As you may be aware; the IRS has issued final repair regulations regarding the capitalization and depreciation of tangible property. The rules contained in these regulations are required to be reflected on your 2014 income tax return. Originally these regulations would have required the filing of several Forms 3115 to apply these changes by any taxpayer owning tangible property; no matter their size. Filing the Forms 3115 would require an analysis of the taxpayer’s fixed assets to determine potential changes to prior year transactions. However, on February 13, 2015 the IRS finally issued a Revenue Procedure which exempted taxpayers with less than $10 million of assets or less than $10 million of gross receipts (average of prior three years) from these filing requirements.