AICPA told the IRS that its proposed regulations for the capitalization & deduction of tangible property expenditures are unnecessarily complex. AICPA sent a second comment letter to the IRS with their concerns over the new regulations. AICPA believes the IRS should provide a couple of examples to guide taxpayers on the interrelationships of some of the new temporary regulations.
Please view the full article on Accounting Today, entitled "AICPA Criticizes IRS Tangible Property Repair Regs." "The American Institute of CPAs told the Internal Revenue Service that its proposed regulations for capitalization and deduction of tangible property expenditures are unnecessarily complex and burdensome. The IRS released the long-awaited “repair regs” last December, which affect a wide range industries. The AICPA has been concerned about the new regulations and sent a second comment letter Monday to the IRS, building on concerns in an initial comment letter on April 17, providing greater specificity in a number of areas."
You can read the full article at:
Author: Michael Cohn. "AICPA Criticizes IRS Tangible Property Repair Regs".