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The IRS Large Business and International Division (LB&I) recently issued a memorandum for all LB&I staff that provides direction to field examiners on the repair versus capitalization issue.
The repairs regulations provide increased flexibility for general asset account (GAA) treatment of property subject to section 168.
On December 14, 2012, the IRS published regulations amending the temporary regulations regarding deduction and capitalization of expenditures related to tangible property to delay the effective date of the regulations as announced in Notice 2012-73.
The IRS on November 20 issued Notice 2012-73, alerting taxpayers that final regulations regarding deduction and capitalization of expenditures related to tangible property (the final repairs regulations) are expected to be released in 2013.
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