In 2014 many taxpayers had to adopt the tangible property regulations (TPR) either by filing Form 3115 (or multiple 3115 Forms) or if they were considered a small taxpayer through the simplified procedure allowed by Revenue Procedure 2015-20. In any event now the TPR's are here and your capital expenditures must be carefully considered as to the proper treatment for tax purposes. We can help you with that analysis, so be sure to discuss this with us if you have any questions. Also remember if you have a capitalization policy in place at the beginning of the year with a threshold of $500 or less the IRS will allow you to expense all purchases under that safe harbor amount with a few exceptions.
Please contact our team if you have any questions.