Eric P. Wallace, CPA

CCH's expert in the tangible property regulations; TPR Tools and Templates website creator, Construction, Real Estate, Homebuilding Tax, A & A Expert

[Eric P. Wallace, CPA @ericpwallace]

The Tangible Property Regulations keep evolving and changing, stay informed and up to date: https://t.co/WslvOy8Pif #CCHUC15

[Eric P. Wallace, CPA @ericpwallace]

Want to become a Repair Regs expert, like me? Sign up and take CCH's E-Certificate program & earn CPE credits! https://t.co/YSHG5XZkKM

[Eric P. Wallace, CPA @ericpwallace]

Questions about the TPRs? Sign up for my toolkit https://t.co/g8y4dcdzrB w/ thousands of Q&As, sample 3115 Forms and invaluable knowledge

[Eric P. Wallace, CPA @ericpwallace]

Important to remember: Form 3115s no longer go to Ogden, UT but now to IRS Covington, KY. Non-automatic method changes now go to DC

[Eric P. Wallace, CPA @ericpwallace]

Basic TPR Rules (Part 3): 6. If expenditure passes any RABI rules, you must capitalize; fails, TP must deduct. #CCHseminars #TPRs

[Eric P. Wallace, CPA @ericpwallace]

Basic TPR Rules (Part 2): 3. DMSH is an "out" to the required TPR process 4. Tax payer MUST 1st determine its U of P & 5. Employ RABI rules

[Eric P. Wallace, CPA @ericpwallace]

Basic TPR Rules (Part 1): 1. Tax payer must employ the TPRs 2. TPRs are only employed on assets after they've been placed in service

[Eric P. Wallace, CPA @ericpwallace]

You must have a specific dollar amount set in place before the beginning of the year in order to properly employ the DMSH #CCHSeminars

[Eric P. Wallace, CPA @ericpwallace]

#DMSH establishes a minimum threshold below which all qualifying amounts are considered deductible. #CCHseminars #TPRs @WKTAAUS_PR

[Eric P. Wallace, CPA @ericpwallace]

Method Changes of RP 2015-14 Section 18: applies to a TP that wants/ required to change its method of accounting of its long term contracts

[Eric P. Wallace, CPA @ericpwallace]

What I'm talking about today: IRS Notice 2015-40, Proposed 199 Regs, the impact TPRs have on #Construction Industry & more! #CCHseminars

[Eric P. Wallace, CPA @ericpwallace]

Today 1PM EST my first @WKTAAUS Webinar of 2016 Join me for #Construction Industry: Tax Update & Tax Accounting Method Changes #CCHSeminars

[Eric P. Wallace, CPA @ericpwallace]

#IRS released the new Form 3115 & instructions at the end of last week. HUGE updates coming today to https://t.co/g8y4dcdzrB! #CPA

[Eric P. Wallace, CPA @ericpwallace]

New Question 16 asks the filer to provide legal basis of method filing. This includes full explanation and all authorities supporting change

[Eric P. Wallace, CPA @ericpwallace]

Reference to "eligibility requirements" on new form is similar to prior references to "scope of limitations." Details listed in line 2

[Eric P. Wallace, CPA @ericpwallace]

A new paragraph titled "reduced filing requirement" has been added to the instructions but not the new 3115 form. #cchseminars @WKTAAUS

[Eric P. Wallace, CPA @ericpwallace]

As of 01/01/2016 all automatic method changes will be sent to Covington, KY no longer Ogden. Non-automatic method changes to DC #CCHSEMINARS

[Eric P. Wallace, CPA @ericpwallace]

Last Form 3115 update occurred back in 2009. I'm talking about what you can expect right now #CCHSEMINARS @WKTAAUS

[Eric P. Wallace, CPA @ericpwallace]

As of today 12-23-15 the IRS still has not yet released the new Form 3115. Big changes ahead stay informed,
https://t.co/g8y4dbVY31

[Eric P. Wallace, CPA @ericpwallace]

IRS Rev Proc 2015-56 is a new IRS safe harbor that restaurant and/or retail business can employ if they follow the outlined procedures

[Eric P. Wallace, CPA @ericpwallace]

You must have a policy in place already in order to employ the new DMSH #cchseminars @WKTAAUS