Fixed Asset, Accounting Methods, & 263A Compliance
Author: John Hanning
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Help Clients Maximize Tangible Property Regulations
The Final Tangible Property Repair Regulations are in full effect, yet many taxpayers are not in compliance or are missing opportunities to take full advantage of these new rules. This course covers compliance requirements as well as potential tax planning strategies on both a retroactive and prospective basis. Expert presenter, John Hanning, will also go over in-depth examples and real-life case studies. Participants will be better able to identify tax saving opportunities and be in compliance with these new regulations.
Publication Date: June 2018
Designed For
Tax, accounting and other professionals in the real estate market.
Topics Covered
- Fixed Asset
- Accounting Methods
- 263A
- Tax Reform Updates
- Tangible Property Repair Regulations
- Unit of Property rules
- The De Minimis Safe Harbor
- The Routine Maintenance Safe Harbor
- Relief for Small Businesses
- Disposition rules
- Definitions of Betterments, Adaptations, and Restorations with examples
- Rules for materials and supplies
Learning Objectives
- Recognize changes and new requirements presented by the final repair and disposition regulations
- Identify opportunities for missed deductions and other tax planning ideas
- Gain an in-depth knowledge of Unit of Property rules
- Differentiate common changes in accounting methods and optional elections
- Describe the De Minimis Safe Harbor and the $5,000/$500 thresholds
- Recognize Routine Maintenance Safe Harbor
- Identify relief for small businesses
- Describe disposition rules
- Identify bonus depreciation rates
- Recognize ineligible years for bonus depreciation
- Identify maximum Section 179 expense amounts and phaseouts
- Differentiate qualified property eligible for bonus depreciation
- Describe examples of improvements
- Differentiate correct statements with respect to de minimis rules
- Identify types of real property eliminated as a result of the TCJA
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
