CCH Special Report: 2014 Final Repair/Capitalization/MACRS Regulations Update

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Final Repair Regulations - Richmond CPALinked below is a SPECIAL REPORT from Wolters Kluwer/CCH, highlighting the Final Repair/Capitalization/MACRS Regulations for 2014. “After several years of struggle, the IRS at long last completed its “repair regulations” project, including the closely related Modified Accelerated Cost Recovery System (MACRS) rules in 2014 dealing with dispositions and MACRS gen­eral asset, multiple asset, and item accounts. The IRS also completed guidance in 2014 related to accounting method changes that must be filed to comply with accounting methods described in any of the final regu­lations where a taxpayer’s current account­ing method now differs.”

Should you have any questions about how this may impact your specific situation, please contact your Keiter Engagement team. Access Special Report.

Source: Wolters Kluwer/CCH Tax Briefing December 15, 2014 – Used with permission from Wolters Kluwer/CCH  ©2014 CCH Incorporated. All Rights Reserved.

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Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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