Individuals, corporations, partnerships, LLCs, trusts, estates, and nonprofits all utilize two of the most often prepared tax forms -- Form 4562 -- Depreciation and Amortization, and Form 4797 -- Sales of Business Property. This course provides a quick dissection of both of these complicated forms. New to experienced tax preparers may utilize this manual for all tax returns/entities they prepare. This reference manual contains many examples and cases to illustrate the most important points CPAs need to be aware of.
Learning Objectives
- Fully understand two of the most commonly prepared tax forms
- Understand assets from acquisition to disposition
- Discuss cases highlighting some of the practical issues tax preparers face
Major Topics
- Updated for impacts of the PATH Act of 2015, plus complete coverage of any recent tax acts and any legislation enacted before the presentation
- Now that 179 depreciation rules are permanent, when will they change?
- Detailed coverage of 179 expense election and how to maximize its use, when to use it, and what property qualifies
- Sale 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
- What is "Listed Property" and what are the current limitations?
- Amortization of start-up, organization, and other expenditures
- New regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules
- 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
