IRS Releases New Regulations for Deductible Business Repairs

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IRS Releases New Regulations for Deductible Business Repairs

by Joseph M. Donegan on October 4, 2013

The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may finally put an end to disputes and challenges between the federal tax agency and companies.

The new rules, which broaden the scope of business expenditures that may qualify as deductible asset repairs, may help limit the number of corporate tax audits the agency takes on each year, especially as it seeks to operate within a tightened budget. The regulations may also help companies reduce their liability, as they may now deduct costs that were previously prohibited under the law. The final guidelines, which replace temporary rules that have been in place since December 2011, will affect all taxpayers who acquire, produce, or improve tangible property.

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Published In: Bankruptcy Updates, Business Organization Updates, Finance & Banking Updates, Labor & Employment Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Joseph Donegan, Scarinci Hollenbeck | Attorney Advertising

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