Don't Overlook the New IRS Repair and Maintenance Regs

Dennis C. Murphy, Jr., CPA

Effective September 19, 2013, the Internal Revenue Service (IRS) has finalized the regulations regarding the deduction and capitalization of expenditures related to tangible property (commonly referred to as the repair and maintenance regulations). These final regulations apply to taxable years beginning on or after January 1, 2014. There are new provisions in the regulations that you should be aware of and affect virtually all types of businesses.  Five main areas affected by these regulations include:

  • Materials and supplies
  • Repairs and maintenance
  • Capital expenditures
  • Amounts paid for the acquisition or production of tangible property
  • Amounts paid for the improvements of tangible property

Review the favorable changes here and the services we offer surrounding these new regulations including our repair and maintenance expense analysis and partial asset disposition studies.  Feel free to contact me below or at (440) 605-7124 to discuss how Skoda Minotti can help you and your business.

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