BP Blogs

LIKE WHAT YOU READ? Share this article :

Tangible Property Regulation Update

|

As the 2014 tax filing season winds down, we are coming to realize what a tremendous boon the IRS Tangible Property Regulations (TPRs) have been for our clients. Year to date, Berntson Porter has generated over $10,000,000 in tax savings for our clients through the work we have done related to the TPRs.  That number is amazing and shows what an opportunity the TPRs presented in 2014.  As we look to tax planning for 2015, please keep in mind that the TPRs are not a one-and-done proposition.  All taxpayers need to be applying the new regulations going forward, especially as they apply to maintenance and repair costs of existing assets as the new regulations generally allow for more liberal expensing of items for tax purposes.

If you did not file 3115s relating to the TPRs in 2014, the opportunity to generate additional deductions through the filing of 3115s is not lost.  Nearly all of the TPR changes can be implemented now or in the future.   If you have any questions about compliance with the Tangible Property Regulations and how they impact your business, please call Brendan McAuliffe at Berntson Porter (425) 454-7990.