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

  • 15 Jun

    How to respond to subpoenas

    CPAs in receipt of a subpoena should consider the information in the client files, the recent communications with the client or any parties involved, and then contact their professional liability risk adviser or attorney before responding to the subpoena. CAMICO provides this consultation ... read more

  • 06 May

    Six Risk Management Mistakes CPA Firms Make

    Managing CPA liability risk exposures is a complex process, and it's easy to underestimate the potential for risk along the way. The following six mistakes can be avoided by being aware and taking the right steps.

    1. Not discussing questions about the insurance application... read more

  • 23 Apr

    Top 5 Ways a CPA Can Invite a Malpractice Lawsuit

    After more than 31 years of malpractice claims experience, CAMICO has developed a wealth of information about what causes disputes between CPAs and their clients, what leads to litigation, and how to avoid or minimize the damages from such conflicts. There are basic risk management steps t... read more

  • 15 Mar

    Tax Tip – Documenting Advice and Decisions

    All significant client meetings should be documented with a written description of the subjects discussed at the meeting. This will help ensure that both you and the client are proceeding with the same expectations and assumptions.

      ... read more