The U.S. Senate confirmed the appointment of John Koskinen as the next IRS commissioner. He starts his job during the week of December 23. He becomes the first commissioner since Douglas Shulman left the job on November 9, 2012. Since then, there have been two acting commissioners.
The first focus for the new commissioner is the execution of a successful tax-filing season that begins on January 31, 2014, for individuals (January 13, 2014, for businesses). His other priorities are managing IRS responsibilities for Obamacare, helping to get answers about the IRS activities regarding tax-exempt status applications of certain political groups, and continuing the FreeFile program after 2014, when the current agreement with commercial tax preparation firms expires.
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.