Correcting Depreciation and Form 3115 with Sample Problem
Author: A.J. Reynolds
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
When depreciation errors are detected on previously filed tax returns, most spontaneously want to amend the return and correct this error. However, amending previously filed returns usually is not an accurate or beneficial way to proceed. There are procedures, which will be clarified, that will allow us to fix these depreciation omissions and or oversights. Furthermore, this course will deliver a comprehensive example on making changes to previously missed or incorrect depreciation. The when and how of IRC Section 481(a) adjustments will be discussed.
Publication Date: September 2025
Designed For
All Tax Professionals who need to analyze and possible depreciation changes for their clients
Topics Covered
- What is Form 3115 and how do we file it
- Advantages of Form 3115
- Difference between Form 3115 and 1040X
- IRC §481(a)
- Qualified Improvement Property (QIP) "Fix"
- Form 3115 & Correcting Depreciation
- Sample Problem for discussion
Learning Objectives
- Determine the advantages of Form 3115
- Explain what is and how do you file Form 3115
- Expain how to calculate and establish IRC §481(a) adjustments
- Identify when taxpayers need to correct depreciation
- Explain how to clarify differences between Form 3115 and 1040X
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
