New Audit Techniques Guide for Capitalization of Tangible Property

The latest Audit Techniques Guide examines the capitalization and disposition of tangible property. The ATG, Capitalization of Tangible Property, serves as a tool for IRS examiners to aid in the identification of potential tax issues and risk areas to ensure compliance with the final tangible proper...

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Bibliographic Details
Published inThe Tax Adviser Vol. 48; no. 2; p. 105
Main Authors Shi, Debbie, Watkins, Tracy
Format Trade Publication Article
LanguageEnglish
Published New York American Institute of Certified Public Accountants 01.02.2017
Subjects
Accounting
Annual reports
Audit risk
Capitalization
Compliance
Documentation
Guidelines
Tax audits
Taxpayers
United States > US
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Summary:The latest Audit Techniques Guide examines the capitalization and disposition of tangible property. The ATG, Capitalization of Tangible Property, serves as a tool for IRS examiners to aid in the identification of potential tax issues and risk areas to ensure compliance with the final tangible property regulations and disposition regulations. The ATG summarizes the final tangible property regulations and disposition regulations. While the ATG is intended to serve as a guideline, it provides taxpayers with valuable insights into specific issues that the IRS may scrutinize upon exam. Taxpayers should review the ATG to ensure that proper documentation exists to support compliance with the final regulations. Taxpayers familiar with the regulations should not expect major surprises, as the ATG primarily recaps topics covered in the final regulations and raises relevant questions to evaluate compliance
ISSN:0039-9957