What Do New Tangible Property Rules Mean to You?February 12, 2015
Businesses often wrestle with understanding what items should be deducted versus what should be expensed. That task got a little more complicated this year when the Internal Revenue Service finalized new tangible property rules. They affect every business that has tangible property--buildings, machinery, equipment, furniture, vehicles—so they’re pretty far reaching. And they add a new layer of complexity to your tax planning.
We can help you address the new requirements, which may include determining whether you need to complete additional paperwork to request a change in accounting method. Be sure to contact us to learn about handling this and any other tax law changes that may affect your business.