Tangible Property Regulation (TPR) Toolkit for CPA Firms and Businesses

The benefit to your clients or Company can be significant; alternatively, non-compliance can be costly.

After nearly a decade in the making, the IRS released the final Tangible Property Regulations (TPRs) September of 2013. All taxpayers with depreciable property will be required to comply with these new regulations no later than the due date of their 2014 tax returns. The new compliance will include changes in the taxpayer’s internal processes, new annual elections, and filings of multiple federal IRS Form 3115’s, Application for Change in Accounting Method.

Eric Wallace, CPA has developed a comprehensive TPR Tools and Templates© (Toolkit) package consisting of multiple tools (Excel, Word, PDFs, voice files, power point presentations) designed to assist with the implementation of the regulations. This package includes examples, tools, templates, and related supporting training and documents for a firm to use to implement the TPRs for its clients or Company.

Complying with the law is burdensome and the magnitude for every CPA firm or Company cannot be overstated. Not only will every taxpayer with tangible property be required to file one or more Form(s) 3115 for each accounting method change; that filing will also need to be done for each separate entity, trade or business.

To date hundreds of firms across the country are utilizing the  TPR Tools and Templates©. These CPA practices range from smaller 4-5 person firms to firms with 20+ offices. Subscribing firms access our Toolkit by creating a user name and password at www.tprtoolsandtemplates.com.  Led by nationally known tax expert Eric Wallace, CPA, our dedicated team of experts continually monitors and updates our tools and templates “real time” as the IRS is regularly issuing additional updates.

We would welcome the opportunity to work with your firm or Company to assist you in mastering the internal and client service issues related to these difficult new regulations. The price for the Toolkit is based on the revenue size of the firm or Company.

For additional information on TPR Tools and Templates© contact Vanessa Wallace, vanessaw@ericwallacecpa.com or call 717-761-7210.

This collaboration of resources was developed by Eric P. Wallace, CPA. Eric has been the experts on the TPR issues (sections 162, 167, 168, 263(a) and 1016) for CCH, and several large CPA firms since their issuance in late 2011.

In order to see any of the pages listed above, you must subscribe to the website. Pricing and the different plans can be found under the page, "Plans & Pricing."

Why are the TPRs and other Tax Method Changes a Significant Issue?

Significant Tax Deductions May Be Available

A Word of Caution about the TPRs and Depreciation

Where to Begin

Client Internal Process Must Change

Choice of Tax Year Filing for TPR Method Changes

How to Start the Process