Capitalization, Repair Rules, and Accounting Change Reporting
CPE Credit: 4 hours
This 4-hour webcast will provide attendees with pertinent information with respect to revisions in capitalizing assets, reporting of repairs, accounting change reporting, and new related terminology.
Topics Covered
- Rules for capitalizing property
- Tangible property per the IRS Regs.
- Accounting change reporting and the Form 3115 and review of Form 3115 recently released draft
- Related elections
- Materials and supplies
- New small business relief per Rev. Proc. 2015-20
Learning Objectives:
- Improve comprehension with respect to capitalization vs. expensing of certain assets
- Acquaint participants with IRS approach to reporting of tax accounting changes
- Familiarize attendees with tax practitioner duties and responsibilities in the area of tangible asset tax accounting
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