Depreciation, Repairs, and Fixed Assets:Tax Considerations [DRFA Anc]

Oct 28, 2015
Time: 8-4

Subject:

Taxation

Credit Hours:

8.00

Price:

Member: $295.00
Non-member: $445.00

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Discussion Leader:

Edward K. Zollars, CPA    more info

Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals.

Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.

Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.

He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

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Website registration for this course closes on October 27, 2015. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Depreciation, Repairs, and Fixed Assets: Tax Considerations

October 28, 2015

AKCPA Office
Anchorage, AK LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course.

Is an expenditure associated with tangible property deductible or must it be capitalized? Learn the rules for treatment of amounts paid to acquire, produce, repair, or improve tangible property and proper accounting for dispositions of property subject to depreciation. The capitalization regulations provide objective standards and bright-line rules intended to simplify compliance with the capitalization provisions contained in section 263(a) of the Internal Revenue Code. This program highlights issues involving what must be capitalized, what can be treated as a repair and items related to depreciation of fixed assets.

Major Topics:
Regulations under Code Sections 162, 167, 168, 263(a) and 263A
Elections dealing with fixed assets including De minimis rules
Section 179 expensing
Small taxpayer real estate maintenance rules
Determination of depreciable lives and methods
Understanding when an asset is placed in service for depreciation purposes

Learning Objectives:
Apply capitalization rules in general
Identify exceptions for Materials and Supplies
Account for costs associated with Rotable spare parts
Apply De Minimis rules for entities with and without an applicable financial statement
Determine amounts considered spent to acquire tangible property
Identify improvements to tangible property
Unit of property definitions, including
special rules applicable to real property
Leased property rules for lessees and lessors
Routine maintenance safe harbors
Determine what is a betterment of property
Recognize and capture costs of restoration of property
Definition of adapting a property to a new or different use.
Determining property that qualifies for 179 expensing treatment
Applying cost recovery rules.

Designed For: CPAs who advise clients and/or prepare tax returns dealing with expenditures to repair, improve, or acquire tangible property.

CPE Credits: 8, Tax

Level of Knowledge: Intermediate

Prerequisite: None

Acronym: DRFA
Discussion Leader: Edward K. Zollars, CPA