Capital Review Group’s New Tangible Property Services™ Brings Added Value to Clients

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Based on options granted by the IRS, business taxpayers may have the opportunity to expense items capitalized as improvements in prior tax years to claim the additional deductions and capture losses for assets disposed of that were not claimed previously.

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The result of the temporary regulations has drastically changed the landscape of asset classification, presentation and how items are accounted for from a tax perspective.

Phoenix-based consulting firm, Capital Review Group (CRG), has announced enhanced service offerings under the new name of Tangible Property Services™. CRG developed the consulting service for corporate taxpayers to ensure that they are in compliance with new IRS Tangible Property Regulations, and assist them in claiming potential deductions and capturing losses for assets disposed of that were not claimed previously.

National Tax Director, Jordan Taylor, explains that the Tangible Property Regulations have been revised and amended numerous times in recent years, with further changes expected by the end of 2013. On December 23, 2011, the IRS released temporary regulations for Secs. 162(a), 168 and 263(a) regarding expenditures to acquire, improve, and maintain tangible property. “The result of the temporary regulations has drastically changed the landscape of asset classification, presentation and how items are accounted for from a tax perspective,” Taylor says, pointing out that any taxpayers that acquire, produce or improve tangible property such as buildings, machinery or equipment, will be affected by the Tangible Property Regulations.

One area of significant change in the Tangible Property Regulations is in the area of dispositions of building structural components. Assets, if tracked in general asset accounts, may now be disposed of and gains or losses captured as appropriate based on useful life, depreciation and related facts. Additionally, taxpayers are able to catch up on previously unreported dispositions via a Form 3115.

CRG Founder and CEO, Marky Moore, states “This is a much welcomed alternative to the continuing to write off assets over their remaining useful lives as they are often not broken out or identifiable in the accounting records of the company. Many times, because the tax lives are 27.5 years or 39 years, the vast majority of the tax life still remains at disposition for structural components and there is no way to capture benefit. Fortunately, times have changed”.

Only CRG combines these highly effective strategies with additional value added services such as §179D analysis and design recommendations which capture up to $1.80 per square foot in federal incentives and tax deductions; designing to accelerate the depreciation of lighting and other energy systems; and abandonment review, which captures unused depreciable life of energy system assets replaced during an energy efficiency upgrade. Most of CRG's services begin with a preliminary review and analysis at no cost to clients. For more information, visit http://www.capitalreviewgroup.com.

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