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Tangible Property Regulations Compliance and Tax Savings Checklist
Posted by Bob Smith on Tue, Mar 10, 2015 @ 09:12 AM

Do You Know About the Combination of Tax Savings and Compliance Costs?

The new Tangible Property Regulations are very complex and consist of a number of intricate accounting rules and changes that taxpayers will face during this tax season and beyond.

We’re pleased to offer this checklist that will provide you with points for discussion with your accountant in order to prepare your 2014 tax return in a manner that will get you into compliance as well as for identifying cost savings opportunities:

Tangible Property Regulations Checklist

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Topics: Tangible Property Regulations, compliance, tax savings, Bob Smith

Tax Deduction Opportunities from the New Tangible Property Regulations
Posted by Bob Smith on Thu, Mar 5, 2015 @ 09:33 AM

It’s not just about compliance – it’s about tax savings too!

Tangible Property Regulation Compliance Under the Tangible Property Regulations, taxpayers may be able to deduct greater amounts for repair costs, materials and supplies, routine maintenance for buildings and equipment, maintenance on buildings for smaller taxpayers, and new safe harbor de minimis amounts.
 
There are numerous specific rules and qualifications for many of these opportunities.
 
More importantly, many taxpayers are able to currently deduct the net tax value of certain previously capitalized assets. The following list contains typical potential write-off opportunities:
 
  • Roof or land improvement costs that were previously capitalized may now have their net tax value written off if a roof improvement or new paving is (or was) subsequently made and capitalized.
  • Previously capitalized manufacturer or franchisor-required refreshments.
  • Prior leasehold improvements or portions thereof.
  • Previously capitalized improvements now considered deductible “repairs” in the viewpoint of the new regulations.
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Topics: compliance, new tangible property regulations, tax savings, Bob Smith

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