CHICAGO – June 14, 2012 – The majority of business owners and CFOs are not prepared for the new repair and maintenance (R&M) regulations, according to the results of a readiness poll taken during a webinar on the R&M changes recently hosted by Baker Tilly Virchow Krause, LLP. The respondents represented companies from a variety of industries across the country.
The R&M regulations, released in December 2011, are the most comprehensive changes to the capitalization regulations in 20 years. While they are generally effective for taxable years beginning on or after Jan. 1, 2012, the IRS has only just released guidance to help taxpayers come into compliance with the regulations, including detailed procedures for companies needing to change their methods of accounting.
"Baker Tilly works hard to keep our clients informed of time-sensitive information regarding significant changes in tax law like the R&M regulations," Wendy Landrum, Baker Tilly Tax Services Partner, said. "And we will continue to analyze and comment on the details and nuances of the new regulations."
As a continuation of our discussion on this topic, Baker Tilly is hosting a follow-up webinar Wednesday, June 27, 2012, that will provide a brief refresher on the new regulations, an overview of the transition rules, and a discussion of opportunities and traps for the unwary.
About Baker Tilly Virchow Krause, LLP (bakertilly.com)
Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,700 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 countries, with 30,000 professionals. The combined worldwide revenue of independent member firms is $3.2 billion.