Depreciation and Bonus Depreciation: Getting It Right
|
|
 |
Make Sure Depreciation Decisions Are Executed Properly on Business Returns
With depreciation, bonus depreciation and Code Section 179 complexity having grown and changed in recent years, depreciation calculations can no longer be left to junior staff members to complete.
Depreciation and its alternatives are critical parts of tax planning and compliance that require businesses and their advisors to fully understand. Errors or mistakes on depreciation can also result in costly lost or reduced deductions. Just about every tax return preparation process requires knowledge about depreciation and how to do it properly. Bonus depreciation under Code Section 179 presents more complications and decisions in terms of understanding what property qualifies and how the bonus depreciation calculations work. Moreover, nearly every IRS audit of a business tax return includes a focus on depreciation issues—and mistakes can be expensive.
Speaker: Eric P. Wallace
Program Topics
- Rules and Regulations for Depreciation
- Properly Classifying Assets (Groups and Lives)
- Depreciation and MACRS Cost Recovery
- Bonus Depreciation and Section 179 Differences, Applicability, and Elections
- What property qualifies? What are the limits? For what years?
- Depreciation Rules and Class Lives for Various Types of Property
- Depreciation Recapture and Sale of Property
- How to Address Depreciation Errors
|
|
|
|