CC1. New Repair and Capitalization Regulations Including the Form 3115 | On-Demand
- Course Description
This course reviews and defines the current tax law changes as it applies to the definition of repairs or improvements and updates, which costs can be deducted currently and which costs must be depreciated. The course discusses units of property for buildings under the new regulations, defines materials and supplies eligible for a current deduction, de minimis rules, and explains the method of electing safe harbor treatment for qualified small taxpayers. During this session, we will review the changes to Form 3115, when it is appropriate to use the form, and which transactions require the filing of Form 3115.
- Learning Objectives
At the completion of this course, participants will be able to:
- Determine the difference between a current year expense and expenditure to be capitalized
- What are the various safe harbors for small business and how to elect the appropriate one
- Identity the five major changes to the regulations and their effect on the small business owner
- What is a Unit of Property (UOP)?
- When is an applicable financial statement (AFS) required
- What are differences between those taxpayers with an AFS and without an AFS
- Identify the de minimis safe harbor rules
- Under what conditions would a taxpayer fully expense materials and supplies and when would the expenditure be capitalized.
- When would a taxpayer be able to elect to capitalize materials and supplies
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Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.
Yes. If you have a PTIN on file with us, we will submit your hours. To insure we have your correct info, please provide your PTIN when you register for a course. Please notify us if you have recently submitted a name change request to the IRS.
Your certificate will be emailed to you within 10 business days of the completion of the course.
- Once your registration confirmation is emailed, due to the proprietary materials and content of On-Demand orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
- On-Demand materials and On-Demand presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
- Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual’s reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials, and during the seminar presentation, before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
- On-Demand materials & presentations are fully protected under copyright law. Any attempt to copy for resale, distribution, or use other than personal use for tax preparation will be fully prosecuted of the law.
- On-Demand require a test for CPE. 3 attempts are allowed.
- You have 1 (one) year from date of purchase to complete the On-Demand course by taking the test.