At long last, Tangible Property Regulations have been finalized and have been in effect as of January 1, 2014! After three years of discussion and proposed regulations, the Internal Revenue Service has promulgated the final regulations. Check out the PDF for how these rules affect every business. These rules affect every business.
Most interested should be those with significant amounts of equipment or real estate and related repairs, maintenance, supplies NOT in inventory and leasehold improvements.Failure to understand these rules could prove to be very costly upon review by the Taxing Authorities. The following outline provides a high-level view of these regulations.