Dispositions of Tangible Property – IRS Restricts use of Discount Value Approach

09/23/2014Repair Regulations, Tax Insight

In August, the IRS issued final regulations on dispositions of tangible depreciable property under Sec. 168 (T.D. 9689) that are generally effective for taxable years beginning on or after January 1, 2014. Taxpayers can realize significant benefits from these regulations by identifying building components that have been replaced or demolished in current or prior years. … Read More

The Tangible Property Repair Regulations Webinar Q&A

06/19/2014News, Recent News, Repair Regulations

The Repair Regulations or the Tangible Property Regulations are rules issued by the IRS with regards to the deduction and capitalization of expenditures related to tangible property. The Repair Regulations are applicable to businesses that acquire, produce, replace or improve tangible property. Application of the new Repair Regulations requires an in-depth understanding of various tax … Read More

Rev. Proc. 2014-16 – IRS releases procedural guidance to implement Final Repair Regulations

01/27/2014Repair Regulations, Tax Insight

The IRS recently released Revenue Procedure 2014-16, providing the procedural rules taxpayers follow to make “automatic” accounting method changes under the Final Repair Regulations. This revenue procedure modifies Rev. Proc. 2011-14 and supersedes Rev. Proc. 2012-19 regarding certain changes for amounts paid to acquire, produce, or improve tangible property. IRS PROCEDURE 2014-16 The automatic accounting … Read More

Case Study: Retirement of Building Components

01/27/2014Repair Regulations, Tax Insight

The Final Repair Regulations clarified the rules related to whether a building expenditure is a capital improvement or can be a repair expense. However, one of the most significant rules that has changed under these Regs is in regards to the disposition of structural components of buildings. In the past, when a taxpayer renovated an … Read More

Repair Regulations and Retirement of Structural Components

10/15/2013Repair Regulations

The Retirement of Structural Components and a Repair Regulations study can provide a significant tax savings. We are ready to identify and claim your missed deductions and help you conform to the new Repair Regulations. A summary of the new Repair Regulations rules and a case study from our last webinar: §Dispositions of MACRS Property … Read More

2014 Final Repair Regulations and Tangible Property Regulations.

10/08/2013Repair Regulations

Summary of the Repair Regulations and Tangible Property Regulations by Gian Pazzia ASCSP, Shareholder of KBKG, President of ASCSP. Summary of major changes General Asset Account Election issue addressed – do not have to elect GAA treatment to forgo loss upon retirement of structural component. De minimis Rule Change – eliminated the ceiling! Amounts less … Read More