Capitalization Regs Reproposed

Rather than finalize 18-month-old proposed regulations on capitalization of tangible assets, the Service withdrew the 2006 proposed regulations and reproposed them in revised form March 10. The regulations are intended to better distinguish between repair or maintenance on the one hand versus improvements and provide a standard for “betterment or restoration” of property. The new version preserved many elements from the 2006 release and followed the same general plan. However, it introduced several new rules that took their cue from public commentary on the earlier release, such as a $100 de minimis rule for material and supplies, as well as a safe harbor for routine maintenance. The new proposed regulations (REG-168745-03) also provide that property with an economic useful life of 12 months or less will be considered material or supplies, in harmony with depreciable asset rules of Treas. Reg. § 1.167(a)-1(b). Also, amounts paid to adapt property to a new or different use are now removed from the category of property improvements that materially increase the property’s value and are treated separately.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.