Description

This course offers a comprehensive analysis of the evolving rules surrounding depreciation, amortization, and property transactions, incorporating the latest inflation adjustments and technical corrections. It offers practical guidance through real-world examples and case studies to clarify complex rules and help professionals stay compliant and informed amid ongoing change.

Instructor: Michael Frost, CPA

Target Audience

CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and want to maximize the possible tax savings for their clients

Course Objectives

Fully understand two of the most commonly prepared tax forms

Understand assets from acquisition to disposition

Complete and discuss cases highlighting some of the practical issues tax preparers face

Subjects

New bonus depreciation and §179 changes under the One Big Beautiful Bill Act (OBBBA)

Resolved technical glitches for qualified improvement property

Detailed coverage of §179 expense elections and §168(k) bonus or additional first-year depreciation – maximizing deductions, definitions, limitations, and qualified property

Sales of property and the depreciation recapture rules (§1245, §1250, unrecaptured §1250 gain for real estate, §291 for corporations)

MACRS depreciation – finding the proper method, convention, and recovery period

Listed property and the current limitations

Amortization of startup, 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 useful planning opportunities

Prerequisites

Basic knowledge of tax issues for property transactions