5-Year Eligibility Limitation Waiver for Tangible Property Regs Extended One Year (Notice 2017-6)

The IRS has extended for an additional year the waiver of the 5-year eligibility limitation on making automatic accounting method changes to comply with the tangible property regulations (“repair regulations”) generally provided in Reg. §1.263(a)-1, Reg. §1,263(a)-2, and Reg. §1.263(a)-3) (T.D. 9636 (September 19, 2013)) and certain related final MACRS regulations (T.D. 9689 (August 14, 2014)). As extended, the 5-year eligibility limitation will not apply to changes made for tax years beg... read more...