What Form 4797 Tangible 2022-2023

Instructions and Help about What Form 4797 Tangible

Good morning and welcome to the middle of tax season and what a unique tax season it is and I don't mean that in a good way Nina Olson the National Taxpayer Advocate was saying that this was going to be the worst her choice of words simply the worst tax season in 30 years and she pointed to things like the continuing agony over foreign reporting the implementation of the ACA and the repair regulations well on Friday the 13th the IRS gave us some relief from the repair regulations in a ref proc now immediately half of all practitioners were laughing it up on jollity farm and the other half were crying in their beards down on moody River the former were happy because they envision happened to file dozens of 3150 nests for small businesses that couldn't even understand why they were being filed the other half had spent a mountain of time researching the repair regulations and another mountain of time researching the 3115 looking forward to billing those clients for the 3115 it would seem like both sides have overreacted a bit well let's back up what really happened well effective in 2023 there are new repair regulations that we've amped the way that taxpayers treat expenditures expensive versus capitalized and they also change the way that materials and supplies are treated in addition there were other regulations that changed the way that dispositions of fixed assets were to be treated and in an unexpected tax preparer friendly provision they allowed for partial dispositions something that we've never seen before well more recently the IRS issued guidance on how to implement the regulations and taxpayers our practitioners were horrified to find that number one these regulations were retroactive and number two that they would have...