On September 19, 2013, the IRS issued the final tangible property repair regulations for Sections 162(a) and 263(a), which modified and superseded the temporary regulations issued on December 23, 2011. These regulations represent some of the most significant tax law changes to affect businesses since the 1986 Internal Revenue Code overhaul. To comply, most taxpayers will need to change their processes for accounting for repairs. Revising repair processes is not a trivial task as it requires taking a hard look at your tax and accounting systems and procedures and devising ways to ensure accuracy, enforce policies, reduce manual effort, and document facts and decisions. This white paper can help you plan and prepare for the process and system changes necessary for accurate and efficient compliance with the significant changes found in the tangible property regulations.