CCH Tax Day Report
Taxpayers that use tangible real or personal property in a business need to understand the tax rules relating to the distinction between a repair and capital expenditures and other depreciable assets that are purchased or produced. Wolters Kluwer has produced a Tax Briefing that covers recent developments relating to repair, capitalization, and depreciation as embodied in the final “tangible property regulations,” also known as the “repair regulations.” The briefing also details changes made to depreciation provisions by the Protecting America from Path Hikes (PATH) Act of 2015 (P.L. 114-113 ). Many of the changes first went into effect in 2016 and will need to be considered when preparing 2016 returns.
The new briefing, “2016 Repair/Capitalization/Depreciation Filing Update,” is now available and can be found here.