Staff Auditor

OPPORTUNITY:
We’re seeking team players with a strong work ethic and excellent professional skills for the role of Staff Auditor in our Fort Lauderdale and West Palm Beach offices.

Essential Functions:

  • Performs detailed audit procedures on financial statement account balances, prepares and adjusts workpapers from clients’ trial balance
  • Identifies potential management letter comments
  • Researches accounting issues
  • Recognizes potential problem areas in specific engagements and discusses them with engagement supervisor
  • Participates in the engagement planning process
  • Performs other accounting, auditing, and consulting duties as needed in engagements and as assigned by supervisory personnel
  • Assumes full responsibility (under supervision) for preparation of compiled and reviewed financial statements
  • Assists with more complicated segments of audit and accounting engagements
  • Drafts annual financial statements, including footnote disclosures
  • Becomes proficient at preparing financial statements using the firm’s software programs
  • May train other staff auditors

QUALIFICATION GUIDELINES:

  • Bachelor’s degree in accounting; 3.5 or higher GPA in major preferred; advanced degree preferred
  • One to three years audit experience in the commercial, non-profit sectors or benefit plan audit experience a plus; public accounting experience preferred
  • Well-rounded knowledge of accounting principles; knowledge of Generally Accepted Auditing Standards (GAAS), Government Auditing Standards (GAS Yellow Book) and Generally Accepted Governmental Accounting Standards (GAGAS) a plus
  • Proficiency in use of computers and computer accounting software programs
  • Good oral and written communication skills
  • Either holds a current and valid certified public accountant’s license or is working toward obtaining the license by taking and passing the applicable state CPA exam
  • Good time management and organizational skills
  • Some travel may be required

Senior Tax Associates

OPPORTUNITY:

We are seeking talented and accomplished professionals who have been in client-facing roles to join our expanding tax practice in our Fort Lauderdale and West Palm Beach offices.  This is your opportunity to use the breadth of your accounting skills to join an elite and growing local firm CPA that offers many opportunities!

Essential Functions:

  • This is an upper level tax position.
  • You will be responsible for utilizing your educational background as well as communication and organizational skills by reviewing and preparing tax returns, performing tax research, and working with firm Partners, Managers and clients on tax matters.
  • Actively supervise most aspects of engagement and work directly with Partners on 50% of engagements, while working with tax manager on 50%.
  • Experience preparing tax returns for individuals, trusts, partnerships, S corporations and C corporations.
  • Work overtime as required.
  • Performs other duties as assigned.

QUALIFICATION GUIDELINES

Knowledge, Skills, and Abilities:

  • Strong analytical skills and an attention to detail. Able to identify and assist with implementation of tax planning and tax savings strategies, as well as research and consult on complex tax matters.
  • A self-starter, able to perform work with supervision from Tax Partners and Managers.
  • Familiarity with standard tax practices and procedures and the ability to apply them to each project assigned. General knowledge of FASB regulations, GAAS, and GAAP.  Capable of research and consulting on tax matters.
  • Good interpersonal skills including the ability to manage and develop a team.
  • Seeks advice of appropriate superiors regarding issues or problems relating to compliance and consulting.
  • Familiarity with overall company operations and an ability to understand correlations between internal operating departments.
  • A positive and willing attitude is absolutely essential!

Training and Experience:

  • Bachelor’s in Accounting required, Master’s in Taxation or LLM a plus, minimum of 2-4 years public accounting experience (Big 4 and / or Regional Accounting firm experience a plus) and strong demonstrated progress to pursue CPA license if not already licensed.
  • Experience with Microsoft Office Suite environment is required. Experience with tax technology similar to CCH WK, ProSystem Tax, Engagement, Fixed Assets is also required.
  • C-Corp, Partnership, S-Corp, Individual tax preparation and review experience is a requirement of the position.
  • ASC 740, ASC 740-10, and multi-state experience preferred, though not required.
  • Exceptional client relationship skills essential.
  • Effective writing, communication, and tax research skills necessary, experience with tax technology a must.

 

Spring 2018 Tax Internships

OPPORTUNITY:
We are seeking talented soon to be college graduates to join our tax practice in our Fort Lauderdale and West Palm Beach offices. This is your opportunity to use the breadth of your accounting and tax knowledge and skills and intern with an elite and growing local firm CPA that offers many opportunities!

