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10 Years and 1,000 pages later, we’re still the “Repair Regs” Subject Matter Experts.
MSC has written commentary to the IRS’s Chief Counsel’s office for over a decade regarding proposed changes — we are even quoted in the Regulations.
MS Consultants has been on the cutting edge of these changes.
What are the Tangible Property Regulations?
Here are a few ways taxpayers can save $ under these new Rules:
- Take advantage of new Routine Maintenance Safe Harbor
- Redefine your Unit of Property for capitalization purposes
- Write off retired, replaced and remodeled building components
- Establish a safe harbor De Minimis Capitalization Policy
- Depreciate your Materials and Supplies which have been sitting on the shelf
For more tax savings opportunities, check out Qualified Improvement Studies.
New Tangible Property Regulations Rules
While real estate owners, manufacturers, hospitality and distribution are the four industries that will be most affected by the new rule. If you did not implement these rules in 2014, don’t worry – MSC can get you caught up on many of the changes.
These new rules are wide sweeping, dealing with:
- Materials and Supplies (IRC 1.162-3)
- Repairs and Maintenance (IRC. 1.162-4
- Depreciation and Dispositions (IRC. 168)
- Rules for Capitalizing Expenditures (IRC 1.263(a)-1)
- Rules regarding the Acquisition or Production of Income (IRC 1.263(a)-2)
- Amounts paid for the Improvement of Tangible Property (IRC 1.263(a)-
Let’s Get Started.
Contact us today to find out how we capture extraordinary tax benefits for all types of entities.