Monday, October 29, 2012

2:30 p.m. - 3:20 p.m.
Track: Tax View Track

REPAIR VS. CAPITALIZATION REGULATIONS (T)

Gian P. Pazzia, CCSP Principal and Shareholder, KBKG, INC.

 

On Dec. 23, 2011, the IRS and Treasury Department issued the long-awaited regulations regarding the deduction and capitalization of expenditures related to tangible property under Section 263(a), i.e., the repair" regulations. These regulations include prior rules as well as several significant new rules.  Taxpayers need to understand what implications the regulations may have on their businesses, what opportunities the regulations present and what action, if any, must be taken to comply with the regulations.

 

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