Essential Functions:
• This is a staff level tax position.
• You will be responsible for utilizing your educational background as well as communication and organizational skills by preparing tax returns, performing tax research, and working with firm Partners, Managers, Seniors and clients on tax matters.

QUALIFICATION GUIDELINES:

Knowledge, Skills, and Abilities:
• Strong analytical skills and an attention to detail.
• A self-starter, able to complete projects with supervision from Tax Partners, Managers and Seniors.
• Book knowledge with standard tax practices and procedures.
• Good interpersonal skills.
• A positive and willing attitude is absolutely essential!

Training and Experience:
• Working toward a Bachelor’s in Accounting is required. Working toward Master’s in Taxation or LLM a plus.
• Experience with Microsoft Office Suite environment is required while programs similar to CCH WK and ProSystem Tax, Engagement, Fixed Assets suite experience is a plus.
• Experience preparing individual, trusts, partnerships, S Corp, or C Corp Returns a plus.
• Willingness to work at least 8 hours per day from January 15th through April 17th of 2018 is a major plus. Part time opportunities may exist depending on need and location. Those willing to work overtime are a major plus.
• Hourly pay rate is based on college and work experience level and will range between $15 and $22 per hour.

Templeton & Company, LLP Named a Top 300 Accounting Firm in the Nation

West Palm Beach, Fla. – August 10, 2017 Templeton & Company, LLP has been named a Top 300 Accounting Firm in the nation by INSIDE Public Accounting (IPA) for the third consecutive year. Templeton & Company is one of only four Florida firms to be included.

Since 1994, INSIDE Public Accounting’s Survey and Analysis of Firms and the resulting national benchmarking report on the nation’s largest accounting firms has served as a barometer of the overall health, challenges and opportunities of the accounting industry and is known as the gold standard within the profession. More than 540 firms participate in the survey process each year.

Templeton & Company has been dedicated to providing the highest quality audit, tax and consulting services to its clients since its founding more than 27 years ago. The firm continues to grow its client base and consistently ranks as one of the largest accounting and management advisory firms in the South Florida region.

“It is an honor to once again be nationally recognized as a top CPA firm.” said Steven Templeton, Managing Partner of Templeton & Company.

About Templeton & Company

Founded in 1990, Templeton & Company, LLP is a professional services firm providing comprehensive business solutions to help its clients discover and realize their vision for success. Located in Fort Lauderdale, West Palm Beach, and Wellington, Fla., the firm provides consulting services to businesses in multiple industries with a focus on audit, tax, technology, accounting, succession strategy, and business valuations. Templeton & Company is also an independent member of the BDO Alliance USA, a national network of leading CPA firms. For more information about Templeton, its people, services, experience, and alliances, visit www.templetonco.com.

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Staff Auditor

OPPORTUNITY:

We’re seeking a team player with a strong work ethic and excellent professional skills for the role of Staff Auditor with our firm.

 Essential Functions:

  • Performs detailed audit procedures on financial statement account balances, prepares and adjusts workpapers from clients’ trial balance
  • Identifies potential management letter comments
  • Researches accounting issues
  • Recognizes potential problem areas in specific engagements and discusses them with engagement supervisor
  • Participates in the engagement planning process
  • Performs other accounting, auditing, and consulting duties as needed in engagements and as assigned by supervisory personnel
  • Assumes full responsibility (under supervision) for preparation of compiled and reviewed financial statements
  • Assists with more complicated segments of audit and accounting engagements
  • Drafts annual financial statements, including footnote disclosures
  • Becomes proficient at preparing financial statements using the firm’s software programs
  • May train other staff auditors

QUALIFICATION GUIDELINES:

Knowledge, Skills, and Abilities

  • Bachelor’s degree in accounting; 3.5 or higher GPA in major preferred; advanced degree preferred
  • One to three years audit experience in the commercial, non-profit sectors or benefit plan audit experience a plus; public accounting experience preferred
  • Well-rounded knowledge of accounting principles; knowledge of Generally Accepted Auditing Standards (GAAS), Government Auditing Standards (GAS Yellow Book) and Generally Accepted Governmental Accounting Standards (GAGAS) a plus
  • Proficiency in use of computers and computer accounting software programs
  • Good oral and written communication skills
  • Either holds a current and valid certified public accountant’s license or is working toward obtaining the license by taking and passing the applicable state CPA exam
  • Good time management and organizational skills
  • Some travel may be required

 

FASB Issues ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities

By Lee Klumpp, CPA, CGMA and Tammy Ricciardella, CPA

The Financial Accounting Standards Board (FASB) released the Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on Aug. 18, and you can read the full ASU here.

