Federal Tax Alert - February 2014
The IRS’s long and tortuous repair regulation journey neared completion with the issuance of final repair regulations in T.D. 9636 on September 19, 2013, and Rev. Proc. 2014-16 (I.R.B. 2014- 7, January 24, 2014) detailing the accounting method changes needed to comply with the regulations. Unfortunately for taxpayers (and their return preparers), the journey to implement these rules has just begun. The journey’s ending date, however, is fixed: The regulations are effective for tax years beginning on or after January 1, 2014.