Tax

The tangible property regulations: tackling the implementation issues

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What will be required and how long will it take to comply?

With final and re-proposed regulations at hand, taxpayers are now focused on how to implement and comply with the new capitalization rules. On 24 January 2014 the IRS issued Revenue Procedure 2014-16, which provides part of the highly anticipated procedural guidance for the regulations. The revenue procedure provides additional guidance and possible simplification for taxpayers as they contemplate the challenges of compliance, evaluate planning opportunities and implement the regulations by the 2014 tax year. A second revenue procedure is expected in the coming weeks.

Please join us for a 90-minute webcast on Tuesday, 18 February 2014 at 1:00 p.m. EST. Scott Mackay, Office of Tax Policy, United States Treasury, will join our panel of Ernst & Young LLP professionals to discuss these new procedures in an engaging dialogue that will clarify the impact on your company, answer common questions and provide recommendations for implementation. Topics to be covered include:

  • Key provisions of Revenue Procedure 2014-16 and the subsequent revenue procedure covering Section 168 (which supersede 2012-19 and 2012-20), if released
  • Strategies to comply with the rules, including the use of statistical sampling
  • Planning considerations
  • IRS examination considerations
  • Financial statement implications

 

Panelists:

Scott Mackay

Office of Tax Policy, United States Treasury, Washington, D.C.

 

 

Brandon Carlton

Ernst & Young LLP, National Tax, Washington, D.C.

Brandon Carlton is a principal in Ernst & Young LLP's National Tax Department. Based in Washington, DC, Brandon advises clients on federal tax methods and credits issues, with a particular interest in the recently released temporary regulations on capitalization of costs associated with tangible property. Brandon works with a wide variety of clients in all industries.

 

Joan Schumaker

Ernst & Young LLP, Tax Accounting and Risk Advisory Services, New York, NY

Joan Schumaker is a Partner in Ernst & Young LLP’s National Tax Department and is based in the New York office. She is the Americas Director of Tax Accounting and Risk Advisory Services, Ernst & Young LLP’s tax accounting services practice. Joan serves clients in numerous industries on tax accounting matters to minimize risk pertaining to ASC 740, IAS 12, share-based payments, unrecognized tax benefits, business combinations, carve-out financial statements, post-spin financial reporting, Schedule UTP disclosure of uncertain tax positions, Sarbanes-Oxley Sec. 404 and IFRS conversion. Joan is also the tax leader of our integrated tax and accounting service offerings with FAAS (Financial Accounting and Advisory Services).

Joan received her B.S. in Accounting from the University of North Carolina at Chapel Hill and an M.B.A. in Taxation from New York University. Joan is a Certified Public Accountant licensed in the states of New York, New Jersey, and Florida. She is a member of the AICPA, the NY State Society of Certified Public Accountants and the New Jersey State Society of Certified Public Accountants. Joan is a frequent speaker on tax accounting and reporting matters.

Moderator:

Alison Jones

Ernst & Young LLP, National Tax, Washington, D.C.

Alison Jones is a member Ernst & Young LLP's Accounting Methods and Inventories group. She is based in Washington, D.C. Alison advises clients on federal tax accounting matters, including the accrual of income and deductions, capitalization, depreciation issues and general accounting method change requests. She also represents taxpayers in controversies pending before the Internal Revenue Service.

Alison received a B.A. in Economics and a J.D. from the University of Texas. She is a member of the bar in the state of Texas and a member of the American Bar Association Tax Section. Alison is an adjunct professor in the LL.M. program at the Georgetown University Law Center.