Freed Maxick CPAs Introduces CapX (Capitalization or Expense Consulting) Service
Helping Clients Comply with New IRS Tangible Property Rules
BUFFALO, N.Y., Sept. 12, 2012 /PRNewswire/ -- In December 2011, the IRS published significant new regulations governing capitalization vs deductible repair expenditures for tangible property that are effective for tax years beginning on or after January 1, 2012. For many taxpayers planning to acquire, produce, or improve tangible property, this will mean making changes to accounting methods, tax compliance requirements, and the chance to recover improperly expensed capital improvements from past years. Due to these complex new regulations, Freed Maxick CPAs is pleased to add a new offering to their suite of tax and consulting services. Freed Maxick's CapX(SM) Service is a comprehensive program designed to quickly and efficiently bring clients into compliance with these regulations and provide optimal tax savings.
Freed Maxick's CapX service includes consultation on the impact of the new regulations, identification of action items for compliance and identification of tax savings opportunities, preparation of new reports and accounting method change forms, and assistance with updating fixed asset records for accounting method changes.
"While the IRS has suspended audit activity in the tangible assets area for two years, it will likely be an area of high audit activity starting in 2014. This gives taxpayers less than two years to make sure they are in compliance with these complex – and still evolving – rules. The final regulations are expected to contain additional changes. We have highlighted the major changes introduced by the temporary regulations, but we will also continue to update our clients about further developments in this area of intense controversy and debate," said Don Warrant, CPA, Director of Freed Maxick's tax practice.
Freed Maxick has many years of experience helping clients through Cost Segregation studies and the decision regarding whether to expense or capitalize property. The firm has a nationwide Cost Segregation practice, assisting commercial real estate owners in maximizing their tax depreciation deductions. Freed Maxick also provides outsourced cost segregation services and training to other public accounting firms across the country.
About Freed Maxick CPAs
Freed Maxick CPAs, P.C. is one of the largest accounting and consulting firms in Western New York and a Top 100 largest CPA firm in the United States. Serving closely held businesses, SEC companies, governmental and not-for-profit clients across New York as well as nationally and internationally, Freed Maxick mobilizes high-performance professionals to guide client growth, compliance, security and innovation. Freed Maxick specializes in the healthcare, manufacturing, real estate, banking, agribusiness and private equity sectors and has more than 260 professional and administrative personnel and offices in Buffalo, Batavia, Rochester and Syracuse, New York. Visit www.freedmaxick.com
SOURCE Freed Maxick CPAs, P.C.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article