IRS delays effective date of tangible property regulations

11/21/2012 | JournalofAccountancy.com

The Internal Revenue Service on Tuesday announced that in response to numerous comments, it is making the use of the tangible property temporary regulations issued in 2011 (also known as the repair regulations) optional for 2012 and 2013. The IRS expects to finalize the regulations in 2013 with a Jan. 1, 2014, effective date, and it says it will simplify several portions of the temporary regulations, including the de minimis rule.

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