Becoming a Tax Ninja: Tax Accounting Methods Part 3

Author: Greg White

This is a hands-on approach to unleashing large deductions for your clients, and helping your clients avoid significant tax risks before they mushroom into major tax issues. Buried deep in the Internal Revenue Code are the mysteries of accounting methods. These have traditionally been to exclusive province of only large accounting firms; you can bring this critical tax tool to your clients.

We’ll cover the big issues, and how to make these changes with hands-on, real-life examples and filled-out Forms 3115.

Publication Date: October 2022

Designed For
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Topics Covered

• Tangible Property Rules
• Buildings Improvements vs. Repairs
• Focus — Buildings and Building Systems
• Super Quick, Shortcut Sheet in Materials
• Exercises Repairs v. Improvements
• IRS Audit Technique Guide
• Form 3115
• Depreciation
• Cost Segregation Studies
• TCJA: Fast Depreciation
• De Minimis

Learning Objectives

• Recognize how to prepare Forms 3115
• Identify clients who can generate large current deductions from accounting method changes
• Identify the impact of the allowed or allowable rule on clients
• Identify what year you can go back to the beginning of when filing Form 3115 to make certain reclassifications
• Identify the approximate cost of a questionnaire cost segregation study
• Identify the form you can file if you fail to take all the depreciation you're entitled to take
• Identify the phase-out time period for bonus depreciation
• Identify the de minimis election amount per invoice allowed for taxpayers with AFS if they meet other specific requirements

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None