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Essential Depreciation and Expensing Update (TDP4) (SUTDP403)

 
Date:Friday, September 20, 2019
Time:9:00 AM - 12:30PM
(Registration at 8:30 AM)
Facility:Webcast or Webinar, Online
CPE Credit:4.0 Technical Business
Instructor: Dennis Benvie
Vendor:Surgent McCoy
Course Level:Intermediate
Early Bird Price:$139.00 FICPA Members, $199.00 Non-Members

Description:
The PATH Act of 2015 made "permanent" changes to depreciation; however, the Tax Cuts and Jobs Act reminds us that Washington has a different definition of the word "permanent." Individuals, corporations, partnerships, LLCs, trusts, estates, and nonprofits all utilize two of the most often prepared tax forms -- Form 4562 -- Depreciation and Amortization, and Form 4797 -- Sales of Business Property. This course provides a quick dissection of both of these complicated forms. New to experienced tax preparers may utilize this manual for all tax returns/entities they prepare. This reference manual contains many examples and cases to illustrate the most important points CPAs need to be aware of.

Objectives:
  • Fully understand two of the most commonly prepared tax forms
  • Understand assets from acquisition to disposition
  • Discuss cases highlighting some of the practical issues tax preparers face


Major Topics:
  • Detailed coverage of §179 expense election and §168(k) bonus or "additional first-year depreciation" -- how to maximize them, definitions, limitations, what property qualifies, etc.
  • Sale of property and the depreciation recapture rules (§§1245, 1250, unrecaptured §1250 gain for real estate, §291 for corporations)
  • MACRS depreciation -- finding the proper method, convention, and recovery period
  • What is “listed property” and what are the current limitations?
  • Amortization of start-up, organization, and other expenditures
  • New regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules
  • AMT depreciation adjustments and how to avoid them
  • Examples, cases, and rulings of depreciation and amortization issues and how they impact clients, along with the useful planning opportunities


Who Should Attend:
CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and who want to maximize the possible tax savings for their clients

Prerequisite:
Basic knowledge of tax issues for property transactions

Advanced Preparation:
None

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Registration Status: OPEN