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July 7, 2015

Mark Baricos, Managing Director for the Memphis office, recently shared “3 Post-Tax Season Tangible Property Takeaways” for AccountingWEB. These few key takeaways follow the first tax filing in which Tangible Property Regulations were mandated:

1. TPRs will continue to be an issue that taxpayers face annually, as they review how certain expenditures should be treated (expensed versus capitalized and depreciated).

2. TPRs will continue to have a significant impact on certain industries.

3. TPRs will require proper internal controls related to the treatment of capital expenditures.

Mark also shares a few questions and best practices to consider as you plan tax compliance strategies.

To read the full article, click here.

For more information regarding how the Tangible Property Regulations may affect your business or tax filing, feel free to contact Mark at mbaricos@cbiz.com




October 21, 2014

The Tangible Property Regulations are the most dramatic changes in tax law to affect businesses since the overhaul of the Internal Revenue Code in 1986. The IRS has recently finalized procedures for how to implement these extensive changes, some of which are tax-payer friendly and available for a limited time only.

Eustis Corrigan covers some of the recent updates associated with these regulations. Learn more about important guidance that can help you when it comes to your year-end tax planning and preparations in the latest CBIZ BizTip video:




January 23, 2014

The final tangible property regulations and proposed regulations on partial dispositions will likely require changes in tax accounting practices and also may create numerous tax planning opportunities. Recently, Eustis Corrigan, Managing Director, filmed a Youtube video which describes the impact of the final regulations.

Important topics covered include: the final regulations release and effective dates, changes in tax accounting practices for these regulations, and compliance and application of the new regulations, including modifications to internal processes. Make sure to continue watching until the end, as Eustis shares 6 questions to determine whether the new regulations have application to your company.




November 21, 2013
Managing Director, Eustis Corrigan, in the Memphis office has co-authored a new whitepaper on Tangible Property Regulations, taking the complex final tangible property regulations and distilling them down to the key issues most likely to impact or benefit your business.
"The tangible property regulations (TPRs) are the most dramatic changes in tax law to affect businesses since the overhaul of the Internal Revenue Code in 1986. The TPRs apply to all forms of business, whether a "C" corporation, an "S" corporation, a partnership, an LLC, a sole proprietorship (Schedule C on individual return), or a rental (Schedule E on individual return)."
It's important to note that the tangible property regulations become effective January 1, 2014. Find out the issues that require immediate action by taxpayers and view a checklist of questions that highlight tax opportunities your business may be missing in this helpful guide: Capturing Tax Opportunities Within the Final Tangible Property Regulations. If you have any questions on these complex rules and related tasks, feel free to contact Eustis Corrigan at ecorrigan@cbiz.com or 901.685.5575.



May 28, 2013

New tangible property regulations were issued in late December 2011 by the IRS to guide taxpayers on how to account for amounts paid to acquire, produce or improve tangible property. Originally scheduled to be effective for tax years beginning on, or after, January 1, 2012, mandatory compliance with the new regulations has been delayed to tax years beginning on, or after, January 1, 2014.

The new tangible property regulations are designed to change the way each taxpayer treats capital assets. The regulations are also intended to provide guidance for taxpayers when deciding to expense versus capitalize an item. Some of the more likely changes in the way taxpayers do business relate to:

  • Repairs & Maintenance/De Minimus Rule
  • Materials & Supplies
  • Depreciation/Unit of Property
  • General Asset Accounts

Here are 5 questions to determine whether early adoption is right for your company:

1. Own a building?

2. Have any recently completed renovation or expansion projects to your buildings?

3. Acquire many small dollar fixed assets on an annual basis?

4. Accumulate large expenditures to maintain equipment?

5. Incur a large annual cost for materials and supplies?

If you would like more information regarding the Tangible Property Regulations contact Mark Baricos: 
(901) 685.5575 | mbaricos@cbiz.com

Mark has more than 10 years of public accounting experience. He specializes in tax engagements for large privately-held and publicly-held companies. These engagements include planning tax strategies, accounting for income taxes (ASC 740), supervising the preparation of federal and state income tax returns and coordinating federal and state examinations. His industry experience includes distribution, manufacturing and service companies.





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