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Understanding Depreciation (DEPU)

Customer Rating
Field of Study
taxes
Level
Intermediate
Credits
4
Qualifies For
IRS CPE



Price:  $39.99
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.

Additional information

Credits

4

Format

Self-Study Download

Company Code

Self Study

Yellow Book Approved

0

CFP Approved

0

IRS Approved

1

CTEC Approved

0

Field of Study Credits

Taxes (Technical) (4)

Field of Study Department

Taxes (Technical)

Course Version

2019-01

CPE Approved

1

Pre-requistes:

Basic knowledge of tax issues for property transactions

Knowledge Level:

Intermediate

Major Topics:

  • 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
  • Amortization of start-up, organization, and other expenditures
  • MACRS depreciation -- finding the proper method, convention, and recovery period
  • What is “listed property” and what are the current limitations?
  • Sale of property and the depreciation recapture rules (§§1245, 1250, unrecaptured §1250 gain for real estate, §291 for corporations)
  • 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.
  • New technical correction Rev. Proc. 2019-13 -- Use it or stand to lose second year depreciation deductions for luxury automobiles

Learning Objectives:

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

Designed For:

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
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