The IRS alerted taxpayers in Notice 2012-73 that the final regulations regarding the deduction and capitalization of expenditures related to tangible property are expected to be released in 2013, and that the Service and the Treasury Department anticipate changes from the temporary regulations issued in December 2011.
The final regulations will apply to taxable years beginning on or after January 1, 2014, and permit taxpayers to apply the provisions of the final regulations to taxable years beginning on or after January 1, 2012.
Taxpayers scrambling to comply with the regulations for their 2012 tax year should be aware that certain sections of the temporary regulations may be revised in a manner that might affect and/or simplify implementation of the rules when the regulations are issued in final form.
If you are acquiring, expanding or building a facility Pinnacle’s Cost Segregation team can help you minimize your tax bill and increase your cash flow.
Whether you are looking for compliance assistance or refund opportunities, Pinnacle will provide a clear vision and coordinated plan to minimize your state and local tax cost and liabilities.
Learn how your company’s activities to improve your design, products or process can lead to significant R&D tax credits.