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Tax Reform Cost Recovery Provisions

Are you up-to-date on the accounting method and cost recovery changes?The Tax Cuts and Jobs Act, passed late in 2017, made substantial changes to the tax law including the accounting method and cost recovery provisions. Many taxpayers do not understand the potential impact of the complex cost recovery and accounting method provisions on their business. This topic will help tax professionals understand the accounting method and cost recovery provisions contained in the Tax Cuts and Jobs Act and the IRS Regulatory and Administrative guidance issued. This material will also outline some of the new deduction limitation provisions and their impact on the taxpayer's cost recovery deductions. Failing to properly understand and plan for the new tax provisions will leave taxpayers unprepared for the significant changes arising from the Tax Cuts and Jobs Act. This information is critical for taxpayers to understand and identify both the opportunities and risks arising from the new tax legislation so they can effectively manage the impact of the new laws on their business.


Runtime: 96 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Immediate Expensing Provisions Under Tax Cut and Jobs Act

  • Identification of Qualifying Property for Bonus Depreciation
  • Discussion of Acquisition and Placed in Service Requirements for Qualifying Property Including Discussion of Proposed Regulations
  • Interaction Between Bonus Depreciation Provisions and Partnership Transaction and Basis Rules
  • Identification of Qualifying Property for Section 179 Purposes
  • Discussion of Strategies to Maximize Available Expensing Opportunities for 2017 and Future Years

New Cost Recovery Periods and Depreciation Planning

  • Discussion of New Cost Recovery Periods, Depreciation Methods and Listed Property Limitations
  • Discussion of Issues Arising From Errors in the Statutory Language and Anticipated IRS Guidance
  • Interaction Between Immediate Expensing Provisions, Tangible Property Regulations and Cost Recovery Rules

Accounting Method Opportunities and Issues Under Tax Cut and Jobs Act

  • Opportunities Under New Small Taxpayer Safe Harbors for 2018
  • Discussion of Procedures for Requesting Accounting Method Changes Related to New Small Taxpayer Safe Harbors
  • Potential Impacts of New Revenue Guidance Under Tax Cuts and Jobs Act and Interaction With New Financial Accounting Standards

Deduction Limitations Under Tax Cuts and Jobs Act

  • Discussion of New Interest Expense Limitations Under Section 163(j) and Interaction With Cost Recovery Provisions
  • Review of Potential Impacts of Modification of Like Kind Exchange Limitations Under Section 1031
  • Discussion of Limitations on Net Operating Losses and Pass Through Losses
  • Review of New Restrictions on Meals and Entertainment Expenses

Action Steps - Where to Go From Here?

  • Identify 2018 Accounting Method and Cost Recovery Opportunities
  • Plan for Applicability of New Limitations and Consider Potential Strategies for Minimizing Impact of the Limitations
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on November 5, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Andrea Mouw

Andrea Mouw

Eide Bailly LLP

  • Principal in the National Tax Office of Eide Bailly LLP
  • Practice emphasizes all aspects of accounting methods including income and expense recognition, capitalization and cost recovery and inventory issues
  • Conducts regular seminars and workshops on numerous tax reform and accounting method related topics
  • Author of several publications related to the areas of accounting methods
  • J.D. degree, William Mitchell College of Law; B.S degree, with high distinction, Curtis L. Carlson School of Management
  • Vice Chair of Capital Recovery and Leasing Committee and Member of Tax Accounting Committee of American Bar Association Tax Section
  • Can be contacted at [email protected] or 612-253-6730
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Product ID: 404422
Published 2018
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