The IRS first issued Temporary Regulations regarding new tangible property rules in early 2012. Between that time and July 2014, they issued various proposed regulations on the subject. Finally, in August 2014, the final regulations were issued and taxpayers must implement them for their first tax year beginning in 2014. Ellin & Tucker is committed to helping our clients implement these new rules and to assuring that they get the maximum benefits available.
However, it is the clients themselves who will have to assure compliance on an ongoing basis, so we are also committed to educating our clients to assure that they have the information they need to make these capitalization decisions as they come up every day in their businesses. As always, our professionals stand ready to consult with you on any particularly difficult issues and decisions.
We’ve included a downloadable Summary of Tangible Property Regulation Rules, which will introduce you to the issues presented in the Regulations.
We’ve also included downloadable Decision Trees for Tangible Property Regulations, which will help you determine if an expenditure must be capitalized or whether it can be expensed.