The tangible property regulations (TPRs) are the biggest change in tax implementation and preparation for businesses since the 1986 Tax Reform Act. With this year’s filing season, CPAs and businesses are now understanding the significant burden and work effort required to implement the TPRs—a.k.a. the “repair regs.”
Many professionals thought that after the release of IRS Rev. Proc. 2015-20 the TPRs could simply be ignored. Now, knowing that Rev. Proc. 2015-20 was not the total “relief” to the TPRs that many thought, “solutions” or “fixes” are needed to deal with their situations. Further, the TPRs cannot be ignored by practitioners due to the potential liability for missed taxpayer TPR deductions and lost opportunities.
Practitioners need to be fully informed on how the TPRs affect their business or clients and to ensure compliance and that all the tax savings opportunities with these regulations are being utilized.
The CCH® Tangible Property Regulations Certificate Program is designed to provide tax practitioners with the comprehensive knowledge needed to how to maximize the benefits of the repair regs and reduce or eliminate problems for their business or clients.
– The CCH® Tangible Property Regulations Certificate Program: Fundamental Concepts reviews the history of the repair regs and why they were issued, as well as de minimis safe harbor and capital expenditures in general. It covers the key concepts of Unit of Property; the “RABI” rules (Restoration, Adaptation, Betterment, and Improvement); TPRs and GAAP, and why 3115s and 481(a)s are still essential for taxpayers with TPR issues.
– The CCH® Tangible Property Regulations Certificate Program: Advanced Issues reviews the more complex TPR issues including the material and supply rules of 1.162-4s, removal costs and their relationship to the RABI rules and PADs, and routine maintenance safe harbor. Common and required depreciation impermissible methods under the “use it or lose it” rules are explored, as are partial asset dispositions (PADs) and the depreciation foundation needed to apply the TPRs. Finally, the series will cover TPR logistics, 481(a) adjustments, and general asset account issues that all taxpayers should know.
– Form 3115 Preparation and Planning offers a practical and timely multimedia online training curriculum that will help practitioners understand accounting method changes and the proper preparation of IRS Form 3115 under the TPRs. Developed and presented by highly-regarded tax and accounting practitioner, Eric Wallace, CPA, this comprehensive program will point out opportunities for taxpayers to maximize cash flows and offer tips and insights into the process for applying for a change in accounting method.