About this Course
Topics covered include:
Fixed Asset;
Accounting Methods;
263(A);
Tax Reform Updates;
Tangible Property Repair Regulations;
Unit of Property rules;
The De Minimis Safe Harbor;
The Routine Maintenance Safe Harbor;
Relief for Small Businesses;
Disposition rules;
Definitions of Betterments, Adaptations, and Restorations with examples;
Rules for materials and supplies.
Upon completing this course, you should be able to:
Recognize changes and new requirements presented by the final repair and disposition regulations;
Identify opportunities for missed deductions and other tax planning ideas;
Gain an in-depth knowledge of Unit of Property rules;
Differentiate common changes in accounting methods and optional elections;
Describe the De Minimis Safe Harbor and the $5,000/$500 thresholds;
Recognize Routine Maintenance Safe Harbor;
Identify relief for small businesses;
Describe disposition rules;
Identify bonus depreciation rates;
Recognize ineligible years for bonus depreciation;
Identify maximum Section 179 expense amounts and phaseouts;
Differentiate qualified property eligible for bonus depreciation;
Describe examples of improvements;
Differentiate correct statements with respect to de minimis rules;
Identify types of real property eliminated as a result of the TCJA.