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  • 2014 Tangible Property Regulations - Small Business Safe Harbor Election

    Small Business Safe Harbor Election A significant change was made by the final regulations through the addition of a safe harbor to allow certain taxpayers to refrain from treating as improvement costs any costs paid or incurred for the repair, maintenance or improvement of building property. Pursuant to Reg. section 1.263(a)-3(h), a qualifying small taxpayer may elect to not apply the improvement rules to an eligible building if the total amount paid during the taxable year for repairs, mainten...

  • 2014 Tangible Property Regulations - Routine Maintenance Safe Harbor

    Routine Maintenance Safe Harbor The final regulations continue to allow for a routine maintenance safe harbor for non-building property. However, the final regulations favorably expand the safe harbor to building property, with certain modifications to the general safe harbor rules. Under the final regulations, a taxpayer may apply the routine maintenance safe harbor to recurring activities undertaken to keep a building “Unit of Property” (UOP) in ordinarily efficient operating condition if the ...

  • 2014 Tangible Property Regulations - Capitalization Requirements

    Capitalization Requirements Overall, the new final regulations restate in a comprehensive way long-established concepts about which costs must be capitalized in connection with the acquisition or production of real or personal property. Under the new regulations, as a general rule, all costs that facilitate the acquisition or production of such property must be capitalized, with exceptions for employee compensation and overhead costs. Investigatory expenses related to the acquisition of realty g...

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Bergman, Himmel, Goetz, & Prebul, Co., Inc. CPAs, offer Accounting, Tax, Financial Planning and Business Consulting services with an eye on your future. Whether you are a business owner looking to grow your company or reduce income taxes, or an individual searching for intelligent, practical financial guidance, our focus at Bergman, Himmel, Goetz, & Prebul is to help you determine financial goals and to help you take the necessary steps to achieve those goals. We view our relationship with clients as a partnership, and believe that our success is a result of your success.

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