The standard aims to improve presentation of financial information, ultimately making not-for-profit financial reporting statements more informative, transparent and useful to donors, grantors and other users. This is the first major change to the nonprofit financial statement model in over 20 years.

ASU 2016-14 impacts all not-for-profit entities in the scope of Accounting Standards Codification (ASC) Topic 958. The ASU addresses the following key qualitative and quantitative matters:

  • Net asset classes
  • Investment return
  • Expenses
  • Liquidity and availability of resources
  • Presentation of operating cash flows

In addition, the ASU includes illustrative financial statements for not-for-profit entities, which reflect changes made by the new standard.

Net asset classes:
The effects of the ASU on net asset classes are as follows:

  • The current presentation of three classes of net assets (unrestricted, temporarily restricted and permanently restricted) is replaced with two classes of net assets–net assets with donor restrictions and net assets without donor restrictions. The totals of these two required net asset categories must be reported in the balance sheet and the changes in these two net asset categories must be presented in the statement of activities. However, this is a minimum presentation requirement. An entity may choose to disaggregate within these two net asset categories.
  • The current requirement to provide information about the nature and amounts of different types of donor-imposed restrictions is retained and includes the need to highlight how these restrictions affect the use of the resources and their impact on liquidity.
  • Changes the net asset classification of underwater amounts of donor-restricted endowment funds to net assets with donor restrictions and requires additional disclosures related to these underwater endowment funds.
  • Eliminates the over-time approach for the expiration of restrictions on capital gifts and requires the use of the placed-in-service approach in the absence of donor explicit stipulations otherwise.

Investment return:
The ASU requires the following items with regard to investment return (relates to total return investing and not programmatic investing):

  • Investment return should be presented in the statement of activities net of all related external and direct internal expenses. The ASU provides definitions and examples of what qualifies for direct internal expenses to assist entities with this presentation.
  • The current requirement to disclose the netted investment expenses has been eliminated.

Expenses:
All nonprofit organizations currently must present expenses by function. The ASU introduces
a requirement to present expenses by nature and function, as well as an analysis of these expenses in one location by both nature and function. The intent is to provide additional information to the users of the financial statements regarding how the nonprofit uses its resources. This analysis can be presented in the face of the statement of activities, as a separate statement (not a supplemental statement) or in the notes to the financial statements.

  • This analysis should be supplemented with enhanced disclosures about the allocation methods used to allocate costs among the functions.

Liquidity and availability of resources:
To improve the ability of financial statement users to assess a nonprofit entity’s available financial resources and the methods by which it manages liquidity and liquidity risk, the ASU contains specific disclosures including:

  • Qualitative information that communicates how a nonprofit entity manages its liquid available resources to meet cash needs for general expenditures within one year of the balance sheet date.
  • Quantitative information that communicates the availability of a nonprofit’s financial assets to meet cash needs for general expenditures within one year of the balance sheet date. Items that should be taken into consideration in this analysis are whether the availability of a financial asset is affected by its nature, external limits imposed by grantors, donors, laws and contracts with others, and internal limits imposed by governing board decisions.

Presentation of Operating Cash Flows:
The ASU maintains the option for nonprofit organizations to present their statement of cash flows on either the direct or indirect method of reporting. If an organization chooses to use the direct method, the reconciliation of changes in net assets to cash provided by (used in) operating activities is no longer required.

Effective Date of ASU:
The amendments in ASU 2016-14 are effective for annual financial statements issued for fiscal years beginning after Dec. 15, 2017 (2018 for calendar year ends and 2019 for fiscal year ends), and for interim periods within fiscal years beginning after Dec. 15, 2018. Application to interim financial statements is permitted but not required in the initial year of application. The amendments in this ASU can be adopted early. Entities presenting comparative financial statements must apply the amendments retrospectively; however, the following optional practical expedients are available for periods presented prior to adoption. For prior periods presented organizations can opt not to include:

  • The analysis of expenses by nature and function and/or,
  • Disclosures related to liquidity and availability of resources.

