Linked 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.