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Tax Reform Cost Recovery Provisions

Date: Monday, November 5, 2018
Time: 1:00 - 2:40 pm EST

Sponsored by Lorman Education Services


Registration - Live Webinar Only: $219.00

Registration - Live Webinar Plus CD Recording: $288.00
 

Are you up-to-date on the accounting method and cost recovery changes?

The Tax Cuts and Jobs Act, passed late in 2017, made substantial changes to the tax law including the accounting method and cost recovery provisions. Many taxpayers do not understand the potential impact of the complex cost recovery and accounting method provisions on their business.

This topic will help tax professionals understand the accounting method and cost recovery provisions contained in the Tax Cuts and Jobs Act and the IRS Regulatory and Administrative guidance issued. This material will also outline some of the new deduction limitation provisions and their impact on the taxpayer’s cost recovery deductions.

Failing to properly understand and plan for the new tax provisions will leave taxpayers unprepared for the significant changes arising from the Tax Cuts and Jobs Act. This information is critical for taxpayers to understand and identify both the opportunities and risks arising from the new tax legislation so they can effectively manage the impact of the new laws on their business.

Learning Objectives:

  • You will be able to describe the new deduction limitations under the Tax Cuts and Jobs Act and their interaction with the cost recovery provisions.
  • You will be able to identify accounting method and cost recovery opportunities arising from the Tax Cuts and Jobs Act.
  • You will be able to discuss immediate expensing and revised cost recovery provisions under the Tax Cuts and Jobs Act.
  • You will be able to explain the new small taxpayer safe harbors and accounting method opportunities under the Tax Cuts and Jobs Act.

This Live Webinar Covers These Hot Issues:


Immediate Expensing Provisions Under Tax Cut and Jobs Act

  • Identification of Qualifying Property for Bonus Depreciation
  • Discussion of Acquisition and Placed in Service Requirements for Qualifying Property Including Discussion of Proposed Regulations
  • Interaction Between Bonus Depreciation Provisions and Partnership Transaction and Basis Rules
  • Identification of Qualifying Property for Section 179 Purposes
  • Discussion of Strategies to Maximize Available Expensing Opportunities for 2017 and Future Years
New Cost Recovery Periods and Depreciation Planning
  • Discussion of New Cost Recovery Periods, Depreciation Methods and Listed Property Limitations
  • Discussion of Issues Arising From Errors in the Statutory Language and Anticipated IRS Guidance
  • Interaction Between Immediate Expensing Provisions, Tangible Property Regulations and Cost Recovery Rules
Accounting Method Opportunities and Issues Under Tax Cut and Jobs Act
  • Opportunities Under New Small Taxpayer Safe Harbors for 2018
  • Discussion of Procedures for Requesting Accounting Method Changes Related to New Small Taxpayer Safe Harbors
  • Potential Impacts of New Revenue Guidance Under Tax Cuts and Jobs Act and Interaction With New Financial Accounting Standards
Deduction Limitations Under Tax Cuts and Jobs Act
  • Discussion of New Interest Expense Limitations Under Section 163(j) and Interaction With Cost Recovery Provisions
  • Review of Potential Impacts of Modification of Like Kind Exchange Limitations Under Section 1031
  • Discussion of Limitations on Net Operating Losses and Pass Through Losses
  • Review of New Restrictions on Meals and Entertainment Expenses
Action Steps – Where to Go From Here?
  • Identify 2018 Accounting Method and Cost Recovery Opportunities
  • Plan for Applicability of New Limitations and Consider Potential Strategies for Minimizing Impact of the Limitations

Credit Information (Sponsored by Lorman Education Services):

  • CLE
  • CPE
  • AIPB
  • NASBA

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

Faculty

Andrea Mouw, Eide Bailly LLP

  • Principal in the National Tax Office of Eide Bailly LLP
  • Practice emphasizes all aspects of accounting methods including income and expense recognition, capitalization and cost recovery and inventory issues
  • Conducts regular seminars and workshops on numerous tax reform and accounting method related topics
  • Author of several publications related to the areas of accounting methods
  • J.D. degree, William Mitchell College of Law; B.S degree, with high distinction, Curtis L. Carlson School of Management
  • Vice Chair of Capital Recovery and Leasing Committee and Member of Tax Accounting Committee of American Bar Association Tax Section
  • Can be contacted at amouw@eidebailly.com or 612-253-6730

(Not available outside the US)