The Impact of the Final Tangible Property Regulations on Your Business

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In issuing the Final Tangible Property Regulations, the IRS has adopted the most dramatic change affecting for-profit taxpayers since the overhaul of the Internal Revenue Code in 1986. The new regulations address, among other things:

  • Purchase or construction of buildings, equipment and other personal and real property
  • Expenditures for repairs and maintenance
  • Improvements to property
  • Materials and supplies

Most of these changes must be adopted as a change in accounting method. This requires that, in addition to applying the new rules going forward, taxpayers must determine the impact of these rules on prior …read more

Read more here:: Tax

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