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


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 method … Read More

2014 Final Repair Regulations and Tangible Property Regulations.


Summary of the Repair Regulations and Tangible Property Regulations by Gian Pazzia ASCSP, Shareholder of KBKG, President of ASCSP.Summary of major changesGeneral 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 than $5,000 per … Read More