Event Description

The “permanent” changes from the TCJA may stand like a lion in the pathway of change, but Washington has its own definition of permanent. Inflation adjustments and technical corrections are included within this deep analysis of the complex maze of rules dealing with depreciation, amortization, and sale of property. This course contains many examples and cases to illustrate the most important points of which CPAs need to be aware.

Designed For

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

Objectives

Fully understand two of the most commonly prepared tax forms Understand assets from acquisition to disposition Complete and discuss cases highlighting some of the practical issues tax preparers face

Major Subjects

Resolved technical glitches for qualified improvement property Detailed coverage of Sect 179 expense elections and Sect 168(k) bonus or additional first-year depreciation: how to maximize them, definitions, limitations, qualified property, etc. Sale of property and the depreciation recapture rules (Sect 1245, Sect 1250, unrecaptured Sect 1250 gain for real estate, Sect 291 for corporations) MACRS depreciation – finding the proper method, convention, and recovery period Listed property and the current limitations Amortization of start-up, organization, and other expenditures AMT depreciation adjustments and how to avoid them Examples, cases, and rulings of depreciation and amortization issues and how they impact clients, along with useful planning opportunities

Prerequisites

Basic knowledge of tax issues for property transactions

Instructions

None