For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
The IRS releases long-awaited final rules (T.D. 9636) on how taxpayers can deduct or capitalize their expenses for maintaining, fixing and replacing tangible property, making key changes and winning measured praise from practitioners. The rules expand a de minimis safe harbor for expensing certain costs and extend a routine maintenance safe harbor so that it applies to buildings. IRS also reproposes rules with what practitioners say is favorable treatment of taxpayers disposing of property. “There are a lot of great, very taxpayer-favorable changes,” Brandon Carlton, a principal with EY's National Tax Quantitative Services group in Washington, tells Bloomberg BNA. “The IRS focused on simplicity and administrability for taxpayers.”
For full access to this article, please register for a free trial to Daily Tax Report®.
Notify me when updates are available (No standing order will be created).
Put me on standing order
Notify me when new releases are available (no standing order will be created)