On Friday, the IRS released technical amendments to T.D. 9564 that, in response to numerous comments from taxpayers, delay the effective date of the temporary regulations it issued in December 2011 governing whether tangible property expenses could be deducted or had to be capitalized. Those regulations were supposed to apply to tax years beginning on or after Jan. 1, 2012 (T.D. 9564), but will now apply to tax years beginning on or after Jan. 1, 2014, instead. However, taxpayers are permitted to apply the temporary regulations for tax years beginning on or after Jan. 1, 2012, and before the applicability date of the final regulations. This makes the use of the temporary regulations optional until the final regulations are issued. (The IRS originally announced that it would make this change in Notice 2012-73, released on Nov. 20.)
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