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April 2012

TSCPA COMMITTEE ISSUES COMMENTS TO IRS ON REPAIR REGULATIONS

TSCPA’s Federal Tax Policy Committee issued comments to the IRS on temporary and proposed regulations on the capitalization of costs associated with tangible property, also known as “repair regulations.” The committee expressed concerns in several areas including the de minimis expensing rule and Code section 481(a) adjustments. It also urged the IRS to provide a generous transition time for taxpayers to comprehend and comply with the 200-page regulations.

Proposed repair regs 4-16-12