The IRS issued temporary and proposed regulations on capitalization of tangible property expenditures, also known as "repairs" regulations. The new rules, generally effective for the 2012 tax year, will affect all taxpayers that acquire, produce or improve tangible property and may result in the filing of Form 3115, Application in Change of Accounting Method.
The regulations are possibly among the most important guidance to be released in recent years because they will impact virtually all companies, big and small. Comments are due to IRS by March 26, 2012.
TSCPA's Federal Tax Policy Committee is preparing to draft a comments letter and plans to respond to the IRS. If you have any specific concerns, you may forward them to the committee for consideration by March 1, 2012, to Patty Wyatt at pwyatt@tscpa.net
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Posted by: ZVN Properties | 05/01/2012 at 09:51 PM
Thanks for sharing . we did get to know about property repair regulations
We will implemented in our life
Posted by: Property for sale | 02/16/2012 at 07:01 AM