Tangible Asset & Repairs Analysis

Tangible Asset & Repairs Analysis (TARA)

Action Necessary by 2014 Tax Filing Deadline

Revisions to the IRS regulations have created a need for all businesses to revisit their accounting methods and may also create an opportunity to capture expenses that may net cash results.

L. Harris Partners has assembled a team of leading accounting method and cost segregation professionals with technical expertise on these new regulations. We can guide you through a proven process to determine how you can maximize the benefits of the new regulations. Because each client’s situation is unique, our process is flexible and solution driven. It ensures tax benefits are captured while, at the same time, ensuring compliance with these somewhat complex rules.

Our Tangible Asset and Repair Analysis can help you:

Understand the new rules and requirements

Determine areas of tax savings and compliance requirements, including:
–Dispositions of property
–Costs to repair or maintain property
–Costs to improve property
–Costs to acquire or produce property
–Costs to purchase materials and supplies

Determine the most advantageous accounting method (current versus new) for your business

Prepare Form 3115, Application for Change in Accounting Method

Quantify Internal Revenue Code Section 481(a) adjustment

Consider favorable tax elections, including:
–de minimis safe harbor election
–Small taxpayer safe harbor election
–Partial disposition election

Perform a Cost Segregation study

Provide documentation to support potential future IRS inquires

Update policies, processes, and systems

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