Tangible Property Regulation Resources
Our team of tax, accounting and engineering professionals understand the new and current removed/disposed property Regulations and have developed comprehensive and thorough Tangible Property Services® to benefit our clients.
Based on options granted by the IRS, business taxpayers with tangible property such as buildings, may have the opportunity to expense items capitalized as improvements in prior tax years—claiming additional deductions and capturing losses for assets disposed of that were not claimed previously.
Based on a roof replacement for a 205,000 square foot Warehouse and distribution center, the owners were able to claim $236,550 in recoverable depreciation under Tangible Property.
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CRG’s Tangible Property Services ® is customized and designed to maximize your tax savings through compliance and specialized tax planning. As with all of our services, CRG meets or exceeds IRS standards while delivering concise, actionable information to clients.
Note: There are some important decisions that should be considered before the 2014 return is filed as the IRS is granting an automatic consent for certain changes. After 2014 the process is a little bit more tedious.
- Change in definition
- Dispositions of building structural components
- Claiming previously unreported dispositions
- Change in accounting methods for repairs & improvements
- De Minimus Rules
- Repair and maintenance costs vs. capitalization
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