AICPA Statement on IRS Announcement of Repair Regs Relief for Small Business Owners

Washington, D.C. (February 13, 2015) – The American Institute of CPAs (AICPA) has issued the following statement by President and CEO Barry C. Melancon, CPA, CGMA, about the announcement by the Internal Revenue Service today offering relief to small business owners to comply with the final tangible property regulations:

“We welcome the news that the IRS has today issued relief to small business owners from application of the repair regs.  The AICPA and the state CPA societies have made numerous requests on behalf of our members and their small business clients for this relief over several months.  We appreciate that the IRS understood how burdensome the regulations are for small business and acted to provide relief for 2014 and future year tax returns.”