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

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    Navigating Complex Conflicts of Interest

    While potential "conflict of interest" issues often arise because of married clients getting a divorce, other types of "splits" that may involve a dispute among shareholders, LLC members, partners and beneficiaries also present potential conflict-of-interest situations. The latter scenario... read more

  • 19 Aug

    Do You Believe You Will Never Be Sued?

    Some CPAs believe that they will never be sued and therefore believe they do not need professional liability or other forms of insurance. The reasons for this position vary, but some common ones include, "I don't make mistakes," "All of my clients are friends," or "I do tax work only." The... read more

  • 27 Jul

    Exclusive Policyholder Benefits

    Risk management services and resources to help you with today's practice challenges

    CAMICO knows that insurance alone is not a solution for reducing risks. That's why you have access to CAMICO’s proven approaches that have helped numerous CPA firms manage risk and avoid claims.... read more