IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Recording and Accounting for Asset Exchanges (OnDemand Webinar)

$199.00

SKU: 410693EAU

Description

Prepare for recording and accounting of asset exchanges, including tax elections and alternatives for asset exchanges.U.S. accounting and tax rules are not always the same regarding the acquisition and sale of assets. Some assets are acquired by exchange instead of through a cash purchase for a stated price. In some cases, the fair value of assets must be relied upon for the proper reporting of an event. For tax purposes, likekind exchanges continue under the Tax Cuts and Jobs Act of 2017 (TCJA), but some taxpayers now have taxable exchanges of personal property and tradein property. This topic will provide you with an overview of the current accounting and tax issues for individuals and businesses, including reconciling the differences between book and tax issues and how to manage the costs and exchanges of assets. The range of topics will include tax elections and alternatives for asset exchanges, and tax planning issues for deferring tax and reinvesting gain.

Date: 2023-05-05 Start Time: End Time:

Learning Objectives

Accounting for Asset Exchanges
• Definitions and Terms
• Recordkeeping for Exchange Transactions
• Reporting Gain or Loss on Exchanges
• Deferred Gain and FMV Accounting Issues

Identifying Like-Kind Exchange Tax Issues
• New Tax Rules for Personal Property/Trade-in
• Tax Issues for Real Property/Replacement Issues
• Depreciation Impact on Exchanged Assets
• Taxable Boot Received and Paid on Exchanges
• Exchange Costs Paid for Replacement Property
• Foreign Property Exchanges

Identifying Tax Benefits and Reporting Exchange Issues
• Effective Tax Rates for Business Exchanges
• Exchanges of Personal Residences
• Exchanges of Cryptocurrency
• Exchanges of Assets for Services Provided
• Cost Allocation for Multiple Assets

Top Examples of Exchange Strategies
• Classic Like-Kind Exchange Case
• Reverse Exchanges/Requirements
• Trade-in Exchange of Personal Property
• Multiple Asset Exchanges
• Taxable Boot Exchanges

Thomas M. Kosinski, C.P.A., M.S.T.-Ostrow Reisin Berk & Abrams, Ltd.

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Recording and Accounting for Asset Exchanges (OnDemand Webinar)

$219.00

SKU: 408044EAU

Description

Prepare for recording and accounting for asset exchanges including tax elections and alternatives for asset exchanges.U.S. accounting and tax rules are not always the same about the acquisition and sale of assets. Some assets are acquired by exchange instead of through a cash purchase for a stated price. In some cases, the fair value of assets must be relied upon for the proper reporting of an event. For tax purposes, like kind exchanges continue under the Tax Cuts and Jobs Act of 2017 (TCJA), but some taxpayers now have taxable exchanges of personal property and tradein property. This topic will provide you with an overview of the current accounting and tax issues for individuals and businesses, including reconciling the differences between book and tax issues, and how to manage the costs and exchanges of assets. The range of topics will include tax elections and alternatives for asset exchanges, and tax planning issues for deferring tax and reinvesting gain.

 

Accounting for Asset Exchanges
• Definitions and Terms
• Recordkeeping for Exchange Transactions
• Reporting Gain or Loss on Exchanges
• Deferred Gain and FMV Accounting Issues

Identifying Like Kind Exchange Tax Issues
• New Tax Rules for Personal Property/Trade-in
• Tax Issues for Real Property/Replacement Issues
• Depreciation Impact on Exchanged Assets
• Taxable Boot Received and Paid on Exchanges
• Exchange Costs Paid for Replacement Property
• Foreign Property Exchanges

Identifying Tax Benefits and Reporting of Exchange Issues
• Effective Tax Rates for Business Exchanges
• Exchanges of Personal Residences
• Exchanges of Cryptocurrency
• Exchanges of Assets for Services Provided
• Cost Allocation for Multiple Assets

Top Examples of Exchange Strategies
• Classic Like Kind Exchange Case
• Reverse Exchanges/Requirements
• Trade-in Exchange of Personal Property
• Multiple Asset Exchanges
• Taxable Boot Exchanges

CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Thomas M. Kosinski, C.P.A., M.S.T.-Ostrow Reisin Berk & Abrams, Ltd.