IRS Repair Regulations
By: Charles L. Telk Jr., CPA, Partner | email
Recent IRS Regulations require taxpayers to have a written capitalization and expense policy in place. In order to assist our clients in their compliance with this law, we have drafted a policy that can be adapted to fit your particular needs.
We will be sending a word document containing this policy via email to you in the very near future, if you haven’t already received it. This document is all-inclusive and was drafted to allow our clients to comply with this law without taking hours to draft this policy from scratch. It covers all of the requirements of the regulation – providing a general summary, then discussing the various types of assets that you may encounter with your business, capitalized interest, leases, and asset disposal. Attached appendices allow for making your depreciation criteria a part of this policy as well as other items, such as; a definition of terms, treatment of materials and supplies, and spare parts.
We are available to assist you in adopting a capitalization policy to meet the IRS regulations and we feel that our policy is an excellent document that will help you achieve this goal.
