Tax Compliance Series for Construction Contractors: Tangible Property Regulations

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Aronson’s IRS compliance articles have focused on a variety of important tax considerations for construction contractors. Today, we continue that tradition by taking a closer look at another common issue: tangible property regulations.

Tangible property regulations became effective for tax years beginning on or after January 1, 2014. The regulations provide guidelines covering materials and supplies, capitalized costs, and costs to acquire, produce, improve and dispose of tangible property.

A taxpayer generally must capitalize amounts paid to acquire, produce or improve tangible property. However, the IRS has provided a de minimis safe harbor election that can be filed on an annual …read more

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