Individuals, corporations, partnerships, LLCs, trusts, estates, and nonprofits all utilize two of the most often prepared tax forms -- Form 4562 -- Depreciation and Amortization, and Form 4797 -- Sales of Business Property. This course provides a quick dissection of both of these complicated forms. From new staff to experienced, tax preparers may utilize this manual for all tax returns/entities they prepare. This reference manual contains many examples and cases to illustrate the most important points CPAs need to be aware of.

Major Topics:

  • Complete coverage of recent tax acts and any new legislation enacted before presentation
  • Will §179 depreciation rules become permanent?
  • Detailed coverage of §179 expense election and how to maximize its use, when to use it, and what property qualifies?
  • Sale of property and the depreciation recapture rules (§§1245, 1250, unrecaptured §1250 gain for real estate, §291 for corporations)
  • MACRS Depreciation -- finding the proper method, convention, and recovery period
  • What is “Listed Property” and what are the current limitations?
  • Amortization of start-up, organization, and other expenditures
  • New regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules
  • AMT depreciation adjustments and how to avoid them
  • Examples, cases, and rulings of depreciation and amortization issues and how they impact clients, along with the useful planning opportunities

Learning Objectives:

  • Fully understand two of the most commonly prepared tax forms
  • Understand assets from acquisition to disposition

Designed For: CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and who want to maximize the possible tax savings for their clients
Level of Knowledge: Basic/Intermediate
Prerequisite: Basic knowledge of tax issues for property transactions
Advanced Preparation: None
Credits: 4