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What Changed IRS Accounting Methods for Materials and Supplies?

By February 20, 2015 No Comments

Effective January 1, 2014 and for earlier periods, the IRS issued final regulations, commonly referred as tangible property repair (TPR) regulations.

The regulation governing materials and supplies is Reg. Sec. 1 162-3, which requires changing accounting methods in some situations.

For more details and guidance concerning the impact of these IRS final regulations on the tax accounting for materials and supplies, visit the referenced article or contact Martin Simescu at (616) 608-8520 or