Boyer & Ritter Releases Tangible Property Regulation Toolkit

Share Article

In 2013, authored by Eric P. Wallace, CPA, Boyer & Ritter, LLC made available a comprehensive creation of tools and templates to assist CPA firms and businesses in properly implementing the highly complex final Tangible Property Regulations (TPRs) issued by the IRS. These tools and templates are known as the TPR Toolkit©.

News Image
The TPR Tools and Templates© are a result of many hours invested in mastering the issues and compliance requirements of the new regulations.

In 2013, authored by Eric P. Wallace, CPA, Boyer & Ritter, LLC made available a comprehensive creation of tools and templates to assist CPA firms and businesses in properly implementing the highly complex final Tangible Property Regulations (TPRs) issued by the IRS. These tools and templates are known as the TPR Toolkit©.

The IRS TPRs are the most dramatic changes in tax law to affect for profit businesses since the overhaul of the Internal Revenue Code in 1986. All taxpayers with depreciable property and/or material and supplies will be required to comply with these new regulations no later than the due date of their 2014 tax returns. In all likelihood, this new compliance will include changes in the Company’s internal processes, as well as annual elections and filings of multiple federal IRS Form 3115, Application for Change in Accounting Method.

Issues arise when accounting personnel use conventional accounting procedures to meet these new TPR regulations. Compliance requires an additional concentrated effort by accounting personnel, which means additional employee hours and higher costs. The unfamiliar process means it’s easier to make mistakes; this increases costs, and in some cases, can lead to a lack of compliance. To prevent these issues, Boyer & Ritter offers a simple solution; that of specialized tools, training material, and templates, which focus specifically on the TPR regulation. Ultimately, this allows accounting firms or corporation accounting divisions to identify and implement solutions long before they need to submit tax returns.

Since its launch, hundreds of users have taken advantage of the benefits of the TPR Toolkit©: risk reduction, compliance efficiency, client communications, specific comprehensive TPR training, to TPR logistic issues. As recently as last month, the IRS released new TPR changes for the final MACRS disposition TPRs. Those must be employed by tax year 2014. Harsh penalties exist for non-compliance including the prohibition of signing the 2014 tax returns to preparer’s penalties of thousands of dollars.

Eric Wallace, (CCH’s nationally known expert on the TPRs) “…the TPR Toolkit© was created to save CPA firms and businesses thousands of dollars in recreating the foundations necessary to assure TPR compliance and accuracy while maximizing the ability to profit from this mandatory new IRS compliance dictation. Those that do not comply in a proper and timely manner by 2014 face the loss of huge potential tax deductions, and new revenues to their tax preparers. The TPR Toolkit© enables proper and tested compliance at pennies of the cost of duplication.”

Just What Does this New Toolkit Have?

The Toolkit is a set of useful templates, examples and training tools that allow a company to easily visualize and apply procedures needed to meet TPR IRS requirements throughout the year. The purpose of these tools is to help CPA firms and corporations better understand the complex tangible property regulations.

B&R has carefully designed the Toolkit to combine Word, PDF, Excel and voice files that offer extensive TPR examples with completed 3115s samples. These combined with process tools and templates offer a more functional and faster approach to this accounting procedure. The software and training materials come with clear and concise support to help accounting departments easily integrate them into their organization.

“The TPR Tools and Templates© are a result of many hours invested in mastering the issues and compliance requirements of the new regulations.” Says Robert J. Murphy, CPA, CVA/ABV, Principal and CEO of Boyer & Ritter. “They were developed to save CPA firms hundreds of hours in the implementation of the TPRs and to assure that their firm liability/risk is greatly reduced.”

Accounting firms of all sizes, large and small are now successfully using B&R’s TPR Toolkit. Those that implement the tool have seen significant benefits and improvements, as the special applications help prevent non-compliance. Additionally, accounting firms working with large corporate clients can also see an added channel for potential revenue when using the new TPR toolkit.

Clients find the tools easy to use, with no special installation needs. A user can simply access the tools with a subscription to http://www.tprtoolsandtemplates.com. The training segments are led by renown accounting expert, Eric P. Wallace, CPA. Clients can be confident in that the tool is continually updated by the B&R developing team, especially since the IRS may still be issuing updates to the new regulation.

Contact Eric Wallace at support(at)tprtoolsandtemplates(dot)com to learn more about the TPR toolkit today. He is available to provide assistance and to answer questions.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Eric Wallace
Visit website