That didn’t take long.
Tax season has only just begun, and the MACPA’s federal tax listserv is already lighting up with questions from tax pros.
The issue at hand involves the IRS’s tangible property regulations. The final disposition rules for tangible property were issued in August and largely adopted the proposed regulations that were issued in 2013. The IRS also recently issued procedural guidance, but if the listserv is any indication, a ton of questions still remain.
The MACPA is working on digging up some answers, possibly in the form of CPE programs and other guidance to address the issue. Stay tuned.
In the mean time, here are a few resources that might provide some answers.
- AICPA resources: Tax treatment of expenditures related to tangible property
- FAQ: Forms 3115 and the new tangible property regulations
- Form 3115 adds confusion and cost – but may be required for 2015
- IRS updates accounting method change procedures
- IRS Rev. Proc. 2015-13
- IRS Rev. Proc. 2015-14
- AICPA: Repair regulations’ de minimis safe harbor is set too low
- Regulations govern dispositions of depreciable property
- The five actions for IRS tangible property ‘repair’ regulations
- It’s not too late to save tax via IRS tangible property regs
- IRS Form 3115: A sin and a travesty (from CPA Trendlines)