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Tangible Property Regulations Capabilities
RSM's tangible property resource team includes multidisciplinary specialists with broad experience in assisting companies to favorably comply with the tangible property regulations.
Our specialists can perform an initial assessment of your current tangible asset accounting practices and fixed asset records in order to determine the available options and level of effort required to perform a study. RSM’s diverse client base gives us a unique advantage in customizing the approach for companies of all sizes across various industries.
We will review applicable documents, conduct interviews with your facilities personnel, and perform site inspections where appropriate. This information will then be used to determine any adjustments for materials and supplies, de minimis asset purchases, unit of property cost basis (including building system components), improvements versus repairs and dispositions. We will then compute the resulting applicable section 481(a) adjustments, review our final conclusions with you, help you prepare and file the required Form(s) 3115, and assist with tax return elections.
After completing the filing requirements, we will help you implement a comprehensive, Excel-based fixed asset upload that reflects the reclassifications generated by our analysis and assist with new asset accounting procedures to ensure continued compliance with these new regulations.