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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
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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
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