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An act concerning the withholding of approved disbursements by the controller of certain delinquent debts owed by vendors, and making appropriations in connection therewith.
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Who needs Ch. 179?
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Individuals or businesses who need to report specific financial information for regulatory compliance.
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What is Ch. 179?
Chapter 179 refers to a specific section of tax law that allows for the expensing of certain types of property under the Internal Revenue Code.
Who is required to file Ch. 179?
Businesses that purchase qualifying equipment or software and choose to expense it rather than depreciate it over time are required to file Chapter 179.
How to fill out Ch. 179?
To fill out Chapter 179, a taxpayer must complete IRS Form 4562, providing details about the qualifying property purchased, its cost, and the amount they wish to expense under Chapter 179.
What is the purpose of Ch. 179?
The purpose of Chapter 179 is to encourage businesses to invest in new equipment by allowing them to deduct the full cost of certain qualifying assets in the year they are placed in service.
What information must be reported on Ch. 179?
Chapter 179 requires reporting information such as a description of the property, the date it was placed in service, and the total cost of the property along with the amount being expensed.
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