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Many tax advisors believe the Repair Regulations are the most dramatic changes in tax law to affect for profit businesses since the overhaul of the Internal Revenue Code in 1986. Complying with the law will be burdensome. Not only will many taxpayers need to file Form 3115, Application for Change in Accounting Method, for each accounting method change, but the filing will also need to be done for each separate entity, or trade or business.
WK advisors have completed many hours of research and training in order to learn the new concepts contained within the Repair Regulations. We’re posting some of the most relevant articles and resources below to help you better understand the Repair Regulations.
Please contact your WK advisor for additional guidance specific to your situation.
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