Tangible Property Regulation Compliance Review
Our Tangible Property Regulations Compliance Review is a comprehensive analysis of accounting policies and procedures with respect to repairs, capitalization, depreciation, and retirement of fixed assets. All taxpayers are required to be in compliance with the new tangible property regulations beginning January 1, 2014. We can help you make sure your company is in compliance and that you are maximizing the benefits allowed in the regulations.
Our review will include the following procedures:
- Review fixed asset schedules;
- Review written capitalization policy and make recommendations to comply with current law;
- Review repair and maintenance expense account entries to understand current procedures;
- Assign appropriate tax lives to expenditures reclassified as assets based on Rev Proc 87-56;
- Obtain and review any available cost information to identify property items that may have been removed and retired;
- Identify any expenditures that can be classified as a repair expense; and
- Provide written recommendations summarizing our findings.
Upon completion of our work, we will issue a formal report including:
- Explanation of our procedures
- Applicable tax law and considerations
- A summary of our findings and recommendations for changes
- Schedules of expenditures reviewed and applicable regulations
- Guidance for calculating and reporting changes in accounting methods
Our Tangible Property Regulations Compliance Review services involve the combined efforts of our seasoned tax professionals and engineers with extensive tax expertise, industry knowledge, and accounting skills. All engagements are performed under the direct supervision of Cathy Harris, CPA and certified member of the American Society of Cost Segregation Professionals. Cathy has been a CPA since 1997, specializing in tax and real estate regulations. She has been a Certified Cost Segregation Professional since 2010, with cost segregation experience since 2000. She has followed the changes in the tangible property regulations since 2006, when they were first proposed. In addition, Cathy has spoken at numerous local and national seminars on these regulations and has become an authority on the subject.