Even with just a few weeks left in the 2012 tax season, it's still not too late to think about the IRS' revised repair vs. capitalization regulations. It's a complicated issue, and we're here to help with To Capitalize or Not to Capitalize: That is the Question. This handy flowchart provides a simple, step-by-step process for doing preliminary investigations into your clients' tangible property tax issues.
In some cases, your best advice to your client may simply be: "wait." While many taxpayers will benefit from early adoption of the new regulations, for others it's best to wait until mandatory adoption in tax year 2014. As always, we're here to answer any questions you or your clients may have about this complex and often frustrating issue, so don't hesitate to contact MS Consultants with any questions or concerns.