Woodbury, NY (PRWEB) March 26, 2014
Gettry Marcus CPA, P.C., a leading tax, consulting and forensic accounting firm, shares information on the IRS’s final “repair” regulations, which became effective January 1, 2014. The regulations provide a massive revision to the rules on capitalizing and deducting costs incurred with respect to tangible property. The regulations apply to amounts paid to acquire, produce or improve tangible property; every business is affected, especially those with significant fixed assets.
Required and Elective Changes
There is a lot of work ahead for most taxpayers to comply with the new rules. There are three categories of changes under the regulations:
