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The Final Tangible Property Repair Regulations are here to stay and provide significant benefits to taxpayers. Under these “TPR’s,” taxpayers must account for their annual expenses relating to:
The Final Repair Regulations affect your day-to-day accounting processes which is why it is important to be aware of their impact on your company and to benefit from the on-going opportunities that may apply to you.
Four items are of paramount importance that must be considered:
Although retroactive partial disposition opportunities are no longer available, there are STILL look-back opportunities for cost segregation, current year dispositions and repairs & maintenance items. While the documentation and calculations of a TPR analysis can be complex, the return on investment for taxpayers who take full advantage of them are far greater through additional write-offs, reduced tax liability, and safer tax filing position. If you own property and have annual repair and improvement costs associated with that building, we suggest that you give us a call to discuss these changes and what actions you need to take place.