IRS eases repair regulations for small businesses
The Internal Revenue Service has issued a new revenue procedure that aims to make it easier for small business owners to comply with the final tangible property repair regulations. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014.
In addition, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014.
Each business is different; how they spend money, capitalize and deduct expenses varies. The IRS issued these regulations to standardize many of these procedures. Our team at ShindelRock understands the new IRS guidelines and would be happy to answer any questions you have.