Actions to Take Now:

  • Read through the ASU and watch for further alerts from BDO with more details related to the implementation of this ASU.
  • Discuss the new ASU with your audit committee, board members and external auditors to prepare for the changes introduced.

On the Horizon
This ASU completes the first phase of the FASB’s project to improve the financial reporting of not-for-profit entities. As we have discussed in earlier newsletters, the FASB determined that a second phase would consider other potential changes that are likely to require more time to resolve, including potentially reconsidering intermediate operating measures and certain other enhancements.

This article originally appeared in BDO USA, LLP’s “Nonprofit Standard” newsletter (Fall 2016). Copyright © 2016 BDO USA, LLP. All rights reserved. www.bdo.com

PErspective in Manufacturing

The housing market remains a bright spot in the U.S. economy this year after a similarly robust 2015. Housing construction is booming and U.S. construction spending reached its highest level in March in more than eight years, according to the New York Times.

Both the residential and commercial sides are making gains. Inventory is tight and, with demand exceeding supply, home prices are climbing and new home starts are on the rise. As a result, construction job numbers are up, and builder sentiment is positive, MarketWatch reports. With interest rates still low and fewer rate hikes expected than previously predicted, mortgage rates remain at historically low levels, adding to the positive construction environment.

This recent uptick in building has boosted sales of construction products, turning manufacturers of these products into attractive takeover targets for private equity firms and strategic buyers alike, according to The Middle Market. Our Q1 Manufacturing & Distribution M&A Outlook and Review notes that the while the general economy tends to ebb and flow in four- to seven-year cycles, the building products industry appears to be in year four of a 10-year cycle and deal flow in the sector is active.

Innovative Chemical Products—backed by Audax Private Equity—acquired adhesives maker Fomo Products in April for an undisclosed sum. Fomo manufactures adhesives, sealants and spray foam products, making it a natural fit for ICP, which makes coatings and adhesives for the construction, packaging and printing sectors. Also in April, Nautic Partners-backed IPS—a global manufacturer of adhesives, solvent cements and specialized plumbing products—purchased Integra Adhesives from management in its fifth acquisition since becoming a Nautic VII portfolio company in February 2015. And Z Capital Partners bought Twin-Star International, a designer and manufacturer of electric fireplaces, heaters and home furnishings.

Strategic investors have also closed a number of deals in the last year. Quanex Building Products paid $248 million for cabinetmaker Woodcraft Industries in November, while last August, Summit Materials bought gravel-pit operator LeGrand Johnson Construction, which will become part of Summit’s Kilgore Companies business in Utah. Door manufacturer Masonite International bought privately held USA Wood Door last October for $13 million and door-kit maker National Hickman for $82 million last August.

The Middle Market predicts that building products M&A will remain strong through 2016, as the prospect for a continued housing recovery remains strong. Private equity firms interested in middle market companies may continue to find opportunities in the building products sector and those entering now could be poised to enjoy even greater growth.

Sources: Forbes, Furniture World, MarketWatch, Mergers & Acquisitions, Modern Distribution Management, New York Times, NREI Online, The Wall Street Journal.

Future PErspectives:
What’s Up Next for Manufacturing Investors

Strong appetite for M&A in the manufacturing sector has persisted following an active year of deals in 2015—industrial manufacturers announced a record-level transaction volume of $1.3 trillion in Q4 2015, according to commercial real estate services firm JLL. Several factors indicate that deal activity in the sector will remain steady, including the need for geographic expansion and strong demand in the housing market, reports Mergermarket. However, as we near the upcoming presidential election, investors will likely approach the space more cautiously due to uncertainties around the impact of future regulation on deals. In fact, investors are more optimistic in manufacturing industry deals over the long term than the short term. In Mergers & Acquisitions’ Mid-Market Pulse (MMP), survey respondents gave manufacturing deals a 12-month forward-looking sentiment score of 61.4, compared to the three-month sentiment score of 59.7. That said, consolidation in the building materials and construction sectors ramped up in May 2016, notes Modern Distribution Management, highlighting the large role that deals will continue to play in the building products sector for the foreseeable future.

