The Internal Revenue Service has released a set of frequently asked questions and answers in an effort to clarify its tangible property repair regulations. In 2013, the IRS issued its long-awaited repair regulations with rules for how businesses can deduct or not deduct the costs of certain materials, supplies, repairs and maintenance. In February, the IRS issued a new revenue procedure with the goal of making it easier for small-business owners to comply with the final tangible property repair regulations. However, the changes don't apply to many businesses.
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