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Deduct or capitalize: Newer new rules for repair costs

from Auto Laundry

From May 7: Since the inception of the Internal Revenue Code, the IRS and car wash operators and other business owners have been at odds over whether expenditures are currently deductible or whether they must be capitalized and recovered through depreciation over time. Now, after seven years of drafts and proposed rules, the IRS has issued final regulations addressing whether a cost is a deductible repair or a capital expenditure. The IRS has also released a long-awaited Revenue Procedure that details the procedures necessary to obtain the "automatic" consent of the IRS to change accounting methods as required by the new repair regulations. more

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