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OnDemand Course

Tax Depreciation and Amortization Best Practices

Gain a better understanding of the everyday application of tax depreciation concepts.

This presentation will provide information on bonus depreciation and other special depreciation issues. John Manolos will clarify when these topics are applicable and provide guidance on how to tax plan accordingly. A brief discussion of IRC Section 179 will also be provided.

Learning Objectives

  • You will be able to identify Bonus Depreciation Timeline, Applicable Periods, and Requirements
  • You will be able to recognize the Definition of Qualified Improvement Property
  • You will be able to identify Tax Reform Changes
  • You will be able to recognize Cost Segregation characteristics

99 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 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

New Bonus Depreciation Timeline and Applicable Periods and Requirements

  • 50% Bonus Before 9/27/2017
  • 100% Bonus Beginning on or After 9/28/2017, Expires 12/31/2022
  • 80% Bonus 1/1/2023 - 12/31/2023

The Definition of Qualified Improvement Property

  • QIP Means Any Improvement to an Interior Portion of a Building That Is Nonresidential Real Property
  • QIP Does Not Include Any Improvement Related to the Enlargement of a Building, Elevators or Escalators, or the Internal Structural Framework of the Building

Tax Reform Changes, Self-Constructed Property Rules

  • Long Production Period Property (LPPP)
  • Recovery Period of at Least 10 Years or Is Transportation Property
  • Subject to 263A
  • With an Estimated Production Period Exceeding 1 Year and Production Cost Exceeding $1M
  • Must Meet Acquired and PISD Rules
  • Property Is Acquired When Taxpayer Begins Manufacturing, Constructing, or Producing the Property
  • Optional Safe Harbor - 10% of Total Construction Cost Has Been Incurred ('Physical Work of a Significant Nature' Completed)

Acquired Property Requirements

  • Without Regard to a Lease
  • Placed in Service More Than 3 Years After the Date the Building Was First Placed in Service or
  • Restaurant Building

How It Interacts With Cost Segregation

  • Personal Property Assets Such as 5 or 7-Year Will Be Eligible for a 100% or 80% Bonus
  • 15-Year Land Improvements Will Be Eligible for a 100% or 80% Bonus
  • Look-Back Studies Will Be Eligible for Bonus, Utilize Form 3115 and 481(a) in Lieu of Amending TRs
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Why Lorman?

Over 37 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 Course

This course was last revised on June 15, 2023.

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

  • 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
     
  • In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
     
  • CPE/NASBA - QAS Self Study 2.96 including Taxes 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 3.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement 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.
     
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Why Lorman?

Over 37 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

John Manolos

John Manolos

KBKG

  • Senior Manager – Cost Segregation
  • Over 15 years of tax experience
  • Specializes in fixed asset consulting including cost segregation studies, repair and maintenance expense analyses, and other tax advisory services specific to cost recovery in the real estate industry
  • Is an Enrolled Agent and is enrolled to practice before the Internal Revenue Service
  • Member of the American Society of Cost Segregation Professionals
  • Master’s degree in taxation, Golden Gate University; B.S. degree in engineering technology, California State University, Pomona
  • Can be contacted at [email protected], direct 818-539-7982, office 877-525-4462, ext. 177, or fax 626-449-3324
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Why Lorman?

Over 37 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.

All of your training, right here at Lorman

All of your training, right here at Lorman.

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Product ID: 410602
Published 2023
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