Alert — Final Tangible Property Regulations Require Filing Application for Change in Accounting Method for 2014 Tax Year (Revised Feb. 17, 2015)

Background

In September 2013, the IRS issued final tangible property regulations addressing the capitalization and depreciation of capital expenditures, treatment of materials and supplies, and disposition of tangible depreciable property. The regulations are applicable to tax years beginning on or after January 1, 2014, and to some extent may be applied retroactively to taxable years beginning on or after January 1, 2012.

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