The Service’s new “Repair Regs” — which are in effect this tax year — require Accounts Payable pros to amass even more info on company purchases. Here’s how your peers feel the regs will affect their operations.
The bad news is many departments feel the new regs will be a significant burden.
When asked, “How difficult will IRS’ new repair regs be to comply with for your company?” more than a quarter (27%) of A/P pros responded “Very Difficult.”
That’s according to a recent KPMG study.
Here’s a breakdown of the other responses:
- No change (42%)
- Still unsure (22%), and
- Not difficult (9%).
The good news is firms can greatly reduce the hassle with just a little extra planning. One way: Talk to Facilities to see what’s on the way — so you can determine any vendor invoices you’ll need to watch out for.
Readers, how do you think the new IRS Repair Regs will impact your A/P department and its procedures? Let us know in the Comments section.