Course Description: On December 23, 2011, the IRS issued the long-awaited regulations regarding the deduction and capitalization of expenditures related to tangible property, i.e., the “Repair Regulations”. These regulations are effective for taxable years beginning on or after January 1, 2014 but taxpayers and have the option to apply them to the 2012 and 2013 tax years. Now is the time to get up to speed so you can advise your clients appropriately. They are applicable businesses in all industries for taxpayers that acquire, produce, replace, or improve tangible property.
Although the regulations include many of the rules that were contained in the prior proposed regulations and prior law, the regulations also include several significant new rules. The regulations cover changes to Sections 162(a), 167, 168, and 263(a).
This pre-recorded webinar will help you understand what implications the regulations may have on businesses, what opportunities the regulations present, what action, if any, must be taken to comply with the regulations, and when such action must be taken.
This is a recorded webinar that originally ran live on April 18, 2013. As an eLearning course, you must pass the final exam of this course to receive CPE credit.
Course Level: Basic
Course Prerequisites: None
Delivery Method: Self-study
Published: 4/25/2013
After completing this course, you will be able to: • Anticipate the upcoming changes to the temporary regulations. • Determine which sets of regulations you should apply to which taxable years. • Identify opportunities for missed deductions. • Correctly identify the applicable Units of Property and Building Systems. • Correctly identify Betterments, Adaptations, and Restorations so that related expenditures are deducted or capitalized where appropriate. • Incorporate the tax treatment of materials and supplies into a client’s maintenance, repair, and improvement plans.
1.5
N/A