$219.00
Gain a better understanding of the everyday application of tax depreciation concepts.This presentation will provide information on bonus depreciation and other special depreciation issues. John Manolos will clarify when these topics are applicable and provide guidance on how to tax plan accordingly. A brief discussion of IRC Section 179 will also be provided.
Date: 2023-06-15 Start Time: End Time:
Learning Objectives
New Bonus Depreciation Timeline and Applicable Periods and Requirements
• 50% Bonus Before 9/27/2017
• 100% Bonus Beginning on or After 9/28/2017, Expires 12/31/2022
• 80% Bonus 1/1/2023 • 12/31/2023
The Definition of Qualified Improvement Property
• QIP Means Any Improvement to an Interior Portion of a Building That Is Nonresidential Real Property
• QIP Does Not Include Any Improvement Related to the Enlargement of a Building, Elevators or Escalators, or the Internal Structural Framework of the Building
Tax Reform Changes, Self-Constructed Property Rules
• Long Production Period Property (LPPP)
• Recovery Period of at Least 10 Years or Is Transportation Property
• Subject to 263A
• With an Estimated Production Period Exceeding 1 Year and Production Cost Exceeding $1M
• Must Meet Acquired and PISD Rules
• Property Is Acquired When Taxpayer Begins Manufacturing, Constructing, or Producing the Property
• Optional Safe Harbor • 10% of Total Construction Cost Has Been Incurred (Physical Work of a Significant Nature Completed)
Acquired Property Requirements
• Without Regard to a Lease
• Placed in Service More Than 3 Years After the Date the Building Was First Placed in Service or
• Restaurant Building
How It Interacts With Cost Segregation
• Personal Property Assets Such as 5 or 7-Year Will Be Eligible for a 100% or 80% Bonus
• 15-Year Land Improvements Will Be Eligible for a 100% or 80% Bonus
• Look-Back Studies Will Be Eligible for Bonus, Utilize Form 3115 and 481(a) in Lieu of Amending TRs
AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
John Manolos-KBKG
$219.00
Gain a better understanding of the everyday application of tax depreciation concepts.This topic will explain how to identify the appropriate method to depreciate or amortize assets, including options to be considered, bonus depreciation considerations and the impact of the tangible property regulations on these decisions. You will learn through examples how to bring the rules to life, and discuss how to correct missteps with capitalized assets through the change in the accounting method process.
Date: 2019-12-13 Start Time: End Time:
Learning Objectives
History of Depreciation and Amortization
General Concepts and How to Get Started
• MACRS; GDS and ADS Systems
• 1245 and §1250 Property
• Classes, Conventions, and Depreciation Methods
• Amortization Concepts Under §197
Changes to Depreciation Brought About by the Tax Cuts and Jobs Act
• Bonus Depreciation Considerations
Buildings and Depreciation Planning Opportunities
• Impact of the Tangible Property Regulations
• Depreciation Recapture Concepts
Accounting Methods Relating to Depreciation and Amortization
No Credit Available
Dawn Polin, CPA-Cherry Bekaert