This article originally appeared in BDO USA, LLP’s “Manufacturing & Distribution” newsletter (Summer 2016). Copyright © 2016 BDO USA, LLP. All rights reserved. www.bdo.com

Could a Lack of Skilled Labor Slow the Reshoring Wave for U.S. Manufacturers?

By Tom Stringer and Michelle Cammarata

mandd-image

U.S. manufacturing is on the rebound, having added more than 730,000 jobs since the end of 2010. And industry analysts expect the sector to create at least another 700,000 jobs by the end of the decade, according to the Manufacturing Institute.

Many of these jobs are the result of the return of operations to the U.S. from abroad, also known as reshoring. Companies are exhibiting a strong commitment to reshoring, and a December 2015 study by The Boston Consulting Group found that:

  • 54 percent of companies with more than $1 billion in revenue are considering reshoring
  • The share of executives saying that their companies are actively reshoring production increased by 9 percent since 2014 and by almost 250 percent since 2012
  • Of manufacturers planning to add production capacity over the next five years for goods consumed in the U.S., more plan to add that capacity in the U.S. than in any other country

Perhaps no company has had a bigger impact on the reshoring trend than Walmart. The retailer has committed $250 billion to U.S.-made goods over the next decade and reshored 4,444 jobs between 2010 and 2014, according to the Reshoring Initiative. This has set in motion a chain reaction, as suppliers are reshoring their own operations to serve the retail giant.

U.S. automakers are also making significant investments. Ford, second only to Walmart in reshoring over the past five years, brought 3,250 jobs from Mexico to Michigan and Ohio and moved 1,800 jobs to Tennessee. General Motors also brought 1,800 jobs from Mexico to U.S. plants, according to analysts at the Reshoring Initiative.

Reshoring is strongest in the Southeast and Texas. Companies building new facilities frequently choose right-to-work states with comparatively lower wages and business taxes. Companies that move operations to other regions typically choose existing factories with excess capacity. For example, in 2014, Whirlpool announced it would relocate production of KitchenAid small appliances from China to an existing facility in Greenville, Ohio, adding 400 workers.

WHY BUSINESSES RESHORE JOBS

Costs

Two major costs—labor and energy—are dramatically reduced for many companies when they reshore. The cost of labor in China has increased 320 percent since 2000, according to the Reshoring Initiative. Gas and oil prices, volatile in other countries, have been lower and more stable here in the United States, and few predict that will change in the near term.

Logistics

Reshoring shortens the supply chain and cuts time to market, helping companies be nimbler.

Brand Building

Businesses boost their brands when they can market their products as “Made in America.” Companies enjoy better quality control and access to skilled labor, which can improve the product, further strengthening their brands.

WHO WILL FILL THE JOBS?

Add existing manufacturing sector growth, plus reshoring, plus the pending retirement of the baby boomers, and U.S. manufacturers say there will be as many as 3.5 million job openings over the next 10 years, according to a 2015 GE Reports study by General Electric. Meanwhile, according to the Reshoring Initiative, there are still 3-4 million manufacturing jobs abroad, offering a chance for enormous economic growth if reshoring continues.

The U.S. might not have enough skilled manufacturing labor—today or in the pipeline—to meet this demand. Several factors contribute to the gap:

Perception

After years of layoffs, plant closings and relocations to emerging markets like China and Mexico, the industry has struggled to attract younger talent. While initiatives like Manufacturing Day are making strides to cultivate a new generation of manufacturers, a 2015 study from the Manufacturing Institute reports that just 37 percent of parents would encourage their children to pursue careers in manufacturing.

Demand for technical skill

U.S.-based manufacturing jobs today focus on operating, maintaining and programming high-tech machines. Employers need problem solvers with strong technical skills. Unfortunately, inadequate investment in manufacturing education, vocational schools and community colleges, along with a decline in apprenticeship programs, have contributed to the skills gap.

Wages

Concerns about wages may push otherwise qualified workers away from a manufacturing career. While automakers have reshored jobs, for example, some have moved to areas where wages and benefits are lower. Increases in manufacturing pay are struggling to keep pace with the influx of jobs to fill.

