Final IRS Repair Regulations: What You Need to Know Now

Tax Planning and Compliance After Substantial Changes to 263(a) Cost Capitalization Rules

Final 263(a) repair regs issued Sept. 13, 2013

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, November 7, 2013

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide corporate tax professionals and advisors with an in-depth analysis of the newly issued repair regulations and outline best practices for corporate compliance and planning opportunities.

Description

The IRS finally issued the long-awaited final tangible property repair regulations for IRC Sect. 162(a) and 263(a). Professionals will need to comply with the finalized repair regulations that will impact nearly all companies’ capitalization and depreciation methods and practices.

These new regulations are a significant change from the temporary regulations issued in Dec. 2011. Tax professionals in business and public accounting must become familiar with the regs to ensure accurate implementation and compliance.

From the more than 220 pages of final regulations, key takeaways include: revising the de minimis rule by eliminating the ceiling rule and replacing it with a safe harbor, extending the routine maintenance safe harbor to buildings, and a clearer definition of betterments and restorations to tangible property.

Listen as our panel of veteran tax specialists provides the critical briefing you need to understand how the changes impact capital improvements and deductible ordinary repairs going forward.

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Outline

  1. Final regulations issued September 2013
    1. Clarify and expand current standards under sections 263(a) and 162(a)
    2. Provide rules for applying these standards
    3. Address handling of:
      1. Materials and supplies
      2. Repairs
      3. Rentals and leased property
      4. Amounts paid to acquire or produce tangible property
      5. Amounts to improve property
      6. Accounting and disposition rules for MACRS property
  2. Changes from 2011 proposal
  3. Critical compliance challenges and tax planning structures related to the new repair regulations

Benefits

The panel will clarify what has and has not changed from the proposed regulations to the final regulations and discuss:

  • What are the key challenges and issues companies face in implementing these regulations?
  • When is an accounting method change required under the finalized regulations?
  • What are the safe harbors created by the new regs?
  • Will the final regulations be applied to taxable years beginning on or after Jan. 1, 2012?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Christian Wood
Christian Wood

Tax Senior Manager
Eide Bailly

Mr. Wood has over 13 years of public and private sector experience, and has focused his practice on tax accounting,...  |  Read More

Leslie J. Schneider
Leslie J. Schneider
Partner
Ivins Phillips & Barker

Mr. Schneider's practice concentrates in accounting methods, the timing of revenue and expenses, the...  |  Read More

David Strong
David Strong
Director
Crowe Horwath

Mr. Strong has more than 19 years of public accounting and private sector experience. He is part of the...  |  Read More

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