Minneapolis Business Lawyer

Law makers are proposing a new tax law for businesses that would change the way certain items are listed for tax purposes.  The bill proposes to remove cell phones and other forms of telecommunications from being “listed property.”Listed property is an piece of equipment used for business that could also be used for personal tasks.  This provision would make it extremely difficult to account for cell phones on the tax return.  In order to depreciate the value of cell phones and other forms of telecommunications, business owners must have detailed information documented for each call.  These include the cost for each call, the time and place of each call, the purpose for each call, and the specific number tha was called. Business advocates believe that the new law is a bit extraneous and does nothing constructive to help businesses do business better.  For companies who give their employees cell phones, they currently are allowed to document the item as income for the employee, however this might also change as new laws are put into place.Business law can be extremely complicated and excessively energy costive.  Sometimes it is simply easier to hire the expert help of an experienced Business law attorney.  If you would like to explore options for your business, call the Minneapolis business law attorneys of the Skjold-Barthel law firm at 612.746.2560.