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UNDERSTAND TANGIBLE PROPERTY REPAIR REGULATIONS - WINTER 2018 UPDATE

Cost Free   CPE Credits 2.0 hours     2 hours for EAs (Federal Tax)    Course Id# - HURS9-T-00228-18-O  Subject Area Taxes  Course Level Basic  Instructional Method Group Internet Based  Prerequisites None  Advanced Preparation None  Who should attend? CPA - small firm
CPA - medium firm
CPA - large firm
Enrolled Agent
Real Estate Professional 
Series: Enrolled Agents, Taxes 
Course Description

Winter 2018 Update

The Final Tangible Property Repair Regulations are in full effect, yet many taxpayers are not in compliance or are missing opportunities to take full advantage of these new rules. This webinar covers compliance requirements as well as potential tax planning strategies on both a retroactive and prospective basis. The webinar also contains in-depth examples and real-life case studies. Participants will be better able to identify tax saving opportunities and be in compliance with these new regulations.

Repair Regulations Overview and Practical Considerations:
• Common changes in accounting methods and optional elections
• The De Minimis Safe Harbor and the $5,000/$2,500 thresholds
• The Routine Maintenance Safe Harbor
• Relief for Small Businesses
• Disposition rules
• Definitions of Betterments, Adaptations and Restorations with examples
• Rules for materials and supplies

Learning Objectives

  • Understand changes and new requirements presented by the final repair and disposition regulations

  • Identify new opportunities to immediately deduct abandoned building components, avoid recapture tax, and expense demolition costs

  • Gain an in depth knowledge of Unit of Property rules

  • Determine when to capitalize and depreciate expenditures and when to treat them as immediately deductible repairs and maintenance expenses

  • Effectively use accounting method changes and elections under the repair regulations to maintain compliance and reduce tax obligations

  • Identify opportunities for missed deductions and other tax planning ideas

Linkedin

John Hanning, CCSP, MBA

KBKG
Director Fixed Assets / Cost Segregation
john.hanning@kbkg.com
(877) 525-4462 x211

Kbkg

John joined KBKG in 2015 as a Fixed Assets / Cost Segregation / Accounting Methods Director in the Midwest market. Johns’ responsibilities will include servicing capital intensive clients with value-added services relating to cost segregation, fixed asset reviews, repair & expense studies, and 263(a) compliance. Prior to joining KBKG, John worked for KPMG managing large fixed asset projects in the Mid-American business unit which includes Detroit, Indianapolis, Cleveland, Columbus, Cincinnati, and Louisville. As a member of the Accounting Methods and Credit Services Group (AMCS) John specializing in Fixed Assets, Repairs & Maintenance, Construction Tax Planning and Cost Segregation Services. Prior to his Big Four experience, John worked for two large public accounting firms in Orange County, California. Over the past 10 years as a Fixed Assets specialist, John was responsible for the business development efforts for fixed asset services including new client identification, proposals, and client deliverables. John has lead and executed cost recovery studies on more than 1000 facilities including; healthcare, retail, manufacturing, commercial office, multi-family, power generation and dealerships. He has performed inspections of machinery, equipment, buildings, & construction projects estimated construction costs using nationally recognized costing manuals, and analyzed technical specifications, construction drawings & construction invoices. John generated sales utilizing both internal and external networks. John also provided continuing education presentations relating to cost segregation, section 179D, repair & expense rules. Prior to his public accounting career, John worked for the large international clothing retailer Abercrombie & Fitch as a Regional Maintenance Supervisor. In this role, he was responsible for identifying issues, source vendors, overseeing projects, and approving the quality of work. John organized, bid, and developed national service contracts for preventative maintenance programs. He managed several different contractors and scheduled all work at 103 stores in six states with a $10 million preventive maintenance budget. He supervised mechanical design, consultants, and engineers in developing systems for new stores. John’s intimate knowledge of construction projects has provided him with a solid foundation in dealing with complex construction contracts. John received his Bachelors in Economics Management from Ohio Wesleyan University and graduated with his MBA from Ohio University. John is a certified member of ASCSP American Society of Cost Segregation Professionals and holds his LEED Green Association credential.

Handout Materials
Presentation Slides
Additional Materials
One page summary of the Tangible Property Repair Regulations - Rev. Proc. 2014-16 – IRS releases procedural guidance to implement Final Repair Regulations
KBKG - Decision Tree
Frequently Asked Questions
  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • Multiple attendees: In order to receive CPE for multiple attendees, ensure that at least one person signs up for the webinar. At the completion of the webinar a proctor form is provided. Alternatively, you may also login to your account following the webinar and click on the MY ACCOUNT button where you will find a link to the proctor letter.

Nasba

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

Irs

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

Kbkg
Established in 1999 KBKG is a specialty tax firm providing nationwide service. Our firm offers a unique combination of heritage, vision and work. The strength of our firm is in understanding the complexities of taxation and engineering. Over the years we have used our experience and expertise to take advantage of ever changing tax laws for the benefit of our clients. As educators in the field of tax credits, incentives and deductions, we hold numerous seminars for CPAs, attorneys, investment firms, and other real estate professionals.