IRS MACRS Regulations Update
The IRS recently updated and finalized the Modified Accelerated Cost Recovery System (MACRS) regulations, which provide stability and planning to businesses that are currently operating under a set of temporary repair regulations. MACRS defines how depreciation is to be deducted on tangible property for tax purposes. The final regulations affect how deductions can be taken for business-related expenditures such as materials and supplies, retailer inventory and repairs or improvements on units of property.
The update is set to affect businesses that have operated during tax years starting after December 31, 2013, which may create challenges for businesses that have been operating in 2014 under the older, temporary regulations as they will need to come into compliance quickly.
For more details on the regulatory changes, click here.
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