BSW is doing it. Are you?
The rules keep changing. Are you keeping up?
Or better yet, are you still ahead?
Several smaller Brown Smith Wallace clients that own single buildings also have enjoyed additional tax deductions by, for example, replacing roofs. They are now able to write off the remaining basis of the old roof for more than $10,000 of tax savings.
The #repair regs cover multiple topics regarding capitalizing or expensing property. These topics include materials and supplies, spare parts, repairs and maintenance, de minimis safe harbors, transaction costs, partial asset dispositions and asset removal costs.
Setting the bar — clarifying what is a repair The repair regs helped define a “Unit of Property” and clarified when the nature and amount of expenditures rise to the level of a betterment, adaption or restoration (BAR) of a unit of property, and should be capitalized. Costs which are not BAR can be expensed as a repair.
Titan was fortunately (or unfortunately?) pulled into the Repair Regs chaos last January. Remember that nightmare? However, now that the dust is settling, there are still opportunities in the new Tangible Property Regs available to may of your clients.
Call Rob at BSW, if you want to introduce your clients to another CPA firm.
Better yet, call us, and we’ll show you how to do this quickly and effectively. YOU be the hero!