Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that knows the Self Storage business, that works in all 50 states and is there for you when you need him?
Jerry has been our accountant since we started in the self storage business, some 20 years ago. I look to him as more than an accountant, but as a valuable business asset. He is continually suggesting new ways to reduce costs and improve profits. Also, he has developed some unconventional reports that are very helpful in evaluating our business on a day to day basis. I would recommend him to any self storage operator.
Dennis Geiler
SoCal Self Storage, Southern California

New Capitalization Rules: Opportunities and Traps

(Parker's Federal Tax Bulletin: November 26, 2012)

On November 7, at the AICPA Federal Tax Conference in Washington, D.C., two members of the AICPA Tangible Property Task Force reviewed the temporary regulations on capitalization issued at the end of 2011. David Strong, Director at Crowe Horwath LLP, and Natalie Tucker of the Washington D.C. National Tax Office of McGladrey LLP, emphasized certain year-end strategies practitioners must consider in dealing with the new capitalization rules, as well as opportunities for mitigating some of its more onerous provisions.

On December 27, 2011, the IRS issued temporary regulations (T.D. 9564) aimed at assisting taxpayers in determining whether amounts paid to acquire, produce, or improve tangible property must be capitalized. The temporary regulations are generally effective for amounts paid after 2011. The regulations clarify and expand prior proposed regulations, which had been issued in 2008.

Taxpayers Have Two Years for Automatic Consent Method Changes to Comply with the New Rules

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