Experts note that these hurdles are not insurmountable, and several strategies are already yielding progress. As the cost of doing business abroad continues to rise, manufacturers are heading home to take advantage of lower costs, more efficient logistics, stronger protections for intellectual property and a boost to their brands. Job opportunities abound for employees with the technical skills and problem-solving ability to operate and maintain high-tech equipment and engineer new products. By collaborating to offer educational programs and apprenticeships, leaders in business and government can grow the skilled workforce to keep pace with the rapid growth projected for the manufacturing sector for years to come.

This article originally appeared in BDO USA, LLP’s “Manufacturing & Distribution” newsletter (Summer 2016). Copyright © 2016 BDO USA, LLP. All rights reserved. www.bdo.com

Templeton & Company Continues to Rank as One of South Florida’s Top Accounting Firms

West Palm Beach, Fla. – August 31, 2016–Templeton & Company, a leading accounting and management advisory firm, has been selected as a Top 25 Accounting Firm in South Florida by The South Florida Business Journal. Based on 2015 billings, this marks the seventh year in a row that Templeton & Company has ranked as a top accounting firm in South Florida.

For more than 25 years Templeton & Company has provided high quality audit, tax and consulting services to its clients in a variety of industries. The firm has grown to include more than 60 professionals and three South Florida office locations; West Palm Beach, Fort Lauderdale and Wellington. Templeton & Company consistently ranks as a Top 300 firm in the nation by Inside Public Accounting.

About Templeton & Company

Founded in 1990, Templeton & Company, LLP is a professional services firm providing comprehensive business solutions to help its clients discover and realize their vision for success. The firm provides consulting services to businesses in multiple industries with a focus on audit, tax, technology, accounting, succession strategy, and business valuations. Templeton & Company is also an independent member of the BDO Alliance USA, a national network of leading CPA firms. For more information about Templeton, its people, services, experience, and alliances, visit www.templetonco.com.

 

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Taxpayers No Longer Need to Attach Copy of Section 83(b) Election to Form 1040

Summary

The IRS finalized regulations on July 25, 2016, adopting the  2015 proposed regulations, without change, that eliminate the requirement to file a copy of an 83(b) election with an individual’s income tax return for the year.  An 83(b) election allows the taxpayer to report as income when nonvested property is transferred in connection with the performance of services rather than when the property becomes substantially vested as provided under Section 83(a).

There are both pros and cons to making an 83(b) election that should be discussed with your tax advisor prior to making such an election.

The final regulations apply to property transferred on or after January 1, 2016.  For transfers of property on or after January 1, 2015, and before January 1, 2016, taxpayers may rely on the guidance in the proposed regulations, which is identical to the guidance contained the final regulations.

Details

When property is transferred to a taxpayer in connection with the performance of services, Section 83(a) generally requires inclusion of the excess of the fair market value of the property over the amount paid for the property in the year in which the taxpayer’s rights in the property are transferable or are not subject to a substantial risk of forfeiture.

Under Section 83(c)(1) and regulations thereunder, a substantial risk of forfeiture  exists if the full enjoyment of the property is conditioned on the future performance of substantial services or  the occurrence of a condition  that provides a substantial  possibility of forfeiture.  Property often increases in value between the transfer date and the time when there is no longer a substantial risk of forfeiture, resulting in an increased amount taxed as ordinary income.

As an alternative to delaying the taxation until there is no longer a substantial risk of forfeiture, Section 83(b)(1) allows the  person who performs services in connection with which property is transferred to elect inclusion of the excess fair market value of the property over the amount paid for it in gross income for the tax year of the transfer.

Prior to these new regulations, an 83(b) election was made by filing a written statement within 30 days of the transfer date with the IRS office with which the taxpayer’s return would be filed (a copy was also furnished to the service recipient).  An additional copy of the statement had to be submitted with the taxpayer’s income tax return for the year of transfer.  The requirement to attach a copy of the 83(b) election with the taxpayer’s income tax year proved to be an impediment to IRS’s preferred electronic filing.  The final regulations eliminate the requirement to attach a copy to the taxpayer’s income tax return.  Generally, a copy of any Section 83(b) election must be kept until the period of limitations expires (generally, three years from the due date of the return) for the return that reports the sale or other disposition of the property.

Insights

Taxpayers are not relieved of their general recordkeeping responsibilities under Section 6001 and accordingly must keep sufficient records to support the original cost of the property and the tax treatment as reported on their income tax returns.

Copyright © 2016 BDO USA, LLP. All rights reserved. www.bdo.com