[IMGCAP(1)]The middle of summer is not the time of year that most of us want to think about taxes. However, the IRS’s tangible property repair regulations that were released this year require some reflection.
These regulations led to some confusion as well as a rush to implementation. Some taxpayers implemented them correctly, while others completed only some of the steps necessary to ensure compliance with the new law. Fortunately, taxpayers have until the extension date of the 2014 return to finalize implementation. Even if a return was previously filed, a taxpayer can amend a return with a Change in Accounting Method if that return is filed by their extension date.
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