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Focus on Taxation:  Accelerated Deduction Opportunities

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Have you addressed the requirements and evaluated the related opportunities afforded to your business under the Tangible Property Regulations (TPRs)?
August 5, 2015

Have you addressed the requirements and evaluated the related opportunities afforded to your business under the Tangible Property Regulations (TPRs)?

All taxpayers that have capital expenditures or incur repair and maintenance costs are impacted by the TPRs that are effective for tax years beginning on or after January 1, 2014.  The TPRs may not only require your business to make change in accounting method filings but could also provide an opportunity to accelerate tax deductions for previously capitalized expenditures that, in accordance with the TPRs, should have been expensed.

We have found significant opportunities for many of our clients that own real property.  Identifying opportunities is as simple as providing us a copy of your tax depreciation report.  Our TPR specialists will review this information to determine if accelerated tax deduction opportunities exist for your business.

The TPRs provide the rules to be followed for all tangible property expenditures.  It is critical that you understand and follow these rules not only for prior but also future tangible property expenditures.
 
We must point out that there is a risk if the TPRs are ignored.  The potential exists for permanent disallowance of future depreciation expense related to capitalized expenditures that should have been expensed in the year of the expenditure.

To learn more about how to comply with the TPRs, determine if there are accelerated deduction opportunities available for your business and how to mitigate the risk for permanently losing tax deductions please contact RubinBrown.

Click the here to view a general information article previously published by RubinBrown on Tangible Property Regulations.

 

Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

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