In September 2013, the IRS issued final regulations on the deduction and capitalization of expenditures related to tangible property (the “repair regulations”). The final IRS regulations make significant taxpayer-friendly changes. Compliance with these rules will impact nearly every business and are effective for tax years beginning on or after January 1, 2014.
The final regulations cover five significant areas:
- Materials and supplies;
- Repairs and maintenance;
- Capital expenditures;
- Amounts paid...