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Kbkg

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Free cpece webinars
Tangible Property Repair Regulations - 2021 Update

TANGIBLE PROPERTY REPAIR REGULATIONS - 2021 UPDATE

Available Date(s)
Wednesday, May 19, 2021: 4:00PM EDT
$20.00

CPE Credits 1.0 hour
Subject Area 1.0 - Taxes (Federal Tax)
CE Credits 1.0 hour
Course Id# - HURS9-T-00228-18-O
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

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 and 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


Learning Objectives:


  • Recall changes and new requirements presented by the final repair and disposition regulations

  • Identify new opportunities to deduct abandoned building components immediately, avoid recapture tax, and expense demolition costs

  • Recall an in-depth knowledge of the unit of property rules

Linkedin

Lester Cook, CCSP, ASA

KBKG
Director Cost Segregation
lester.cook@kbkg.com
312-248-7347

Kbkg

Lester is a 15 year veteran in the tax specialty service industry. He is the leader 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 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 IRS and Financial Auditors’ claims. 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. Lester was born and raised in Northwest Indiana and is the head of the KBKG Chicago Office. He earned a Bachelor in Construction Management from Purdue University.

Additional Materials
Webinar FAQs
Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
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Irs

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

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About Our Presenter

Kbkg
Established in 1999 KBKG is a specialty tax firm providing nationwide service. Our firm offers a unique combination of heritage, vision and work. The strength of our firm is in understanding the complexities of taxation and engineering. Over the years we have used our experience and expertise to take advantage of ever changing tax laws for the benefit of our clients. As educators in the field of tax credits, incentives and deductions, we hold numerous seminars for CPAs, attorneys, investment firms, and other real estate professionals.