IRS Revenue Section 263(a) : Changes to Asset Classification Under Tangible Property Regulations

How do the Tangible Property Regulations affect you? If you are a business taxpayer who has acquired, produced or improved tangible property such as buildings, machinery or equipment, you may need to make changes to accounting methods and revise your tax planning strategy. Based on options granted by the IRS, you may have the opportunity to expense items capitalized as improvements in prior tax years to claim the additional deductions and capture losses for assets disposed of that were not claimed previously