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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Thursday, November 17, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This webinar will take a fresh look at the tangible property regulations (TPR), including the related safe harbors, partial dispositions, recommended expensing policies, and recent legislative changes to the initial rules. Our panel will provide case studies of common scenarios to provide insights on maximizing deductions related to property purchases and maintenance.

Faculty

Bruce A. Johnson
Co-founder and Partner
Capstan Tax Strategies

Mr. Johnson works closely with commercial real estate owners, investors, and accounting firms to provide practical, creative, and client-specific solutions. He is well-versed in engineering-based tax strategies, guiding clients through the long-established benefits of cost segregation while introducing new opportunities now possible under the Tangible Property Regulations and the recent Tax Cuts and Jobs Act.

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Brian J. O'Sullivan
Partner
LG Legacy Group, LLC

Mr. O’Sullivan is a Tax Partner with LG Legacy Group, LLC and an adjunct professor with Temple University teaching taxation. His area of emphasis is income tax planning and consulting for high net worth individuals and closely held companies. Additional responsibilities include financial analysis, economic analysis and valuation of closely held enterprises and professional practices.  Mr. O’Sullivan has served as an advisor in the purchase and sale of business enterprises, advising on sophisticated tax strategies, establishing Buy-Sell Agreements, as well as valuations for gift tax purposes. His valuation services have been used for financial statement purposes, litigation, marital dissolution, phantom stock compensation plans and other needs.  Mr. O’Sullivan's experience is in public accounting areas of income taxation, valuation services and audit and attestation services. He is specialized in U.S. income taxation for high net worth individuals and businesses, State and Local taxation developments, real estate taxation, merger and acquisition planning as well as the valuation of business enterprises.

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Description

The tangible property regulations have been effective since 2014 and affect every business type and rental property. Businesses and their tax advisers have always contemplated whether asset related purchases could be expensed or whether they should be capitalized and whether maintenance and renovation costs could be expensed or must be capitalized.

Making these determinations is complex. Taxpayers must capitalize purchases that meet the definition of a betterment, restoration, or adaptation. At the same time, the de minimis, routine maintenance, and small business safe harbors can provide valuable tax savings for eligible businesses.

Recent changes to the original tangible property regulations (TPR) bring new considerations and opportunities for businesses. 100 percent bonus depreciation is available through 2022, qualified improvement property (QIP) is now eligible for bonus depreciation, and the Section 179 expensing limit has increased to $1.08 million in 2022. Tax practitioners and companies must understand how to maximize depreciation and expense deductions for fixed asset purchases.

Listen as our panel of cost recovery experts explains the TPR, including reviewing depreciation deductions and property dispositions to maximize deductions for businesses.

Outline

  1. Tangible property regulations (TPR)
  2. Subsequent legislation affecting TPR
  3. Safe harbors
  4. Expense policy options
  5. Expense vs. capitalization determinations
  6. Bonus depreciation
  7. Section 179
  8. Dispositions
  9. Case studies

Benefits

This webinar will cover these and other critical issues:

  • Determining whether bonus or Section 179 expensing is the better option
  • When to expense routine maintenance
  • Eligibility for the small business safe harbor
  • Expensing policies businesses should have in place
  • IRS-issued clarifications impacting depreciation

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine whether bonus depreciation or bonus expensing is the better option.
  • Understand how rules and regulations related to tangible repair regulations have evolved.
  • Identify safe harbors for small businesses.
  • Recognize expensing policies that businesses should consider having in place.
  • Ascertain the advantages of cost segregation.
  • Develop a tax strategy throughout the real estate life cycle

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite:

    Three years + business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of tangible repair regulations, safe harbors, bonus depreciation vs. IRC 179, cost segregation, expensing options, and dispositions; familiarity with installment sales and units of property.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).