IRS Publishes Informational Guides/Regulations
The IRS has published the 2012 edition of the Taxable Fringe Benefit Guide on its web site. This document describes how various fringe benefits are treated by the federal government for taxing purposes. Benefits that are covered include meals, travel, health care, company vehicles, etc.
The IRS also has released new temporary regulations (effective January 1, 2012) regarding the deduction and capitalization of expenditures related to tangible property (www.gpo.gov/fdsys/pkg/FR-2011-12-27/pdf/2011-32024.pdf and www.gpo.gov/fdsys/pkg/FR-2011-12-27/pdf/2011-32246.pdf). The regulations pertain to the application of certain IRS provisions regarding amounts paid to acquire, produce or improve tangible property.