CCH has released a special tax briefing providing guidance and analysis of the Internal Revenue Service’s temporary regulations for repairs of tangible property and how they may require companies to change their accounting methods.

The IRS released the long-awaited regulations last December (see IRS Issues Regulations on Tangible Property Repairs). The temporary regulations affect all business taxpayers who acquire, produce or improve tangible property. They are effective for tax years (or costs incurred in taxable years as appropriate) beginning on or after Jan. 1, 2012. However, the regulations are in effect retroactive, depending on the accounting method used at the time and whether it complies with the new standards.

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