IRS Issues Guidance on Increased Vehicle Depreciation Limits for 2016

IRS Issues Guidance on Increased Vehicle Depreciation Limits for 2016:  Today, the IRS issued Revenue Procedure 2016-23 which updates guidance to reflect provisions from the 2015 Protecting Americans from Tax Hikes Act increasing first-year vehicle depreciation deduction limits.  Vehicles placed into service in 2016 have depreciation limits $8,000 higher than the limits for 2015: the limits under section 168(k) are now $11,160 for passenger automobiles and $11,560 for trucks and vans.