Alert: Internal Revenue Service and U.S. Treasury Issue Final Capitalization Regulations

In September 2013, the IRS and U.S. Treasury issued final capitalization regulations. These revised regulations, under specified circumstances, permit business taxpayers to make safe harbor elections that would enable them to deduct expenditures that might otherwise need to be capitalized. The focus of this alert is on the de minimis safe harbor election and the requirement for taxpayers to have a written accounting policy in place not later than the first day of their tax year - January 1, 2014 for calendar year clients.

What amount is considered de minimis?

CAMICO’s Award Winning IMPACT

CAMICO’s policyholder risk management newsletter, IMPACT, recently received an APEX Grand Award for one of its articles on the “Top 10 Loss Prevention and Claims Questions.” In honor of that recognition we’re posting two of the questions and responses here on The Savvy CPA.

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Latest Articles

  • 05 Dec

    Six Tips for Safe Holiday Celebrations

    Employer-hosted events to celebrate the holidays and thank employees for jobs well done often come with liability and other risks when the events include alcohol.

    "Impaired judgment and lowered inhibitions as a result of alcohol consumption give rise to a variety of dangers,... read more

  • 13 Nov

    How to respond to subpoenas

    CPA firms are often uncertain about whether or how to respond to a subpoena, as they also need to comply with a number of rules and regulations that are intended to protect client confidentiality. The following Q&A focuses on understanding the nature of subpoenas and how CPA firms can ... read more

  • 13 Nov

    The New 'Hosting Services' Interpretation

    Under the new "Hosting Services" ethics interpretation in the AICPA's Code of Professional Conduct (ET §1.295.143), effective July 1, 2019, CPA independence is impaired by taking responsibility for hosting a client's data or records. As such, if the only way that the client can access its... read more