By: Greg K. Bryant, Managing Partner
On September 16, 2016 the Internal Revenue Service released an Audit Techniques Guide (dated September 14, 2016) specific to the Tangible Property Regulations (TPRs). This project has been highly anticipated and has been in the works for many years. Since 2014, many taxpayers and advisors have been challenged with how to deal with the TPRs and to ensure compliance with same. While the ATG is meant to assist IRS auditors, it is an excellent document for property owners and tax professionals as it does a fairly good job of explaining the TPRs as well as what auditors are likely to ask for upon examination.
The ATG contains some information that may potentially require you to rethink your tax strategy regarding the Tangible Property Regulations if you have chosen to ignore the developments over the past few years.
Bedford plans to drill down deeper and provide you with an in-depth analysis and commentary in the coming weeks. For now, you can familiarize yourself with this ATG by clicking on this link which will take you to the IRS website.