Revenue Procedure tangible property regulations

Blog | REUVEN I. RUBINSON, CPA, MBA

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The IRS has just issued a new Revenue Procedure so that businesses with less than $10,000,000 of annual gross receipts will not have to file a Form 3115 and can choose to apply the tangible property regulations prospectively starting on January 1, 2014. Here is a link to the new Revenue Procedure and please be advised that you will need to consult with your own tax advisor before applying any of the rules http://www.irs.gov/pub/irs-drop/rp-15-20.pdf