Temporary Repair Regulations

ImageBy now many of you have heard that the IRS issued lengthy and complex rules last December regarding whether an expenditure for tangible property, including real estate, is deductible as a repair or must be capitalized. The new rules will affect many businesses including many of our clients. We at Gray, Gray & Gray are fully conversant with these new rules. The IRS recently held public meetings regarding the rules at which many issues and suggestions were made.  We do not know the results of these meetings.  Businesses have until December 31, 2013 to make the changes required by the new rules. Continue reading