Playbook Logo

Client Login

Click to toggle search bar

UPDATE - Repair Regulations

Our Latest Insights

The Green Group
March 5th, 2015

The IRS has issued regulations that change accounting rules for 2014 for certain categories of expenses, including repairs, spare parts, and materials & supplies.  For instance, any item that generally costs less than $200 is a material and supplies item, whereas the previous rules set this limit at $100.  If you own a building, or have materials and supplies, your preparer may have to prepare an additional form called a Form 3115.  This form is separate from your tax return and requires its own signature.  The form is then mailed to a separate IRS location for processing.  A copy of the form must also be filed with your tax return.  Your preparer will let you know if this applies to your business.

Share This:

Facebook Tweet LinkdIn

Related Insights

For our final edition of the 2019 year, we highlighted our top 10 tax saving ideas in the...

Anonymous (not verified)
12/16/19

Our team is composed of tax and accounting experts within their niche areas of business owners, entrepreneurs, real estate owners, those involved in the...

Caroline Alvarado
7/31/19

The changes made to tax reform legislation that were enacted in December 2017 are having a significant impact on taxpayers today.

Caroline Alvarado
6/12/19
Taxonomy: 

The IRS has issued regulations that change accounting rules for 2014 for certain categories of expenses, including repairs, spare parts, and materials & supplies.  For instance, any item that generally costs less than $200 is a material and supplies item, whereas the previous rules set this limit at $100.  If you own a building, or have materials and supplies, your preparer may have to prepare an additional form called a Form 3115.  This form is separate from your tax return and requires its own signature.  The form is then mailed to a separate IRS location for processing.  A copy of the form must also be filed with your tax return.  Your preparer will let you know if this applies to your business.