Bloomberg BNA

A Practical Guide to Complying with the Final Tangible Property Regulations

On September 19, 2013, the IRS issued the final tangible property repair regulations for Sections 162(a) and 263(a), which modified and superseded the temporary regulations issued on December 23, 2011. These regulations represent some of the most significant tax law changes to affect businesses since the 1986 Internal Revenue Code overhaul.

Impacting nearly every business, the regulations provide taxpayers with a broad range of guidance on whether to capitalize or expense amounts paid to acquire, produce, or improve tangible property. Compliance with the regulations is required beginning with the tax year that starts on or after January 1, 2014. To comply, most taxpayers will need to change their processes for accounting for repairs.

This white paper can help you plan and prepare for the process and system changes necessary for accurate and efficient compliance with the significant changes found in the tangible property regulations.

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