On Sept. 13, 2013, the IRS announced the final tangible property regulations under sections 162 and 263 (T.D. 9636). The final regulations provide for simpler and clearer rules for many taxpayers. The final regulations generally apply to taxable years beginning on or after Jan. 1, 2014. Additionally, guidance was issued in both Jan. and Feb. 2014.
For more information view this article
from the Journal of Accountancy.
- IRS issues second part of guidance on accounting method change (Rev. 2014-17) which superceded Rev. Proc. 2012-20, Feb. 28, 2014
- IRS issues guidance under repair regs. (Rev. 2014-16) which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets, Jan. 24, 2014
- IRS issues proposed regulations (REG-110732-13) under section 168 regarding dispositions of tangible depreciable properties, Sept. 13, 2013
- IRS finalizes "repair" regulations (T.D. 9636) under sections 162 and 263, Sept. 13, 2013
Please click here for history and background information on the tangible property regulations.
Tools, Webcasts, and Resources
Guidance on repair regs. updates accounting method change procedures, article from the Journal of Accountancy that discusses the new Rev. Proc. 2014-17 (Feb. 28, 2014)
Guidance issued on accounting method changes under repair regs., article from the Journal of Accountancy (Jan. 24, 2014)
Quick Summary Chart of the Final Tangible Property Regulations, High-level overview, including definitions, guidance, dispositions, and more (Dec. 2, 2013)
Sample Written Book Capitalization Policy for De Minimis Safe Harbor: Template for use in establishing a capitalization policy (Dec. 19, 2013)
Tangible Property Regulations: Questions and Answers (Dec. 19, 2013)
Final Repair Regulations Dissected Webcast, a two-hour presentation that provides insight on the new rules (originally aired Oct. 23, 2013)
Repair Regulations are Finally Issued, article from the Journal of Accountancy that summarizes the changes (Sept. 13, 2013)
To view archived resources related to the tangible property regulations, please click here.
AICPA Advocacy Efforts
IRS Pronouncements and Resources
- Revenue Procedure 2014-17
- T.D. 9636 (Final Repair Regulations), Sept. 13, 2013
- REG-110732-13 (Prop. Regs. on Disposition of Depreciable Prop.), Sept. 13, 2013
- IRB 2013-4, corrects the temporary regulations (T.D. 9564, 2012-14, IRB 614) and provides the time and manner of making a general asset election (Jan. 18, 2013)
- Notice 2012-73, to delay the completion of the final repair regulations until 2013, Nov. 20, 2012
- IRS Directive, March 15, 2012
- Instructions to Form 3115 (Revised March 2012), to be used with Dec. 2009 revision of Form 3115
- Revenue Procedure 2012-20
- Revenue Procedure 2012-19
- Temporary regulations (T.D. 9564) were published in the Federal Register on Dec. 27, 2011, and generally effective for tax years beginning on or after Jan. 1, 2012