New Repair and Capitalization Regulation Including Form 3115
IRS: Federal Tax Law Topics 3 CPE
CTEC: Tax Law 3 CPE
NASBA: Taxes 3 CPE
This course reviews and defines he current tax law changes as it applies tot he definition of repairs or improvements and updates, which costs can be deducted currently and which costs must be depreciated.The course discusses units of property for buildings under the new regulations, defines materials and supplies eligible for a current deduction, de minims rules, and explains the method of electing safe harbor treatment for qualified small taxpayers. During this session, we will review the changes to Form 3115, when it is appropriate to use the form, and which transactions require the filing of Form 3115.
At the completion of this course, participants will be able to:
Determine the difference between a current year expense and expenditure to be capitalized
What are the various safe harbors for small business and how to elect the appropriate one
Identity the five major changes to the regulations and their effect on the small business owner
What is a Unit of Property (UOP)?
When is an applicable financial statement (AFS) required
What are differences between those taxpayers with an AFS and without an AFS
Identify the de minimis Safe harbor rules
Under what conditions would a taxpayer fully expense materials and supplies and when would the expenditure be capitalized.
When would a taxpayer be able to elect to capitalize materials and supplies
- Each participant must answer the poll questions during the webinar in order to be awarded CE credits failure to do will result in no CE credits per National Association of State Boards of Accountancy (NASBA) CE program standards.
It is vital that each individual taking the webinar register under their own name and email. The webinar link will be sent to the email of the registrant. Because the links are unique for each email address, they will not work if forwarded to another email address.
Cancellation: NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
Refunds, Cancellations, Complaints
For more information regarding refund, cancellation and complaint policies, please contact our office at 800-367-8130.
Webinars are Interactive Visual and Audio Presentations
Each participant must answer the poll questions that appear on the screen during the webinar: failure to do so will result in no credits being awarded for that webinar.
There is no support to earn webinar CE by listening on a phone only.
Webinar Audio Troubleshooting
Keep all electronic handheld devices, such as Blackberries or cell phones, away from microphones and speakers.
A USB headset is recommended. If you are hearing an echo, try the following:
- If using speakers for sound, reduce your speaker volume to a low level and keep your microphone away from your speakers
- If you think the echo is from an attendee, see who is speaking and ask them to lower their speaker volume or alternately you can mute that attendee’s sound
- If joining via telephone, make sure the audio setting on your Control Panel is not set to mic & speakers
- Check to see if your built-in laptop microphone is turned off. If not, turn it off– built-in mics can cause echoes
- If your webcam mic is on, turn it off – webcam mics can also cause echoes
- If using a microphone, move it closer to you and away from sound-generating devices (computer fans, speakers, etc.)
- Do not move or touch the microphone, especially when speaking
If there are delays, words are dropped or you hear robotic sounds:
- This is often due to poor network performance, lack of memory or high CPU usage
- Close all applications, tabs, programs you are not using for the presentation
- Dial-up Internet connections are inherently slow and can cause problems
- Broadband Internet connections are recommended
- If problem persists, switch to telephone and dial in to the meeting. You must select “Telephone” in the Audio pane to do this.
Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author,the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.