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100-minute live streaming program
  • January 24
  • 1:00 - 2:40 pm EST

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Accounting Method Changes Under the Tax Bill

January 24

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.

Learning Objectives

  • You will be able to describe new tax law changes to capital recovery and accounting methods.
  • You will be able to identify capital assets eligible for full expensing or accelerated depreciation.
  • You will be able to recognize when to use the alternative depreciation schedule.
  • You will be able to explain the new tax law changes for small businesses.

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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.

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 2.0 hours.
     

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.

Who should attend?

This live webinar is designed for accountants, CPAs, CFOs, controllers, tax managers, tax preparers, finance directors, presidents, vice presidents, business owners and managers and bookkeepers.

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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.

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
  • Bachelor’s 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: 404742
Published 2018, 2019
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