On September 18, the IRS released an advanced copy of Rev. Proc. 2014-54, which provides guidance on certain changes in method of accounting for dispositions of tangible depreciable property. One of the most notable changes in this 93-page document is that the time for making a late partial disposition election has been extended for one…» Read More
IRS Releases R.P. 2014-54; Extends Deadline To Claim Retirement Loss Deductions!
The Tangible Property Repair Regulations Webinar Q&A
The Repair Regulations or the Tangible Property Regulations are rules issued by the IRS with regards to the deduction and capitalization of expenditures related to tangible property. The Repair Regulations are applicable to businesses that acquire, produce, replace or improve tangible property. Application of the new Repair Regulations requires an in-depth understanding of various tax…» Read More
Rev. Proc. 2014-16 – IRS releases procedural guidance to implement Final Repair Regulations
The IRS recently released Revenue Procedure 2014-16, providing the procedural rules taxpayers follow to make “automatic” accounting method changes under the Final Repair Regulations. This revenue procedure modifies Rev. Proc. 2011-14 and supersedes Rev. Proc. 2012-19 regarding certain changes for amounts paid to acquire, produce, or improve tangible property. IRS PROCEDURE 2014-16 » Full Version…» Read More
Case Study: Retirement of Building Components
The Final Repair Regulations clarified the rules related to whether a building expenditure is a capital improvement or can be a repair expense. However, one of the most significant rules that has changed under these Regs is in regards to the disposition of structural components of buildings. In the past, when a taxpayer renovated an…» Read More
Repair Regulations and Retirement of Structural Components
The Retirement of Structural Components and a Repair Regulations study can provide a significant tax savings. We are ready to identify and claim your missed deductions and help you conform to the new Repair Regulations. A summary of the new Repair Regulations rules and a case study from our last webinar: §Dispositions of MACRS Property…» Read More
2014 Final Repair Regulations and Tangible Property Regulations.
Summary of the Repair Regulations and Tangible Property Regulations by Gian Pazzia ASCSP, Shareholder of KBKG, President of ASCSP. Summary of major changes Repair Regulations / Tangible Property Regulations Items of Note Effective Dates Effective Dates for “Cut-Off” Sections of the Repair Regulations / Tangible Property Regulations KBKG will identify your missed deductions and help…» Read More