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Congress restored the $500,000 Section 179 deduction, bonus depreciation, and 15-year qualified real property when it passed the Protecting Americans from Tax Hikes Act of 2015 (PATH) in December 2015. Earlier, the IRS had issued very complex repair regulations and Rev. Proc. 2015-56, which provided a safe harbor accounting method for the retail and restaurant industries to determine whether costs paid to refresh or remodel a qualified building are deductible or if they must be capitalized. All of these new provisions interact in complicated ways. This program outlines all the new rules and explains how and when expenditures must be capitalized and depreciated and when they should be expensed.
Any tax practitioner who wishes to understand the current environment relating to when expenditures should be capitalized and when they can be expensed, and the methodology that can be used to depreciate such expenditures
Basic understanding of the tax rules dealing with individual income taxation
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