This is a hands-on approach to unleashing large deductions for your clients, and helping your clients avoid significant tax risks before they mushroom into major tax issues. Buried deep in the Internal Revenue Code are the mysteries of accounting methods. These have traditionally been to exclusive province of only large accounting firms; you can bring this critical tax tool to your clients.
We’ll cover the big issues, and how to make these changes with hand-on, real-life examples and filled-out Forms 3115.
Publication Date: October 2022
Designed For
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Topics Covered
- Your last chance to catch up on missed depreciation — the year you dispose of property
- Qualified improvement property — Using accounting method changes to catch up on missed depreciation
- Partial dispositions of real property
- Removal costs in a remodel
Learning Objectives
- Identify removal costs that can be expensed
- Recognize how to complete Form 3115 for qualified improvement property
- Recognize how to apply the partial disposition rules to real property
- Identify the bonus depreciation percent for property placed in service in 2025
- Identify how many hurdles must be cleared to qualify as a QIP
- Identify the IRS form used to "fix" qualified improvement property
- Identify the property that is ineligible for Section 179
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.