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April 2013

TSCPA Committee Issues Additional Comments to IRS on Proposed

TSCPA’s Federal Tax Policy Committee has issued a second letter to the Internal Revenue Service (IRS) expressing concerns regarding the temporary and proposed regulations for the deduction and capitalization of tangible property expenditures (repair regulations). The most recent letter responded to Notice 2012-73 guidance issued Nov. 20, 2012, which delayed the effective date of temporary proposed regulations until tax years beginning on or after Jan. 1, 2014, with the option for taxpayers to apply them to tax years beginning on or after Jan. 1, 2012. In its letter, the committee provided examples of how the administrative burden for small business compliance is disproportionate to any technical accuracy that the IRS is seeking to achieve.
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Read the letter