Fix 'Repair Regs' Issues and File Correct Forms 3115 for 2014 Returns on Extension
Just because April 15th has passed, issues and opportunities with the tangible property regs (TPRs) have not. Practitioners and companies have until September 2015 to fix what was missed or omitted on the TPRs for the critical 2014 tax year returns. CPAs and businesses still face the burden and work effort required to implement the TPRs – the "repair regs." Moving from an understanding of the TPRs and the numerous new rules/regulations/criteria/elections to application of the repair regs remains a challenge for tax professionals.
Exactly how does one take these new requirements and apply them to various taxpayer situations?
Join nationally known tax expert, Eric P. Wallace, CPA of Boyer and Ritter CPAs, who has dedicated the past few years to become one of the nation's leading experts on the TPRs, as he presents a half-day intensive online CPE seminar (4 hours of CPE credit) detailing the complete process from "soup to nuts" using real life examples. Mr. Wallace will guide participants through a series of case studies throughout the day with scenarios presented resulting in completed Forms 3115, Change in Method of Accounting that translate the concepts into accounting method changes filed with the IRS. There is also no way around the minimum efforts required – the filing of several "protective" method changes, even for small businesses.
This practical program will get help you better understand the rules and the work needed to bring your business or clients into compliance with these sweeping new regs. Mr. Wallace will show how concepts like Unit of Property; Restoration, Adaptation, Betterment, and Improvement; Sec. 481(a) and others translate into the actual forms you must file.
Speaker: Eric P. Wallace
Course Topics:
- Review and summary of key insights into the rules, regulations, criteria and elections under the "Repair Regs"
- Issue identification by reviewing the insights provided through case studies founded in the taxpayer's regular tax depreciation schedule for the prior tax year end
- How to get the depreciation schedule ready to do your TPR "scrub"
- How to fix 2014 filings that missed or did not consider the required or necessary TPR work
- What necessary information is not typically found in the depreciation schedule
- How to review actual tax depreciation schedules and client facts to:
- Determine the TPR issues
- Calculate the 481(a) adjustments
- Follow the issues and adjustments through the preparation of the required 3115s or annual elections
- Firm logistics and processes to help prepare and manage preparation of the 3115 and elections
- What to do with the depreciation schedule after you have accumulated your 481(a) adjustments, including:
- What to do with the AMT 481(a) or state differences
- What changes must be made to the 2014 depreciation schedules as a result of the 481(a)s