IRS issued FAQs on the new regulations dealing with capitalizing or expensing purchases
Today the IRS provided FAQs (frequently asked questions) on the new tangible property final regulations. These are the regulations that were issued in 2014 which deal with capital expenditures, materials and supplies, repairs and maintenance, asset dispositions, and other major accounting items. The FAQs address issues such as what a “small business” taxpayer should consider when filing the 2014 tax return if they choose to use the “simplified procedure” instead of filing a Form 3115 Change in Method of Accounting.
Here are the FAQs:
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tangible-Property-Final-Regulations
If you have any questions about these complex new rules, please call us.