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IRS Repair and Maintenance Regulation Update

Learn how to comply with the repair and maintenance regulations and where to make the necessary accounting method changes.

The Internal Revenue Service (IRS) has finalized the regulations regarding the deduction and capitalization of expenditures related to tangible property (commonly referred to as the repair and maintenance regulations). Additionally, the topic will review Rev Proc 2015-20 and the 3115 relief for small taxpayers. There are new provisions in the regulations that you should be aware of and affect virtually all types of businesses. Five main areas affected by these regulations include materials and supplies, repairs and maintenance, capital expenditures, amounts paid for the acquisition or production of tangible property and amounts paid for the improvements of tangible property. Included in the final regulations are favorable tax changes that could benefit you and your business. Additionally, it is important to stay up to date and comprehend the final regulations to ensure compliance with the IRS.

Runtime: 102 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Background

  • Old Rules to New Rules
  • Rules and Regulations: 2014 and Beyond
  • Components of a Building

Capitalization Standards

  • Betterment
  • Restoration
  • Adaptation

Improvements to Tangible Property

  • Tax Return Implications

Safe Harbor Rules

  • De Minimis Rule
  • Routine Maintenance Safe Harbor

Updates to the Regulations Since Finalization

  • Rev. Proc. 2015-20 - Small Taxpayer Relief
  • Rev. Proc. 2015-56 - Safe Harbor for Retail and Restaurant Operators
  • Increase in De Minimis Safe Harbor Limit

Capitalization Decision Flowchart (Handout)

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on November 9, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jim Forbes, CPA

Jim Forbes, CPA

Skoda Minotti

  • Tax partner in the office of Skoda Minotti, Cleveland
  • 23 years of public accounting experience including 11 years with an international CPA Firm
  • Practice emphasizes all aspects of corporate tax
  • Conducted numerous repair and maintenance studies for clients
  • Member of the AICPA and Ohio Society of CPAs
  • B.B.A. degree, University of Toledo
  • Can be contacted at 440-605-7156, on TwitterŽ @skodaminotti or [email protected]
Dennis C. Murphy, Jr., CPA

Dennis C. Murphy, Jr., CPA

Skoda Minotti

  • Senior manager in the office of Skoda Minotti, Cleveland
  • 11 years of public accounting experience surrounding the real estate and construction industries
  • Practice emphasizes all aspects of the real estate and construction industries
  • Presents seminars and workshops related to the real estate and construction industries and the final tangible property regulations
  • Wrote several publications related to the areas of the real estate and construction industries and the final tangible property regulations
  • Selected to participate in The Growth Partnership's Partner Institute
  • Member of the AICPA and Ohio Society of CPAs
  • Member of the NAIOP (Commercial Real Estate Development Association) Developing Leaders Program
  • B.B.A. degree, Ohio University
  • Can be contacted at 440-605-7124 or [email protected]
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Product ID: 401156
Published 2017
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