there is Kumaranna, that place emerge at the top of table! #hdk #stateresult #SSLCResult2019 #SSLCResults2019 #sslc 2Ramanagara88.4980.78 (17)78.55 (6)81.74 (12)89.62 (7) 14Chikkamagaluru82.7672.47 (26)74.40 (18)86.29 (5)83.91 (26)center_img 24Belagavi77.4384.77 (6)71.20 (25)81.09 (13)87.39 (14) Hassan and Ramanagara dist as toppers. This shows this CM has not even left the education system clean. Corruption in ever corner. Mr CM dont play politics on SSLC Results. Never expected CM can utilize his powers to this level. Shame on u CM 26Bang North76.2177.37 (22)71.44 (24)80.52 (15)84.90 (23) 1Haasan89.3384.68 (7)69.58 (31)75.94 (24)87.21 (15) 32Bang South68.8372.03 (27)69.92 (29)72.80 (30)78.50 (29) Indudhar haleangadi @Amchi_dosth Sunil Bariyanda‏ @Sunil_Bariyanda 31Gadag74.0567.52 (32)75.62 (13)64.09 (33)66.74 (34) 3Bang Rural88.3482.17 (14)77.03 (10)89.63 (1)91.10 (5) 17Mysore80.3282.90 (11)72.03 (21)85.56 (8)89.13 (10) 11Madhugiri84.8185.55 (5)71.84 (22)80.25 (16)88.12 (13) Rahul Bekanalakar‏ @RahulMurgod Hassan 1st.. Ramnagara 2nd something fishy #SSLCResult2019 29Bidar74.9660.71 (33)62.20 (34)75.93 (25)80.24 (28) 21Shivamogga79.1378.75 (20)75.07 (15)77.57 (22)85.71 (20) 23Bellari77.9882.73 (12)74.65 (17)56.68 (34)84.70 (24) 8Kolar86.7183.34 (8)78.51 (7)78.19 (20)89.20 (9) Durga Ramdas Kateel‏ @durgaramdas Karnataka SSLC Result 2019 results declared [Representative Image]NARINDER NANU/AFP/Getty ImagesKarnataka SSLC results are out and Haasan and Ramanagar have landed in the first and second places in 2019 district-wise ranking list. Karnataka Chief Minister HD Kumaraswamy hails from Haasan district and was elected as the MLA from Ramanagara constituency. His connection with both the areas has fuelled rumours on social media.Karnataka Secondary Education Examination Board (KSEEB) had conducted the SSLC (Secondary School Leaving Certificate) examinations in March and April and 8.41 lakh students had appeared for the class 10 exams. On Tuesday, the board declared its results and the total pass percentage stood at 73.70.The pass percentage of the SSLC in 2018 was 71.93. Many people across the state are happy with this increase in class 10 results. But what has surprised some is the top spots in the district-wise rankings of pass percentages.Haasan and Ramanagara, which never made it to the top five ranks, have landed in first and second spots in the district-wise rankings of SSLC results this year. This development has amused some social media users, who feel something fishy about the ranks and CM Kumaraswamy’s link.Some took to Twitter to express their doubts and concerns. Scroll down to read some Twitter comments.Here is the table detailing the SSLC pass percentage and (ranks) of various districts in the last five years.RankRankDistrictDistrict2019201920182018201720172016201620152015Rank1DistrictHaasan201989.33201884.68 (7)201769.58 (31)201675.94 (24)201587.21 (15)Rank2DistrictRamanagara201988.49201880.78 (17)201778.55 (6)201681.74 (12)201589.62 (7)Rank3DistrictBang Rural201988.34201882.17 (14)201777.03 (10)201689.63 (1)201591.10 (5)Rank4DistrictUttara Kannada201988.12201888.12 (2)201779.82 (5)201687.84 (4)201592.87 (3)Rank5DistrictUdupi201987.97201888.18 (1)201784.23 (1)201689.52 (2)201593.37 (1)Rank6DistrictChitradurga201987.46201880.85 (16)201772.64 (19)201673.19 (29)201585.95 (19)Rank7DistrictManagaluru201986.73201885.56 (4)201782.39 (2)201688.01 (3)201589.35 (8)Rank8DistrictKolar201986.71201883.34 (8)201778.51 (7)201678.19 (20)201589.20 (9)Rank9DistrictDavanagere201985.94201881.56 (15)201775.33 (14)201678.43 (19)201587.15 (16)Rank10DistrictMandya201985.65201871.57 (28)201771.73 (23)201677.98 (21)201589.78 (6)Rank11DistrictMadhugiri201984.81201885.55 (5)201771.84 (22)201680.25 (16)201588.12 (13)Rank12DistrictSirsi201984.67201878.06 (21)201780.09 (4)201685.24 (9)201591.52 (4)Rank13DistrictChikkodi201984.09201887.01 (3)201780.47 (3)201686.00 (6)201593.32 (2)Rank14DistrictChikkamagaluru201982.76201872.47 (26)201774.40 (18)201686.29 (5)201583.91 (26)Rank15DistrictChamrajanagar201980.58201874.46 (24)201775.66 (12)201675.59 (27)201589.04 (11)Rank16DistrictKopal201980.45201880.43 (19)201776.05 (11)201675.92 (26)201571.91 (33)Rank17DistrictMysore201980.32201882.90 (11)201772.03 (21)201685.56 (8)201589.13 (10)Rank18DistrictTumkur201979.92201882.97 (10)201768.15 (32)201676.10 (23)201588.96 (12)Rank19DistrictHaveri201979.75201876.76 (23)201770.46 (26)201674.55 (28)201585.59 (21)Rank20DistrictChikkaballapur201979.69201868.20 (31)201770.13 (28)201680.92 (14)201582.58 (27)Rank21DistrictShivamogga201979.13201878.75 (20)201775.07 (15)201677.57 (22)201585.71 (20)Rank22DistrictKodugu201978.81201880.68 (18)201777.09 (9)201678.93 (18)201586.90 (18)Rank23DistrictBellari201977.98201882.73 (12)201774.65 (17)201656.68 (34)201584.70 (24)Rank24DistrictBelagavi201977.43201884.77 (6)201771.20 (25)201681.09 (13)201587.39 (14)Rank25DistrictVijayapura201977.36201883.23 (9)201772.23 (20)201670.57 (31)201575.70 (31)Rank26DistrictBang North201976.21201877.37 (22)201771.44 (24)201680.52 (15)201584.90 (23)Rank27DistrictBagalkote201975.28201872.70 (25)201764.53 (33)201685.71 (7)201577.20 (30)Rank28DistrictDharwad201975.04201882.21 (13)201777.29 (8)201685.71 (10)201584.54 (25)Rank29DistrictBidar201974.96201860.71 (33)201762.20 (34)201675.93 (25)201580.24 (28)Rank30DistrictKalaburgi201974.65201868.65 (30)201770.24 (27)201679.02 (17)201574.97 (32)Rank31DistrictGadag201974.05201867.52 (32)201775.62 (13)201664.09 (33)201566.74 (34)Rank32DistrictBang South201968.83201872.03 (27)201769.92 (29)201672.80 (30)201578.50 (29)Rank33DistrictRaichur201965.33201868.89 (29)201769.69 (30)201682.19 (11)201587.03 (17)Rank34DistrictYadgiri201953.95201835.54 (34)201774.84 (16)201668.57 (32)201585.06 (22) 30Kalaburgi74.6568.65 (30)70.24 (27)79.02 (17)74.97 (32) 10Mandya85.6571.57 (28)71.73 (23)77.98 (21)89.78 (6) 13Chikkodi84.0987.01 (3)80.47 (3)86.00 (6)93.32 (2) 28Dharwad75.0482.21 (13)77.29 (8)85.71 (10)84.54 (25)last_img read more

DC Residents Tell New US Attorney Close Vincent Gray Case

first_imgChanning D. Phillips is set to be the District’s new U.S. Attorney. (U.S. Department of Justice)On Oct. 8, President Obama selected Channing D. Phillips, a former acting U.S. Attorney for the District and the senior counsel to U.S. Attorney General Loretta Lynch, as the city’s next top prosecutor. D.C. Del. Eleanor Holmes Norton (D) recommended Phillips to the president.While Phillips will be taking on a largely non-political job, he will be expected to make a major decision on a leading former officeholder in the city.Former D.C. Mayor Vincent Gray has been a leading target of an investigation by the U.S. Attorney’s office since early 2011 for his 2010 mayoral campaign’s violation of election laws. Several of his close associates have taken pleas from the U.S. Attorney’s office but Gray hasn’t been charged with any crime.Ward 8 advisory neighborhood commissioner Mary Cuthbert, who has been involved in the city’s politics since the 1960s, didn’t mention Gray by name but said that Phillips needs to “close cases that are now open.”“Those cases have been hanging on a string and they need to be closed,” Cuthbert said.Leo Alexander, who ran against Gray in 2010 for mayor, agrees with Cuthbert. “Phillips needs to close the book on the Vince Gray investigation,” Alexander said. “The investigation is a mockery of justice and a waste of time. I am no big fan of Vince Gray but the city suffered under his leadership because of the investigation that hasn’t achieved its objective.”Gray ran for re-election in 2014 but lost in the April 1 primary that year to present D.C. Mayor Muriel Bowser (D). One of Gray’s opponents, D.C. Council member Jack Evans (D-Ward 2), has publicly called for the U.S. Attorney’s office’s investigation of the former mayor to wrap up.Cohen said that he wasn’t insensitive to the concerns of many District residents regarding the 2010 mayoral campaign investigation. “There are some important cases that I wish I could see through to their conclusions, but I have complete confidence in the team at the U.S. Attorney’s Office to follow through and do justice for the people of the District,” he said.Johnny Barnes, a civil rights attorney in the District and the former executive director of the ACLU of the Nation’s Capital, agrees with the sentiment in the community that the Gray matter should be closed. “The former U.S. Attorney [Machen] went beyond the role of the U.S. Attorney,” Barnes said. “I don’t think it is good to mix politics with law enforcement and the Gray matter is antiquated.”Vincent Cohen Jr., the acting U.S. Attorney, will leave office on Oct. 18. Cohen held the position for only six months and prior to that worked under U.S. Attorney Ronald Machen for five years as the principal assistant U.S. Attorney.The District’s U.S. Attorney’s office is largest in the country and deals with issues, as Cohen told the AFRO recently, from “Benghazi to Barry Farm.”Phillips, a graduate of the University of Virginia and the Howard University School of Law, will have to be confirmed by the U.S. Senate before he permanently assumes his post. He is a 16-year veteran of the U.S. Attorney’s office, starting in 1994 as an assistant U.S. Attorney and rising in the ranks to be the principal assistant U.S. Attorney from 2004-2009 and as the acting U.S. Attorney from May 2009-Febuary 2010. He has worked with the Justice Department in senior-level positions since 2011.Phillips is a native Washingtonian and is the son of the late Rev. Channing E. Phillips, who was the first Black to have his name submitted for a major party presidential nomination in 1968 at the Democratic Party convention in Chicago.last_img read more