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Accounting Method Changes Under the Tax Bill

Make sure you are up-to-date on the latest revisions to the tax accounting method change procedures.

Many private companies have heard about the benefits of tax reform but do not know how the new tax law changes apply to their business specifically. The Tax Cuts and Jobs Act introduced numerous provisions that can greatly benefit small- and mid-size businesses in various industries. However, the IRS has not yet provided much guidance on these new provisions. The changes can sometimes increase the complexity of the tax law, even when the tax rates are going down. This topic helps companies and tax advisors to determine which tax provisions will apply to new business. It will focus on tax rules related to acquisition and improvement of buildings and other capital assets, like machinery or equipment. It will help companies and tax advisors determine when these costs qualify for bonus depreciation, and when they have to be depreciated using the normal tax rules. This material will also focus on the new tax deductions and rules aimed at small- and mid-size businesses. It will cover critical provisions that apply to all business to transition to the new tax rules.

Runtime: 106 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

Introduction

  • Background and History

New Depreciation Rules

  • Building Improvements - Full Expensing and Depreciation
  • Capital Assets - Full Expensing and Depreciation
  • Alternative Depreciation - When It's Required and When It's Optional

Accounting Method Changes

  • New Small Business Simplification Rules
  • New 20% Deduction for "Qualified Business Income"
  • New Business Interest Expense Limitations
  • Blended Tax Rates for Fiscal Year Tax Filers
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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 July 17, 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

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

MP3 Download

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

Selvan Boominathan

CohnReznick LLP

  • Manager in the Bethesda office of CohnReznick LLP
  • More than 12 years of experience in public accounting, public sector and law
  • Practice emphasizes all aspects of tax accounting methods, and cost recovery and leasing of tangible and intangible property
  • Member of American Bar Association Tax Section, and State Bar of California Tax Section
  • J.D. degree, University of Illinois; Master of Laws in taxation, Georgetown University Law Center
  • Can be contacted at [email protected], (301) 280-6455 or linkedin.com/in/selvanb

Derek Weaver

CohnReznick LLP

  • Senior manager in the Bethesda office of CohnReznick LLP
  • Practice emphasizes all aspects of cost segregation and cost recovery
  • Has managed and performed over a thousand cost segregation studies
  • Designed and implemented capitalization and depreciation policies for major nationwide retail chains, real estate clients and others
  • Member of the American Society of Cost Segregation Professionals: Technical Standards Committee
  • Bachelorís degree, economics, University of Virginia
  • Can be contacted at [email protected], (301) 280-2727 or linkedin.com/in/derek-weaver-71b01a83
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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.

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Product ID: 402210
Published 2018
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