General Newsletter July 2015
Taxpayers Still Have Time to Benefit from the Repair Regulations
Over the past year, we have done our best to keep taxpayers as informed as possible with tips, tricks and filing requirements related to the Tangible Property Repair Regulations, yet we are continuously hearing about business owners who haven’t taken advantage of these taxpayer friendly new capitalization rules. After the IRS issued them ‘relief’, many small businesses opted out of applying for changes in accounting method on Form 3115. Unfortunately, this decision may have cost business owners significant tax savings.