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Tangible property regs need more work to help taxpayers
The AICPA told the Internal Revenue Service that its efforts to clarify the rules for deduction and capitalization of tangible property expenses will help some taxpayers but overall, impose more burden than clarity. "The overall approach in the temporary regulations relies too heavily on a 'facts and circumstances' based approach," said AICPA Tax Executive Chair Patricia Thompson, CPA, in an April 17 letter, "and contains too few bright line tests to alleviate administrative burden and complexity in the capitalization area." Thompson also expressed concern that requiring an "applicable financial statement" in order to use the de minimis rule (for amounts paid to acquire or produce tangible property) could unfairly discriminate against smaller taxpayers and suggested an alternative test. The AICPA will continue to offer recommendations on these regulations and will testify at the IRS public hearing on May 9.

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