Tangible Property Regulations (Repair Regs) Guidance and Resources 


    Overview

    On Feb. 13, 2015, the IRS announced simplified procedures for the final tangible property regulations with the release of Rev. Proc. 2015-20. The much anticipated relief permits small businesses to change a method of accounting on a prospective basis, and avoid completing and filing a Form 3115, Application for Change in Accounting Method.

    All taxpayers with depreciable assets or who buy, sell, improve, or dispose of assets must comply with the regulations for tax years beginning on or after Jan. 1, 2014. Certain businesses may need to file Form 3115 to request a change in accounting method, as well as potentially make new annual elections.


    Please click here for history and background information on the tangible property regulations.


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    Regulations & Procedures


     
    • Rev. Proc. 2015-20: the new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less, Feb. 13, 2015
    • Rev. Proc. 2015-13: provides general procedures to obtain both the advance (non-automatic) and automatic consent to change a method of accounting, Jan. 16, 2015
    • Rev. Proc. 2014-54: provides procedures for taxpayers to adopt the new disposition regulations, Sep. 18, 2014
    • Final regulations (T.D.9689) regarding dispositions of depreciable property, Aug. 14, 2014
    • Second part of guidance on accounting method change (Rev. Proc. 2014-17) which superseded Rev. Proc. 2012-20, Feb. 28, 2014
    • Rev. Proc. 2014-16 provides procedures for taxpayers to adopt the final "repair" regulations, Jan. 24, 2014
    • Proposed regulations (REG-110732-13) under section 168 regarding dispositions of tangible depreciable properties, Sep. 13, 2013
    • IRS finalized "repair" regulations (T.D. 9636) under sections 162 and 263, Sep. 13, 2013  

     
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