Eric P. Wallace, CPA
601 Manor Lane
Pittsburgh, PA 15238
Pittsburgh and Naples
Ph: 412-977-6644, 412-965-5288
We welcome a call to discuss the tax deduction opportunities that the tangible property regulations (TPRs) present to real estate owners in general, and then can discuss the application of the TPRs to your Company situation. In addition to the tax deductions that typically result from the employment of the TPRs, compliance with the TPR is mandated for all taxpayers. Non-compliance carries great risk structed in the form of the IRS disallowance of certain of your depreciable assets. That potential disallowance is equal to the tax deduction that should be taken in the proper filing of IRS Form 3115 before the IRS audits.
We have taken the TPR rules and applied them to many real estate situations with similar real estate portfolios. A few examples of our large real estate TPR client work efforts are:
- CA: Real estate company owning 2.76 million sq .ft. of office and industrial space contained in 39 separate buildings and locations realized a $3.4M tax deduction for tax year 2014
- MI: Industrial complex of over 1.6 M sq. ft., 240 acres, tax deduction of over $13M for tax year 2015
- MA: 8 floor residential and commercial retail and restaurant space, approx., 50,000 sq. ft., $2.5M tax deduction for tax year 2014; hotel and restaurant 11 floors, 42,750 sq. ft. $3M in tax deductions for 2014 and 2015
- OH, VA, KY, WA, OR, WV, WI, TN, IA, MI, PA: shopping mall owner, over one hundred buildings, 30 million sq. ft.; tens of millions of tax deductions for 2014
In addition to the above, we are in the process of performing the TPR work for numerous other real estate owners. We also have specific nationally recognized tax expertise in all aspects related to construction and real estate issues.
Summary of Experience
Eric has extensive expertise in construction and real estate services, tangible property regulations (263(a)), depreciation, NOL, 199, 460, and 263A issues, and focuses on providing tax, accounting, auditing and consulting services to CPA firms and real estate and construction companies nationwide. He also provides specialized professional services, consulting, writing, and training to CPA firms, CPA organizations, publishing companies, and construction and real estate related entities for tax, consulting, and accounting and auditing issues.
Over the last 30 years, before Eric P Wallace LLC was started in June of 2015, Eric was a Director for Boyer & Ritter of Camp Hill, PA; Partner and head of the Construction & Real Estate Services Team for a regional firm located in Pennsylvania. Eric specializes in providing services to home builders, contractors/developers, and the real estate industry. Eric has been an expert witness in construction related accounting malpractice, and other court cases in venues such as bankruptcy, district, and local courts in various states concerning liability, tax and accounting issues. He also represented numerous contractor clients before the Internal Revenue Service, U.S. Department of Labor, and state revenue departments of income, employment, and sales tax.
Education and Certifications
- Bachelor of Science Degree – Public Accounting, Mesa State College, Colorado
- University of Pittsburgh Law School
- Certified Public Accountant (CPA)
- Member of the American Institute of Certified Public Accountants (AICPA), served on its Council for several years, served on the AICPA accounting Framework Task Force (AICPA FRF for SMEs) that wrote the new AICPA Framework, released in June of 2013, and served on the AICPA Financial Reporting for Private Companies Task Force (2003 to 2006)
- Member and past president of the Pennsylvania Institute of Certified Public Accountants (PICPA) 2008/2009
- Construction Financial Management Association (CFMA), past chairman of the Tax and Fiscal Affairs Committee 2004/2005
- Member of the Association of General Contractors (AGC) and currently serves on the National Tax and Fiscal Affairs Committee
Eric is a frequent lecturer at conferences and continuing education seminars including the following:
- Numerous group study and conference presentations for the AICPA, various state societies, non-profit groups, education companies, large companies, and small to large international CPA firms. Eric has been an instructor for continuing education courses nationwide since 1989.
- Speaker for the AICPA and several state CPA societies during 2001-2016 for various annual construction and other conferences.
- Frequent speaker for CCH Webinar Series including Tangible Property Regulations (section 263(a)); NOLs, AET and RC Issues, Construction Tax and A & A Updates; 3115 and Tax Account Method Changes, and Uniform Capitalizations issues (263A).
Starting in 2013, Eric created the Tangible Property Regulation Toolkit© subscription services found at www.tprtoolsandtemplates.com. This extensive TPR Toolkit© makes available his expertise to CPA firms and businesses in order for them to implement the TPRs for their clients, assure proper compliance, understand the required associated method filings, and have access to fillable forms with related explanations.
Eric was the author, or co-author, of several tax and accounting courses, white papers, reference materials, articles, newsletters for CPAs and attorneys that are currently offered through various producers or publishers. Eric is the author of CCH’s two construction books, Construction Guide: Tax and Advisory Services and Construction-Guide-Accounting-and-Knowledge Based-AuditsTM. These are extensive treatises on accounting, auditing, consulting, and tax for contractors, homebuilders, and real estate developers. Eric wrote CCH’s audit programs on the construction, homebuilding, and real estate development industries, and its related industry disclosure checklists, currently in its tenth edition, and is a contributor to CCH’s IntelliConnect and ARM on-line resources.