A Brief Guide to the New Tangible Property Regulations

[Lion]

The Capitalization vs. Repair Decision Tree is free. You can read the Guide, download it, or open it in an app on your smart device. And, the guide is pay whatever you want this week for downloads. I downloaded it and like its organization. There's an index, the decision tree, and then the Definitions and References follow in the order of the tree with links to the regs along with each definition. Easy to step through.

http://kevmccoy.com/guide/

[ATSMAN]

The Capitalization vs. Repair Decision Tree is free. You can read the Guide, download it, or open it in an app on your smart device. And, the guide is pay whatever you want this week for downloads. I downloaded it and like its organization. There's an index, the decision tree, and then the Definitions and References follow in the order of the tree with links to the regs along with each definition. Easy to step through.

http://kevmccoy.com/guide/

I saw another decision tree published by one of the national CPA firms.

Lion have you looked at the contents and would you find it useful in your practice. The price is appealing.

[Lion]

I liked it as an outline summarizing the various points: Is it a Material or Supply? Is it Incidental? Is it a Component? Is it a Betterment? Etc. With the definitions following the tree order and with links to the regs with each definition. I've done few enough under the new regs that I was flipping back and forth between other publications. This is organized the way I think and has made it easier to step through what I need to ask about new purchases. (Or, old purchases, if I'm considering whether Form 3115 is warranted.) I don't remember his asking price but remember that I wouldn't pay that for my very small practice. But, I bought it under this week's "pay what you want" system. You can read it online (it's 11 pages) to evaluate it and see if it's useful for you.

Just went back to the site to make sure you can read it online. Yes you can. I think his full price is $79. (I'm a sole proprietor so watch my expenses very closely.) As I said, he was running a "pay what you want special" that I took advantage of. Not sure he's still doing that, but you can try. He has reduced the price after tax season to $29.

[Jiggers]

The problem with this is that my clients will not use it. They will call it as they see it. I don't have the time to review all of the items in their "Supplies", "Materials", "Repairs", etc.

[ATSMAN]

The problem with this is that my clients will not use it. They will call it as they see it. I don't have the time to review all of the items in their "Supplies", "Materials", "Repairs", etc.

You may not have the time to review but when your client screws up they will expect you to fix it. It is better to have the necessary language in your engagement letter so that you don't hear "you should have told me".

Fortunately all my clients fall within Rev. proc 2015-20. So I got some time to get them going straight going forward and had to do minor adjustments with a few existing assets.