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Author Topic: U.S. IRS broadens scope of tax-deductible business repairs  (Read 871 times)

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U.S. IRS broadens scope of tax-deductible business repairs
« on: September 13, 2013, 06:51:13 PM »

WASHINGTON, Sept 13 (Reuters) - In a win for companies ranging from energy utilities to casinos, the U.S. Internal Revenue Service on Friday released new rules that broaden the kinds of business expenditures that can be treated as deductible asset repairs.

The difference between a deductible repair and a non-deductible improvement to "tangible property" has historically been a point of frequent dispute between the IRS and companies.

In more than 220 pages, the IRS has now finalized rules effective Jan. 1, 2014, making more costs deductible, including for instance, new laptop computers worth less than $5,000.

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