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TARS Update: IRS Amends Filing Requirements

Posted by Robert J. Bauer CPA

Apr 9, 2015 10:50:00 AM

The IRS has announced that, for 2014, it will allow qualifying small businesses to account for tangible property on a go-forward basis for that year and without filing Form 3115. Essentially, the new rule makes it easier for small businesses to adopt the new tangible property regulations (TARS) made effective for 2014.

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Topics: irs announcements, tangible assets and repairs, tangible asset regulations, tars, tangible property regulations, small business, tangible property, form 3115

Tangible Asset Regulations (TARS)- Final Regulations Released

Posted by Jill E. Colombo CPA

Aug 27, 2014 12:55:38 PM

Effective August 15, 2014, the IRS adopted the final regulations relative to dispositions of MACRS property and the accounting for MACRS general asset accounts (GAA).  The final regulations remain applicable to tax years beginning on or after January 1, 2014.  Under these regulations, a partial disposition of a building component is able to result in a loss deduction only if a partial disposition election is made.  This election may be made for any of the defined major building components or a portion of a structural component and must be made by the due date (including extensions) of the original federal tax return for the tax year in which the portion of the asset is disposed of.  Based on informal IRS guidance, it is expected that an accounting method change will be available for 2014 which will allow taxpayers to apply the partial disposition election to tax years beginning before 2014.

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Topics: tangible assets and repairs, MACRS, dopkins tax, gaa, tangible asset regulations, tars, form 4562, General asset accounts

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