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IRS Repair and Maintenance Regulation Update - Webinar

  • ID: 3693245
  • Webinar
  • 100 Minutes
  • Lorman Business Center, Inc.
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Learn how to comply with the repair and maintenance regulations and where to make the necessary accounting method changes.

The Internal Revenue Service (IRS) has finalized the regulations regarding the deduction and capitalization of expenditures related to tangible property (commonly referred to as the repair and maintenance regulations). Additionally, the topic will review Rev Proc 201520 and the 3115 relief for small taxpayers. There are new provisions in the regulations that you should be aware of and affect virtually all types of businesses.

Five main areas affected by these regulations include materials and supplies, repairs and maintenance, capital expenditures, amounts paid for the acquisition or production of tangible property and amounts paid for the improvements of tangible property. Included in the final regulations are favorable tax changes that could benefit you and your business. Additionally, it is important to stay up to date and comprehend the final regulations to ensure compliance with the IRS.

Learning Objectives
  • You will be able to define the three capitalization standards.
  • You will be able to describe the various components of a building.
  • You will be able to identify if an expenditure can be expensed or must be capitalized.
  • You will be able to recognize changes and updates to the regulations since release.
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Background
  • Old Rules to New Rules
  • Rules and Regulations: 2014 and Beyond
  • Components of a Building
Capitalization Standards
  • Betterment
  • Restoration
  • Adaptation
Improvements to Tangible Property
  • Tax Return Implications
Safe Harbor Rules
  • De Minimis Rule
  • Routine Maintenance Safe Harbor
Updates to the Regulations Since Finalization
  • Rev. Proc. 2015-20 - Small Taxpayer Relief
  • Rev. Proc. 2015-56 - Safe Harbor for Retail and Restaurant Operators
  • Increase in De Minimis Safe Harbor Limit
Capitalization Decision Flowchart (Handout)
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Jim Forbes, CPA - Skoda Minotti, Dennis C. Murphy, Jr., CPA - Skoda Minotti
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This webinar is designed for accountants, CFOs, controllers, tax managers, presidents, vice presidents, business owners and managers, bookkeepers, enrolled agents and tax preparers.
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