12 Factors Every CPA Needs to Know About Tangible Property Regulations

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Why are the TPRs a Significant Issue to CPA Firms?

The new tangible property regulations are the most dramatic changes in tax law to affect for-profit businesses since the overhaul of the Internal Revenue Code in 1986. The final regulations were released in September 2013, and greatly varied from the temporary TPRs issued in 2011.

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Significant Tax Deductions May Be Available

These regulations also provide potential tax deduction opportunities. Taxpayers are able to expense greater amounts for certain repairs, materials and supplies. These are now deemed to be “de minimis” amounts. More importantly for many taxpayers, they may be able to write-off in these tax years the net tax value of certain previously capitalized assets.

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How to Get Started

In order to get started, we will send you an arrangement letter in which we agree to provide you with access to our TPR Tools and Templates© and any and all updates. Its purpose is also to protect our copyrights. In general, the price for the TPR Tools and Templates© depends on the size of your firm. There are specific discounts available to certain CPA firm associations. If you are a member of a firm association, please let us know.  NOW ACCEPTING CREDIT CARDS for select packages.

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What is TPR Tools and Templates?

Eric Wallace’s TPR Tools and Templates© are a compilation of examples, tools, templates, and related supporting training and documents for a firm to use to implement the tangible property regulations (TPRs) for its clients.

These Tangible Property Regulations (TPR) Documents (the TPR Tools and Templates©) were developed and created by Eric Wallace to:

  • Assist CPA firms in properly advising clients,
  • Prepare the appropriate tax forms in order for clients to adopt the TPRs (3115s, amended tax returns, or income tax returns), and
  • Assist its clients in implementing required changes to their internal processes.

Click here to view the table of contents summary for the toolkit. As you will discern from the table of contents, Eric Wallace has spent great effort creating and putting the TPR Tools and Templates© together. Our TPR Tools and Templates© continue to evolve as the final TPR method procedures are issued, and we update the TPR Tools and Templates© for changes.

This collaboration was developed by the Eric Wallace, LLC team; headed by Eric P. Wallace, CPA, ericw@ericwallacecpa.com. Eric and the Firm have 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.

The TPR Tools and Templates© are a result of many hours invested in mastering the issues and compliance requirements of the new regulations. They were developed to save CPA firms many hours in the implementation of the TPRs and to assure their firm liability/risk is greatly reduced.