Event Description

The “permanent” changes within the Tax Cuts and Jobs Act may stand like a lion in the pathway of change, but Washington has a different definition of the word “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 reference manual contains many examples and cases to illustrate the most important points of which Accounting and Finance Professionals need to be aware.

Designed For

Accounting and Finance Professionals 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

Objectives

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

Major Subjects

Coverage of the Inflation Reduction Act of 2022 Resolved technical glitches for Qualified Improvement Property Detailed coverage of Section 179 expense election and Section 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 (Section 1245, 1250, unrecaptured gain for real estate, Section 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 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

Prerequisites

Basic knowledge of tax issues for property transactions

Instructions

None