Update on New Temporary Repair and Maintenance Regulations

10/16/2012 - By Suzanne Cox, CPA, CIT

For many years, the IRS and contractors have waged an undeclared battle over expensing vs. capitalizing various expenditures. New temporary regulations issued by the IRS and the Treasury Department have changed the application of a “unit of property,” making it more difficult for contractors to expense some costs related to personal and real property. The regulations apply to tax years and/or costs incurred beginning on or after January 1, 2012, so contractors should familiarize themselves with the regs now. Click below to read the article by Suzanne Cox, CPA, CIT.