Lightning Fast Depreciation: The World of Depreciation (Updated for CARES Act) (Currently Unavailable)

Author: Greg White

We’ll cover the new lightning fast methods of depreciation provided by the Tax Cuts and Jobs Act and CARES Act. You’ll learn how to take fast depreciation, how to minimize recapture income on the sale of property, and how to slow down depreciation if the situation calls for that.

Publication Date: January 2021

Designed For
All CPAs, EAs, tax staff, and corporate finance staff charged with calculating and planning for tax accounting methods and depreciation.

Topics Covered

• Bonus depreciation after the Tax Cuts and Jobs Act
• §179 and its application to real property
• How and when the de minimis rules can be used on residential real property remodels.

Learning Objectives

• 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
• Recognize and apply the new bonus depreciation rules for qualified improvement property under the CARES Act
• Recognize and apply the new rules for expensing real property under the Tax Cuts and Jobs Act
• Recognize and apply planning techniques to target an exact amount of depreciation that maximizes tax benefits over the long haul
• Identify examples of property with a recovery period less than 20 years
• Describe how many types of cost segregation studies, based on the IRS's Cost ATG
• Identify which forms should be filed in order to make an accounting method change
• Describe correct statements regarding late §179 Elections

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
A basic understanding of tax depreciation methods.

Advance Preparation
None