The IRS has released regulations that create new rules related to the acquisition, production and improvement of tangible property. These regulations, commonly referred to as tangible property regulations or repair regulations, are meant to help taxpayers distinguish between currently deductible repair and maintenance expenses and expenditures that must be capitalized and depreciated for tax purposes. Among other things, these rules require taxpayers to make elections on their tax returns and will likely require accounting method changes.
In order to ensure that you are in compliance with the requirements of the new regulations, not missing an opportunity to reduce your tax liability, …read more
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