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UPDATE - Repair Regulations

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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.

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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.