ARTICLE · 21 DECEMBER 2012

On The Horizon - Current Practice Issue

Grant Thornton LLP

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In November the IRS issued a notice that the effective date for 2011 tangible property repair regulations will be amended from January 1, 2012 to January 1, 2014.

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Current practice issue

New tangible property (repair) regulations

As an update to the September 25, 2012 On the Horizon practice issue, in November the IRS issued a notice that the effective date for 2011 tangible property repair regulations will be amended from January 1, 2012 to January 1, 2014. Until the amendment, the effective date remains January 1, 2012. These interpretive regulations may impact the recognition and measurement of income tax positions, the entity's effective tax rate, and disclosures. For additional information, see Tax Flash 2012-08, "Effective date for 'repair' regulations will be extended."

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