Surgent's Essential Depreciation and Expensing Update

Overview

The “permanent” changes from the TCJA may stand like a lion in the pathway of change, but Washington has its own definition of permanent. Inflation adjustments and technical corrections are included within this deep analysis of the complex maze of rules dealing with depreciation, amortization, and sale of property. This course contains many examples and cases to illustrate the most important points of which CPAs need to be aware.

Highlights

Resolved technical glitches for qualified improvement property
Detailed coverage of §179 expense elections and §168(k) bonus or additional first-year depreciation – how to maximize them, definitions, limitations, qualified property, etc.
Sale of property and the depreciation recapture rules (§1245, §1250, unrecaptured §1250 gain for real estate, §291 for corporations)
MACRS depreciation – finding the proper method, convention, and recovery period
Listed property and the current limitations
Amortization of start-up, organization, and other expenditures
AMT depreciation adjustments and how to avoid them
Examples, cases, and rulings of depreciation and amortization issues and how they impact clients, along with useful planning opportunities

Prerequisites

Basic knowledge of tax issues for property transactions

Designed For

CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and want to maximize the possible tax savings for their clients

Objectives

Fully understand two of the most commonly prepared tax forms
Understand assets from acquisition to disposition
Complete and discuss cases highlighting some of the practical issues tax preparers face

Preparation

None

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Michael Frost, Shareholder & Tax Partner, MDA Professional Group, P.C.

Leader Bios

Michael Frost, Shareholder & Tax Partner, MDA Professional Group, P.C.

Mike Frost, CPA, is an associate and shareholder of MDA Professional Group, P.C. and has been with the Albertville office since 1989. Currently a tax partner, he specializes in all areas of income tax and small business consulting including but not limited to: business and individual income tax preparation and planning, estate and retirement planning, estate, gift, and trust tax preparation, small business consulting, Medicare planning and other elder care, audit representation, religious groups and clergy. Frost has conducted CPE engagements and seminars for the Alabama Society of Enrolled Agents and the Childcare Resource Network of Alabama and is an instructor for the Alabama Society of Certified Public Accountants. Mike has served as technical advisor for tax articles for the Sand Mountain Reporter newspaper, and has been a regular on the public speaking circuit. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants, the Alabama Society of Certified Public Accountants, and the Accountants Global Network, International. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA. Mike is an ordained minister and pastor. He enjoys music, and is a vocalist in a local Christian band. He is also active in his community as an Albertville Rotarian. Mike resides in Albertville, Alabama with his wife, Kay, and two children, Dylan and Sarah.

Return to Top