Alert: Internal Revenue Service and U.S. Treasury Issue Final Capitalization Regulations

In September 2013, the IRS and U.S. Treasury issued final capitalization regulations. These revised regulations, under specified circumstances, permit business taxpayers to make safe harbor elections that would enable them to deduct expenditures that might otherwise need to be capitalized. The focus of this alert is on the de minimis safe harbor election and the requirement for taxpayers to have a written accounting policy in place not later than the first day of their tax year - January 1, 2014 for calendar year clients.

What amount is considered de minimis?

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