“Maggie ‘the Cat’: You know what I feel like? I feel all the time like a cat on a hot tin roof. (from Tennessee Williams, “Cat on a Hot Tin Roof”)
The Internal Revenue Service has its own problem with roofs these days. An IRS employee in Atlanta sent a letter last week to his own agency asking what exactly qualifies as a roof. Shingles? A waterproof cover?
Why, you ask, does the IRS need to specify what is a roof? It matters for accounting purposes.
In December, the IRS issued new rules to clarify the difference between a business expense that is a repair and tax-deductible and one that is an improvement but not deductible right away.