The IRS has issued new procedures to help taxpayers comply with the final tangible property regulations which impact most business taxpayers in 2014. 

These changes apply to individual returns (Form 1040 - Schedules C, E, or F), trust or estate returns (Form 1041), partnership returns (Form 1065) or corporate returns (Forms 1120 or 1120S).

The regulations are lengthy and complex.  We may need to do additional work in order to complete your tax returns.  The results of applying the changes may benefit you or create an increase in tax.

See here for details relating to the change. 

Also, a sample capitalization policy for your business is attached here. 

If you have any questions, please do not hesitate to contact us.