The “permanent” changes within the Tax Cuts and Jobs Act may stand like a lion in the pathway of change, but Washington has a different definition of the word “permanent.” Inflation adjustments and technical corrections are included within this deep analysis of the complex maze of rules dealing with depreciation, amortization, and sale of property. With three major acts passed in less than 18 months (CARES Act, Tax Relief Act, and American Rescue Plan Act), this reference manual contains many examples and cases to illustrate the most important points of which CPAs need to be aware.
- Complete coverage of recent tax acts and any new legislation enacted before presentation
- How the CARES Act corrected a technical glitch, and the effect of Rev. Proc. 2020-25 potential for amending prior returns
- Technical correction Rev. Proc. 2019-13 -- use it or stand to lose second year depreciation deductions for luxury automobiles
- Detailed coverage of §179 expense election and §168(k) bonus or “additional first-year depreciation” -- how to maximize them, definitions, limitations, what property qualifies, etc.
- 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
- 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
- Fully understand two of the most commonly prepared tax forms
- Understand assets from acquisition to disposition
- Complete/discuss cases highlighting some of the practical issues tax preparers face
CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and who want to maximize the possible tax savings for their clients
Basic knowledge of tax issues for property transactions