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August 2015

McGuire Sponsel Welcomes Phuoc Pham to the Team

McGuire Sponsel is pleased to introduce Phuoc "Fook" Pham as our newest team member. Phuoc is a tax consultant for the R&D Tax Credit Practice. He will focus on maximizing clients' research credits and reducing their overall tax burden.

Phuoc has a Bachelor of Science in Accounting with a minor in chemistry from Butler University. Prior to joining McGuire Sponsel, Phuoc held a tax internship at a financial services firm and an accounting internship at a vehicle services company.

"I was drawn to McGuire Sponsel by the strong personalities that I encountered throughout the firm," states Phuoc. "I look forward to a rewarding, long-term career and many opportunities for continual personal development. As the old saying goes, 'In this world, nothing can be said to be certain, except death and taxes.' I am excited that McGuire Sponsel has given me the opportunity to positively influence at least one part of that equation."

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Trusted Partners.
Proven Solutions.

Conceived out of the need to provide tested and proven specialty advisory solutions, McGuire Sponsel partners with accounting firms to offer cost segregation studies, research and development studies, IC-DISC studies, and financing & economic incentive opportunities.

GASB Requires Disclosure on Tax Abatements

Doug Dalton

Late last week the Governmental Accounting Standards Board (GASB) issued its final guidance on requirements for state and local governments to disclose information about tax abatements. GASB's guidelines are intended to provide insight into how certain economic development incentives might diminish a community's tax base. The disclosure standards require information on the number of tax abatement agreements entered into and in effect during the reporting period, dollar amount of taxes abated, and other commitments made by the government. One of the provisions that businesses were hoping to have not included, was the disclosure of the types of commitments made by tax abatement recipients. However, the disclosure is limited to commitments made by recipients in tax abatement agreements entered into by the reporting government. The requirements of this Statement are effective for reporting periods beginning after December 15, 2015.

Clarifying Unit of Properties for Leaseholds

Dave McGuire

The new repair regulations have brought up many questions. Inquiries have included clarification on the optimal time to capitalize a roof, a more detailed definition of refresh, and further explanations of how to calculate a partial disposition. Furthermore, one of the most frequent and largest issues we have seen come up is the capitalization of Leasehold Improvements.

Leasehold improvements have been a contentious issue under the new regulations, attributable to the definition of Unit of Property (UOP) as it relates to leasehold improvements. By the letter of the law, the UOP for leaseholds relates to the area subject to the lease for the lessee, and the entire building for the lessor. This has led many practitioners to conclude that most tenant improvements for landlords are not significant portions of the UOP and can, therefore, be expensed. This is a dangerous position and needs to be examined more closely.

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