Tangible property changes and assurance services defined

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SKR+Co Tax Alert: Big changes for businesses owning tangible property 

The IRS has released its final regulations on the tax treatment of expenditures related to tangible property. The regulations provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code, which require the capitalization of amounts paid to acquire, produce or improve tangible property but allow amounts for incidental repairs and maintenance of property to be deducted.

This article examines the final regulations, which primarily focus on how taxpayers determine whether expenditures are for deductible repairs or capital improvements. 

If you have expenditures related to tangible property, the final regulations apply to you. Compliance may require changes to your current capitalization procedures and the filing of Form 3115, “Application for Change in Accounting Method.”

This is a complicated topic. If after reading the article you have questions about how this applies to you, please contact us.

Read the Full Article Here.

What is tangible property?
 
These regulations affect all businesses that own or lease tangible property, which includes buildings, machinery, equipment, office furniture, tools, and vehicles. 
 

 

Assurance Services:
 

What are they and why would a business need them?

 

When providing business information to third party users, the decision makers using that information must have confidence that it is reliable. Their confidence in financial information can be increased through assurance services.

The AICPA Assurance Services Executive Committee has published a white paper for providers and users of business information on the qualities of the types of assurances 

services and the factors that should be considered in choosing a quality assurance provider.
 

 

At Stockman Kast Ryan & Company, we have extensive experience in providing the entire range of assurance services. We are happy to answer any questions you might have.

Have questions? Contact us: (719) 630-1186 or Click Here
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SKR+CO Expert
Trinity Bradley-Anderson, CPA, Tax Partner
Trinity has been in public accounting since 1996. Her specialties include real estate, opportunity zones, construction, small businesses and their owners.