New IRS Regulations – Required Form 3115

Form-3115-ThumbnailIn September of 2013, the IRS issued final regulations that help to distinguish capital expenditures from supplies, repairs, maintenance, and other deductible expenses.  Although the final regulations are more taxpayer-favorable than the temporary regulations, they still require a significant investment in time and talent to assure compliance. Virtually every business must comply with these new rules for its first tax year beginning on or after January 1, 2014, but they may be applied to tax years beginning on or after January 1, 2012. [Read more…]