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IRS Releases Comprehensive Repair/Capitalization Final Regulations

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Insights  <  IRS Releases Comprehensive Repair/Capitalization Final Regulations

The IRS has released much-anticipated final “repair” regulations (T.D. 9636) governing when taxpayers must capitalize and when they can deduct their expenses for acquiring, maintaining, repairing and replacing tangible property.

The final regulations make significant tax-payer-friendly changes to the 2011 temporary regulations. Compliance with the labyrinth of rules in the final regs, however, will challenge virtually every business, especially in light of an approaching January 1, 2014 effective date.

The basic structure and requirements within the temporary regulations remained intact. Although the final regulations have been “simplified” in several key areas, they’re main complex overall.

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IRS Comprehensive Repair/
Capitalization Final Regulations

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Disclaimer: Under U.S. Treasury Department guidelines, we hereby inform you that (1) any tax advice contained in this communication is not intended or written to be used, and cannot be used by you, for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service (or state and local or other tax authorities), and (2) no part of any tax advice contained in this communication is intended to be used, and cannot be used, by any party to promote, market or recommend any transaction or tax-related matter(s) addressed herein without the express and written consent of Blum, Shapiro & Company, P.C.

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