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Analysis of Comprehensive Repair/Capitalization Regulations
December 4th, 2012
Repair Regulations Have Sweeping Impact, Will Require Accounting Method Changes
CCH has updated its analysis of the comprehensive repair/capitalization regulations based on the recent announcement by the IRS in Notice 2012-73. The notice extends the effective date when taxpayers must comply with the new regulations by two years.
In addition, the notice identifies sections of the regulations that are likely to change, hinting that relief may be granted to small businesses. Taxpayers will have the option of implementing accounting method changes in 2012, 2013 or 2014 under the revised rules which provide new tax planning opportunities. Therefore, taxpayers should incorporate the method changes provided by the new regulations in their tax planning for 2012, 2013 and 2014.
Get the Special Report HERE
