Baker Tilly Prepares For Final Repair and Maintenance Regulations
Chicago, IL (PRWEB) July 10, 2013 -- As the Treasury Department prepares to issue final regulations on the deduction and capitalization of expenditures related to tangible property—the so-called "repair regulations"—Baker Tilly Virchow Krause, LLP (Baker Tilly) has released a video that summarizes several new and important aspects of the regulations.
The final repair regulations, expected to be released later this summer, are far-reaching and will impact taxpayers in almost all industries, specifically those with significant real estate portfolios, including banks, manufacturers and food processors, real estate developers/operators, hotels, retail and auto dealerships.
“The regulations were released as temporary and proposed regulations and generally are effective for tax years beginning on or after Jan. 1, 2014; however, taxpayers are able adopt the regulations early for tax years beginning on or after Jan. 1, 2012,” Wendy Landrum, Baker Tilly National Tax Services Partner, said. “We have already started helping our clients adopt the temporary repair regulations, including filing accounting method changes in order to comply with the regulations, reducing their taxable income, and saving cash taxes for our clients.”
In preparation for the final regulations, Baker Tilly suggests businesses review their capitalization policies and current accounting methods, evaluate any recent accounting method changes filed, and consult with a tax advisor.
About Baker Tilly
With more than 1,600 employees, Baker Tilly provides a wide range of accounting, tax, and advisory services. Ranked as one of the top 20 largest firms in the country*, Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington DC, and throughout Wisconsin.
Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 131 countries, with 26,000 professionals. The combined worldwide revenue of independent member firms is $3.3 billion.
*According to the 2013 Accounting Today “Top 100 Firms.”
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Regis Merenick, Baker Tilly, 312.729.8160, [email protected]
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