Thomson Reuters has released a report on the IRS’s important new regulations - dealing with Code Sec. 162(a) and Code Sec. 263(a) - that will impact virtually all taxpayers who acquire, produce, or improve tangible property.
“There is much for businesses to be pleased with in the final regs,” said Robert Trinz, a tax analyst at Thomson Reuters and an author of the report. “For example, under safe harbor elections, many businesses may be able to deduct their outlays for lower-cost assets, materials and supplies; and building owners may be able to deduct routine maintenance.”
The special report provides an overview of the new capitalization regulations, their most widely applicable new rules, and how they are to be applied in practice. The report is available for download at no cost at https://tax.thomsonreuters.com/RepairRegs.
Thomson Reuters also offers guidance and training on the ruling. For guidance, visit Federal Tax Coordinator and RIA Federal Tax Handbook. For training, visit Tax Update: New Capitalization Regulations and Capitalize or Deduct: The Final Regulations. A complete list of resources is available in the report.
The report is an example of the practical, insightful information available on Thomson Reuters Checkpoint, which provides research, news, analysis, and productivity tools to tax, audit, accounting, legal, trade, and finance professionals. Other recent Checkpoint reports include:
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property, science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to http://thomsonreuters.com.