As we prepare for what many in the industry are calling “game changing” rules in the manufacturing of water heaters due to the latest updates to the National Appliance Energy Conservation Act (NAECA), there are similar game changing IRS regulations that have been finalized in the tax code on tangible property that will impact almost all businesses.
Tax Filing Emergency! Final IRS regulations on tangible property are game changers
The bottom line is that these regulations are already in effect and impacting your current year tax returns! A business making a change to comply with the regulations is considered to be making a change in accounting method. If your CPA has not discussed these regulations with you yet, I encourage you to reach out to him or her and ask about them.