FOR ALL OF YOUR TAX METHOD NEEDS
ERIC P. WALLACE, LLC WELCOMES YOU
Eric Wallace, LLC released extensive tools and templates to assist CPA firms and large companies in implementing the highly complex tangible property regulations (TPRs) issued by the IRS. Eric Wallace’s TPR Tools and Templates© are a compilation of Word, PDF, Excel, and voice files covering TPR examples (completed 3115s to client communications), tools, templates, and related supporting training for a firm or large business to use to implement the TPRs for its clients or Company.
ALL ABOUT US
Tax Method Changes Toolkit and Tangible Property Regulation (TPR) Toolkit for CPA Firms and Businesses
Eric Wallace’s Tax Method Changes.com© and TPR Tools and Templates© are a compilation of examples, tools, templates, and related supporting training and documents for a firm or business to use to implement or maintain (a) tax accounting methods and (b) the tangible property regulations (TPRs) for its clients.
These Templates and Toolkits were developed and created by Eric Wallace to:
-
Assist CPA firms in properly advising clients,
-
Prepare the appropriate tax forms in order for clients or businesses to adopt or change tax methods, and/or
-
Assist clients or businesses in implementing required changes to their internal processes.
View the Tax Method Change Choices or the TPR table of contents summary for the toolkits. As you will discern, we have spent great effort creating and putting these Toolkits together. These Toolkits continue to evolve as tax method changes are issued or changed, and we update the Toolkits for changes.
This collaboration was developed by the Eric Wallace, LLC team; headed by Eric P. Wallace, CPA, ericw@ericwallacecpa.com. Eric has been the expert on various tax methods and TPR issues (sections 162, 167, 168, 263(a) and 1016) for CCH, and several large CPA firms for years.
These Toolkits are a result of many hours invested in mastering the issues and compliance requirements. They were developed to save CPA firms and businesses many hours in the implementation of method changes and to assure their firm liability/risk is greatly reduced.
Why are the TPRs a significant issue to CPA Firms and Businesses?
The new tangible property regulations are the most dramatic changes in tax law to affect for-profit businesses since the overhaul of the Internal Revenue Code in 1986. The final regulations were released in September 2013, and greatly varied from the temporary TPRs issued in 2011.
Where to Begin
We have found the source of the TPR changes to be the depreciation schedule. The 2012 client depreciation schedule is the key data source to be gathered, filtered to only show those assets with remaining tax depreciable basis, and to be examined for the following errors and potential TPR method changes if one is filing the method changes for tax year 2013 (generally all of the following will result in a negative 481(a) adjustment, i.e. taxpayer favorable, for the clients):
-
Bonus depreciation taken incorrectly
-
Improper depreciable lives
-
Depreciation taken or not taken on assets not owned
-
Routine maintenance safe harbor
-
Prior capitalization of items that the clients did not need to capitalize (in light of the new TPRs)
-
Partial building dispositions
Significant Tax Deductions May Be Available
These regulations also provide potential tax deduction opportunities. Taxpayers are able to expense greater amounts for certain repairs, materials and supplies. These are now deemed to be “de minimis” amounts. More importantly for many taxpayers, they may be able to write-off in these tax years the net tax value of certain previously capitalized assets.
How to Start the Process
In order to get started, we will send you an arrangement letter in which we agree to provide you with access to our TPR Tools and Templates© and any and all updates. Its purpose is also to protect our copyrights. In general, the price for the TPR Tools and Templates© depends on the size of your firm. There are specific discounts available to certain CPA firm associations. If you are a member of a firm association, please let us know. NOW ACCEPTING CREDIT CARDS for select packages.
Why are the TPRs and other Tax Method Changes a Significant Issue?
The TCJA and the tangible property regulations (TPRs) are the most dramatic changes in tax law to affect for-profit businesses since the overhaul of the Internal Revenue Code in 1986. The tax method changes involved in both of these laws and regulations are very important, significant, and key for CPAs and tax preparers to master and perform error free. Our Toolkits enable you to do such.
Where to Begin
We have found the source of the TPR changes to be the depreciation schedule. The 2012 client depreciation schedule is the key data source to be gathered, filtered to only show those assets with remaining tax depreciable basis, and to be examined for the following errors and potential TPR method changes if one is filing the method changes for tax year 2013 (generally all of the following will result in a negative 481(a) adjustment, i.e. taxpayer favorable, for the clients):
-
Bonus depreciation taken incorrectly
-
Improper depreciable lives
-
Depreciation taken or not taken on assets not owned
-
Routine maintenance safe harbor
-
Prior capitalization of items that the clients did not need to capitalize (in light of the new TPRs)
-
Partial building dispositions
Significant Tax Deductions May Be Available
The TCJA and the TPRs also provide potential tax deduction opportunities. With changes away from cash, 263A, inventory or PCM, and/or the TPRs, taxpayers are able to defer income and expense greater amounts currently. For the TPRs, more importantly, taxpayers may be able to write-off in properly filed 3115s the net tax value of certain previously capitalized assets.
How to Start the Process
In order to get started, we will send you an arrangement letter in which we agree to provide you with access to our TPR Tools and Templates© and any and all updates. Its purpose is also to protect our copyrights. In general, the price for the TPR Tools and Templates© depends on the size of your firm. There are specific discounts available to certain CPA firm associations. If you are a member of a firm association, please let us know. NOW ACCEPTING CREDIT CARDS for select packages.