As we roll into the final weeks for tax extension filings, be aware of doors that may be closing!
Remember under the final treasury regulations pertaining to the tangible property, that the look-back on dispositions will be closed after 2013 filings under the current regulations. Additionally, taxpayers are required to apply improvement or repair costs in the correct context or “unit of property” moving forward. Although engineering fees apply for assistance on disposition and unit of property values, the benefits far exceed the costs thereby killing-two-birds-with-one-stone. Enjoy the benefits of an immediate (and often times significant) write-offs and be compliant under new regulations moving forward.
Contact Engineered Tax Services for more information at 800-236-6519.
Warehouse Case Study:
179D EPAct, Cost Seg, Disposition and 263(a) Tangible Property Regs: $1,670,725.52 in Federal Tax Refunds Click here