Get detailed insight on how to apply and implement the Tangible Property Regulations and the new role of Cost Segregation to assure Compliance for your business or clients.
The Tangible Property Regulations (TPRs) are the biggest change in tax implementation and preparation for business since the 1986 Tax Reform Act. Many tax professionals have extended clients to have more time to develop an implementation strategy. Most are only now realizing the significant burden and work required to implement the TPRs. Most are unaware that their most important clients that own commercial buildings may be due significant deductions from late partial disposition. Many thought that the release of IRS Rev. Proc. 2015-20, which provides relief to Small Business Taxpayers, was the total "relief”. While relief for some, there are numerous reasons in deciding whether a tax professional should continue to advise clients to complete and submitting 3115s. Benefits of filing Form 3115 include IRS audit protection and valuable tax savings from prior-year repairs and dispositions.
At the end of the course, you'll be able to:
- Determine Late Partial Disposition Elections and what to do next to meet the deadline.
- Apply the Improvement Standards and Implement a plan of defining the Building Systems and Building Structures to determine Repair vs. Improvement.
- Determine when you should take advantage of RP2015-20 and when you should not. (This may surprise you)
- Research the Repair Regulations to Identify opportunities and avoid pitfalls.
- Identify clients that are due large deductions from late partial asset disposition,1.168(i)-8(d). This is a Use it or Lose it deduction for tax year 2014.
- Identify a basis for implementing the Improvement Standards (Restoration, Adaptation, Betterment and Improvement (RABI) rules of 1.263 (a) -3) and the cost segregation advantage.
- Review the Safe Harbors to determine which concurrent 3115s should be filed
- Implement our game plan to apply the Tangible Property Regulations
- Understanding the importance of Units of Property concepts and the implications from each client building is now considered a separate UOP.
- Identify distinct phases of implementation of the TPRs.
Before the CPE event, the chapter will also hold a vote to elect the 2015-16 chapter board members. Nominees include:
||Walker Coburn - Heard, McElroy & Vestal, LLC
||Emily Leahy - Heard, McElroy & Vestal, LLC
||Angela Lyons - PioneerRx Pharmacy Software
||David Watters - Morris & Dickson Co, LLC
|Karen Johnson - FocalPoint Business Coaching of LA
Ardis Robison - Retired
Melanie Davis - KPMG, LLP
|Immediate Past President
||Michael Gould - Carr, Riggs & Ingram, LLC
Additional nominations will be accepted from the floor.
Fee: $20, includes lunch
CPE: 2 hours
Meet the Speakers
Kathy K. Ferguson
Kathy has been known as the “Cash Flow Specialist” throughout the US for over 29 years and has served as the National VP/Training Director for MoneyQuest Corp. where she has been helping clients develop methodology and more efficient ways of applying accounts receivable procedures and improving DSO for over 15 years.
She currently represents Cost Segregation Services Inc. (CSSI), where she assists property owners and tax professionals increase cash flow and lower taxes for the past 8 years.
David Deshotels is Executive Vice President for Cost Segregation Services, Inc. (CSSI) in Baton Rouge, and worked with CSSI since 2006.
David has spoken around the country to CPA firms and State agencies on the Tangible Property Regulations and the role that cost segregation plays in the implementation of the new regulations.
The rules are complex and all encompassing. As an engineer, David supplies a process for CPAs to first educate themselves on the regulations and provides an interactive guide to learn and understanding the regulations. In this presentation, David focuses on the need and process for CPAs to identify clients that are eligible for substantial write offs due to late partial disposition.
With limited time to explain these lengthy and complex regulations, David also provides resources that extend the learning process beyond the presentation. Attendees receive access to necessary resource documents to understand and implement the regulations for clients including; templates, executive summaries, recorded webinars, commonly asked questions and answers, and an electronic index of the Federal Register to quickly and easily find the appropriate examples in the regulations that are critical in determining whether expenses require capitalization or are can be deducted under the improvement standards.
Cost Segregation plays a vital role to identify and quantify disposition from retired building components and systems which can lead to substantial write offs.
His primary responsibilities involve sales and marketing initiatives for the implementation of cost segregation services and asset valuation studies to assist Tax Professionals in applying the Tangible Property Regulations.
In David’s past experience, he was in front and behind the cameras as Public Affairs Specialist for the Corps of Engineers in New Orleans, La. after Hurricane Katrina. David worked with the national and international media and helped tell the story of the effects of the storm and the Corp’s process to rebuild the city’s hurricane protection system.
David’s unique ability to take the complex and tell a meaningful story was evident in the broadcast and documentaries that he participated in. Those same talents serve him well in explaining to tax professionals the process of understanding and applying the Tangible Property Regulations.
David and Kathy’s presentation also focuses on the opportunity for Tax Professionals to write down past building renovations and remodels costs for clients that removed or retired building components and reasonable methods of valuation to turn past debris into today’s deductions. Whether a general overview to raise awareness or in depth discussions on complex implementation strategies, David and Kathy’s presentations have been well received.