On Demand Self Study CC. New Repair and Capitalization Regulation Including Forms 3115
January 1 - December 31Member Price89.00
Course Book: Member Price: $49.00 | Non-Member Price: $69.00
Self-Study: Member Price: $69.00 | Non-Member Price: $89.00
On Demand Video Self-Study: Member Price: $89.00 | Non-Member Price: $109.00
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.
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