Gain a better understanding of the compliance requirements as well as potential tax planning strategies on both a retroactive and prospective basis.
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 session covers compliance requirements as well as potential tax planning strategies on both a retroactive and prospective basis. Our presenter will also go over 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.
This presentation will provide understanding of the changes and new requirements presented by the final repair and disposition regulations. The live webinar will identify opportunities for missed deductions and other tax planning ideas. Finally, attendees will gain an in-depth knowledge of Unit of Property rules.
Learning Objectives
- You will be able to explain changes and new requirements presented by the final repair and disposition regulations.
- You will be able to describe the significance of the Unit of Property and the eight prescribed building systems.
- You will be able to discuss the definition of an Improvement and how to evaluate using the BAR test.
- You will be able to recognize retirements and how it creates permanent tax savings.
Agenda
Tangible Property Regulations
- Relevant Code Sections
- Repairs or Capitalize
Unit of Property
- Functional Interdependence Test
- Buildings and Structural Components
- Lessors and Lessees
Improvements (BAR Test)
- Betterments
- Adaptation
- Restorations
Retirements and Dispositions
- Current Rules
- When to Make Proper Election
- Demolition and Basis of Property Removed
Section 179
- Qualified Improvement Property
- Types of Real Property
- Expense or Capitalize
Speakers
John Manolos,
KBKG- Senior Manager – Cost Segregation
- Over 15 years of tax experience
- Specializes in fixed asset consulting including cost segregation studies, repair and maintenance expense analyses, and other tax advisory services specific to cost recovery in the real estate industry
- Is an Enrolled Agent and is enrolled to practice before the Internal Revenue Service
- Member of the American Society of Cost Segregation Professionals
- Master’s degree in taxation, Golden Gate University; B.S. degree in engineering technology, California State University, Pomona
Who Should Attend
This live webinar is designed for accountants, CPAs, CFOs, controllers, tax managers, tax preparers, presidents, vice presidents, bookkeepers, accounts payable professionals, finance directors, and attorneys.
