November 5, 2021 8:00am – 3:30pm Map & Directions 602-252-4144

Webcast: Expense vs. Capitalize-Getting it Right for Taxes

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

Description

Is an expenditure associated with tangible property deductible or must it be capitalized? Learn the rules for the treatment of amounts paid to acquire, produce, repair, or improve the 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 the depreciation of fixed assets.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

7:30am

Fees

Member:
$300
Non-CPA Staff:
$400
Non-CPA Staff (100% club):
$300
Non-CPA Staff (sole proprietor):
$300
Non-Member:
$400
Webcast
Taxation
8

Objectives

  • Apply capitalization rules in general
  • Identify exceptions for materials and supplies
  • Account for costs associated with rotatable 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 Section 179 expensing treatment
  • Applying cost recovery rules

Course Level

Intermediate

Vendor

CalCPA Education Foundation More With This Vendor

Designed For

CPAs, accountants, and financial professionals who advise clients and/or prepare tax returns dealing with expenditures to repair, improve, or acquire tangible property. May also be suitable for public practice.

Prerequisites

None.

Highlights

  • General rules for expensing vs. capitalizing
  • Capital expenditures
  • Payments to acquire assets
  • Depreciation and section 179 election
  • Payments to improve property
  • Provisions that override capitalization rules
  • Repairs
  • Accounting methods

Notes

Entry-level/Individual contributor; Manager/Senior Manager; Director

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