TaxConnections

Ask Tax Question

What is the status of the AICPA's Task Force in addressing the need for the IRS to increase the TPR De Minimis Safe Harbor threshold amount?

Tangible Property Regs
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Peter J. Scalise
On Tuesday, April 21st The American Institute of CPAs (hereinafter the “AICPA”) has recommended to the Internal Revenue Service (hereinafter the “Service”) that the De Minimis Safe Harbor threshold amount under the Final Treasury Regulations governing Tangible Property be increased from $500 to $2,500 for small business entity taxpayers without an Applicable Financial Statement (hereinafter “AFS”).

Troy K. Lewis, the AICPA Tax Executive Committee Chair advised the Service that “the AICPA believes the requirement that a taxpayer have an AFS to use the $5,000 De Minimis Safe Harbor threshold unfairly discriminates against smaller taxpayers, and recommends an alternative test to allow such taxpayers to use the De Minimis rule.”

The AICPA further recommended that the Service expand the definition of an approved AFS to include a reviewed set of financial statements, which are in accordance with Statements on Standards for Accounting and Review Services (hereinafter “SSARS”) and provide reasonable assurance that there are no material modifications that have been made or should be made for them to be in conformity with the applicable financial reporting framework.

For complete legislative updates from Capitol Hill and coverage of the latest statutory, administrative, and judicial interpretations please follow Peter J. Scalise at: http://pragermetis.com/about-us/our-team/peter-j-scalise
Leave a Comment 85 weeks ago



Meet Leading Tax Advisors

User Photo Kathryn Morgan

Bossier City, Louisiana, USA

Enrolled Agent, Master Tax Advisor

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA

Principal

User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA

President

User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo Gary Carter, PhD, MT, CPA

Edina, Minnesota, USA

President

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

Tax Principal - President

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Dr. Daniel Erasmus

West Palm Beach, Florida, USA

Managing Partner/EMEA

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today