Update on the repair and maintenance regulations: New rules, new opportunities
Because the new repair and maintenance (R&M) regulations are far-reaching and will impact taxpayers in all industries, Baker Tilly recently hosted a follow-up to a webinar we conducted in January 2012.
Our panel of R&M specialists gave an overview of the transition rules and discussed the opportunities – as well as the traps for the unwary. The program also covered how to take advantage of the new rules on retirements/disposals of building components, plan for the section 481(a) "catch-up" adjustment, and work with the transition rules and the two-year window for automatic changes.
Watch the full webinar below:
Listen to excerpts from our earlier R&M webinar of our tax professionals discussing key changes:
Based on the results of Baker Tilly’s recent readiness poll of business owners and CFOs, many have a way to go in preparing for the R&M changes. Are you ready?
Do you know what your units of property for repair and maintenance expenditures?
Yes (56%) No (44%)
Have you made a general asset election?
Yes (3%)
No (74%)
I don’t know (23%)
Have you filed an application for change in accounting method (Form 3115) for repair and maintenance expenditures during the last five years?
