New IRS guidance may help taxpayers further analyze and implement the tangible property ‘repair’ regulations

January 2014


The IRS today released Rev. Proc. 2014-16, which provides rules pursuant to which taxpayers may make accounting method changes related to the tangible property ‘repair’ regulations. This revenue procedure supersedes Rev. Proc. 2012-19, which was issued over a year ago in connection with the temporary repair regulations and modifies certain sections of Rev. Proc. 2011-14. Rev. Proc. 2014-16 is designed to help taxpayers further analyze their current methods of accounting and implement any necessary changes.

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