IRS releases revenue procedures on accounting method changes relating to the tangible property repair regulations

March 2012


The IRS today released Rev. Procs. 2012-19 and 2012-20, which provide rules under which taxpayers may make accounting method changes related to the temporary regulations regarding tangible property issued on December 23, 2011 (generally known as the repair regulations).

Consistent with the repairs regulations, the two revenue procedures provide that taxpayers must change their methods of accounting to conform to the repair regulations for tax years beginning after December 31, 2011.

As anticipated, the revenue procedures include the following:

•Accounting methods change rules for repairs
•Accounting method change rules for dispositions
•Application of statistical sampling

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