New Tangible Property Regulations for Hotel and Restaurant Owners

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IRS Regs Create Both Compliance Challenges and Tax Saving Opportunities

The IRS has issued new guidance that will have a significant impact on how hotel and restaurant owners capitalize and depreciate assets placed into service. Effective for tax years beginning January 1, 2014, new tangible property regulations regulate the treatment of normal repairs and maintenance versus an improvement to an asset. The regulations also clarify whether fixed asset additions must be capitalized or expensed immediately.

Do I need a capitalization policy for tax year 2014?

All taxpayers that have depreciable fixed assets must have a capitalization policy that determines the threshold under which …read more

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