Lightning Fast Depreciation: The New World of Depreciation under Tax Reform
Author: Greg White
||4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC
Apply Latest Tax Reform Developments to Depreciation Decisions to Maximize Benefit
On the heels of the Tangible Property Regs (TPRs), the Tax Cuts and Jobs Act of 2017 (TCJA) has made further changes to depreciation including bonus depreciation and Section 179 depreciation. What are the latest developments and are there ways to depreciate property faster and achieve faster tax savings? Join experienced practitioner and instructor Greg White, CPA, for this four-hour CPE webinar that will offer you tips, strategies and a heightened awareness of how depreciation can be used to achieve the best tax results on real estate and property used in business. The TCJA provides new opportunities that your business or clients can put to work right away. Rapid cost recovery can be a big help in many instances. Mr. White will also make sure you know when not to use rapid cost recovery methods.
Publication Date: May 2019
All CPAs, EAs, tax staff, and corporate finance staff charged with calculating and planning for tax accounting methods and depreciation.
- TCJA and Bonus Depreciation
- Allocation of Cost: Building, Land, and Personal Property
- Passenger Automobiles
- 15-Year Property
- §179 Qualified Real Property
- Trading Places — QIP §179 and Bonus Depreciation
- QRP Building Placed in Service First
- The De minimis Basics
- De minimis Required Book Conformity
- Improvements and the De Minimis Rules
- Placed in Service
- Buildings Are Different
- Ready‐To‐Go Equipment Is Different
- Unfinished Equipment Is Different!!
- Equipment in a Closed Business is Different
- Improvements Are Different!!
- Placed in Service
- §179-The "Surgical Approach"
- Flexibility to Change
- Planning Freezing Deductions "Active" Business Income
- Freeze and Thaw Initial §179 Election, Then Revoke §179
- Thaw and Freeze Bonus first, Then Late §179 Election
- QBID the 20% Pass‐Through Deduction
- Roles, Fast Write Off Rules, Special Roles Played by §179, Bonus and De minimis.
- §179 and Gain on Sale
- §1245 and §1250 Depreciation Recapture
- De minimis "Recapture"
- Caution: Trap! "Phantom Income"
- Bonus vs. §179 vs. De minimis: Who Wins? and When?
- Slowing Depreciation Down
- Identify the best depreciation method for real estate improvements
- Differentiate which cost recovery method is best in specific client situations
- Recognize and apply the new rules for de minimis expensing updated for affects of the Tax Cuts and Jobs Act
- Identify the new rules for expensing real property under the TCJA
- Describe the depreciation recapture rules that apply to bonus depreciation, §179 and the de minimis rules
- Determine when a rapid method of cost recovery shouldn't be used
NASBA Field of Study
Taxes (4 hours)
A basic understanding of tax depreciation methods.