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 webinar covers compliance requirements as well as potential tax planning strategies on both a retroactive and prospective basis. The webinar also contains 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.
Repair Regulations Overview and Practical Considerations:
• Common changes in accounting methods and optional elections
• The De Minimis Safe Harbor and the $5,000/$2,500 thresholds
• The Routine Maintenance Safe Harbor
• Relief for Small Businesses
• Disposition rules
• Definitions of Betterments, Adaptations and Restorations with examples
• Rules for materials and supplies
Understand changes and new requirements presented by the final repair and disposition regulations
Identify new opportunities to immediately deduct abandoned building components, avoid recapture tax, and expense demolition costs
Gain an in depth knowledge of Unit of Property rules
Determine when to capitalize and depreciate expenditures and when to treat them as immediately deductible repairs and maintenance expenses
Effectively use accounting method changes and elections under the repair regulations to maintain compliance and reduce tax obligations
Identify opportunities for missed deductions and other tax planning ideas
James, NJ
"Prior to this seminar, the Repair v. Capitalization regs caused me much difficulty in deciding whether to expense or capitalize. The seminar did help me understand the process better. The slides were helpful on how you can make the decision to expense or capitalize. I think most important is that if I have questions John has offered to respond to an email. And KBKG has software available which will help us with our decision making and keep us on the right side of the IRS regulations. Much thanks to John for him time and material presented at the seminar. James Devenney"Carolyn, CA
"I knew a minimum about the subject regarding Form 3115 and the new law regarding capitalizing and expensing. I have been very concerned about understanding and complying now that tax season is here. I now understand what the new law is all about and how to go about assisting my clients thanks to CPAacademy. The course, "2014 Updates to the Tangible Property Repair Regulations", was well presented, full of clearly stated information and examples. Since this was my first course through CPAacademy, I look forward to taking many more courses."Susan, VA
"As an EA who primarily prepares individual returns, most of this session does not pertain to my clients. However, this was the best, most informative, and clearly explained course I have taken on the rules for capitalization vs repairs. I found the course interesting and it answered several questions I had about the new rules. Even if I don't use this knowledge often to prepare a return, I feel much more confident in knowing when the new rules might apply to my clients' situations."Leslie, CA
"This was a very well laid out and understandable presentation. In several of our annual tax updates that have covered this topic, it was very confusing and created a lot of frustration for our CPA's in figuring out how to implement these new IRS regulations. This the presenters and their materials did an EXCELLENT job at explaining these new regs in an understandable "cook book" approach. AND, we certainly will contact their company if we need any cost segregation studies done."LESLIE, CO
"This was a very well organized and extremely relevant course. I liked that we had 2 hours so it was not "rushed". Having questions from participants answered during polling was a great feature. Even if a tax preparer rarely encounters these situations, this knowledge is very much needed. I appreciate the depth of coverage and help to understand this confusing topic."Arnold J, VA
"Thank you and KBKG, Inc. for the outstanding presentation made in the CPA Academy.org presentation of 2014 Updates to the Tangible Property Regulations "Repair vs Capitalization Regulations." It covered a wealth of information in an interesting and easy to understand manner. The power points that were available before the session were well prepared and helpful."Jocelyn, CA
"The webinar was one of the best I've attended this year. The information was presented in an easy to follow, clear and concise manner. Excellent examples were presented to clarify different scenarios. The presenter was very knowledgeable. Would recommend this webinar to anyone who finds themselves confused about how to interpret the new regulations."Diana, NC
"Since 2013 I've struggled to understand the densely written TPR regs to determine how they apply to my clients, who are always resistant to captializing costs for replacement roofs, etc. Mr. Hanning clears up all this confusion with his enjoyable and thoroughly understandable presentation. I can't wait to sign up for more of his presentations."
KBKG
Principal – Cost Segregation
lester.cook@kbkg.com
312-248-7347
Lester Cook has over 20 years of experience in the tax specialty service industry. He is a Principal of KBKG’s Fixed Asset Review Practice. He is a certified member of the American Society of Cost Segregation professionals, a group that he has been a part of since 2008. Throughout his career, Lester Cook has completed cost segregation analyses on thousands of properties ranging from office space leasehold improvements to multi-billion dollar industrial complexes and hotel and resort projects. He has worked with many Fortune 500 companies successfully representing his claims to both IRS and Financial Auditors.
Prior to KBKG, Lester led the PwC Central Region Cost Segregation Center of Excellence; providing engineering-based Cost Segregation project management, oversight, and expertise to all other fixed assets teams throughout the U.S. and Canada. He was a recipient of the 2008 PwC Greater Chicago Market Chairman's Award for Outstanding Leadership.
KBKG
Director Fixed Assets / Cost Segregation
john.hanning@kbkg.com
(949) 836-0418
John joined KBKG in 2015 as a Fixed Assets / Cost Segregation / Accounting Methods Director in the Midwest market. Johns’ responsibilities will include servicing capital intensive clients with value-added services relating to cost segregation, fixed asset reviews, repair & expense studies, and 263(a) compliance. Prior to joining KBKG, John worked for KPMG managing large fixed asset projects in the Mid-American business unit which includes Detroit, Indianapolis, Cleveland, Columbus, Cincinnati, and Louisville. As a member of the Accounting Methods and Credit Services Group (AMCS) John specializing in Fixed Assets, Repairs & Maintenance, Construction Tax Planning and Cost Segregation Services. Prior to his Big Four experience, John worked for two large public accounting firms in Orange County, California. Over the past 10 years as a Fixed Assets specialist, John was responsible for the business development efforts for fixed asset services including new client identification, proposals, and client deliverables. John has lead and executed cost recovery studies on more than 1000 facilities including; healthcare, retail, manufacturing, commercial office, multi-family, power generation and dealerships. He has performed inspections of machinery, equipment, buildings, & construction projects estimated construction costs using nationally recognized costing manuals, and analyzed technical specifications, construction drawings & construction invoices. John generated sales utilizing both internal and external networks. John also provided continuing education presentations relating to cost segregation, section 179D, repair & expense rules. Prior to his public accounting career, John worked for the large international clothing retailer Abercrombie & Fitch as a Regional Maintenance Supervisor. In this role, he was responsible for identifying issues, source vendors, overseeing projects, and approving the quality of work. John organized, bid, and developed national service contracts for preventative maintenance programs. He managed several different contractors and scheduled all work at 103 stores in six states with a $10 million preventive maintenance budget. He supervised mechanical design, consultants, and engineers in developing systems for new stores. John’s intimate knowledge of construction projects has provided him with a solid foundation in dealing with complex construction contracts. John received his Bachelors in Economics Management from Ohio Wesleyan University and graduated with his MBA from Ohio University. John is a certified member of ASCSP American Society of Cost Segregation Professionals and holds his LEED Green Association credential.