Tangible Property Regulations – The Latest and Greatest for Tax Year 2015 and Beyond

Eric P. Wallace CPA www.tprtoolsandtemplates.com The IRS recently issued the final tangible property regulations (TPRs). With 60 years in the making these TPRs now provide guidance on the decision process of how to properly categorize expenditures on tangible property, that is already in service, as either repairs and maintenance (R & M) or items requiring […]

The IRS Conducts a 2 hour Webinar on the TPRs

[Note the following is based upon my notes taken during the two hour presentation. The IRS has promised to post the webinar (and hopefully also the Q and A session to the IRS website). We will provide the IRS webinar link when it becomes available, around the 1st week of August 2015. When the IRS does that […]

IRS Issues TPR FAQs – March 5, 2015

On March 5, 2015, the IRS issued over 10 pages of what they refer to as “frequently asked questions and answers.”  In reading this IRS issuance on their website, I have a few new IRS positions or changes on the TPR method changes. I have marked those below as “New” in bold. I caution you […]

The New Rules and Consequences of RP 2015-20

The IRS released Revenue Procedure 2015-20 on Friday the 13th, February 13, 2015. Note that the final tangible property regulations (TPRs) rules have not changed. RP 2015-20 only addresses the issues associated with the implementation of those TPRs for taxpayers that qualify under the new RP. Below is a detailed summary of its new procedure […]

RP 2015-20 – Not the Answer We Were Hoping For

Tax Return Preparers Must Understand Consequences of Not Filing the TPR 3115 The IRS released Revenue Procedure 2015-20 on Friday the 13th, February 13, 2015.  Note that the final tangible property regulations (TPRs) rules have not changed. RP 2015-20 only addresses the issues associated with the implementation of those TPRs for taxpayers that qualify under […]

Unit of Property Considerations for Landlord Tenant Improvements

There has been some misstated information circulating that landlord tenant improvements are a unit of property (U of P) separate from the building. That statement is wholly not true. It is a misinterpretation of the tangible property regulations (TPRs). A landlord tenant improvement (TI) that is required to be capitalized based upon the RABI (restoration, […]