Total Credits: 2 including 2 Taxes - Technical
The Consolidated Appropriations Act of 2015 made permanent the Section 179 $500,000 expense limitation and $2 million phase-out amounts. The Act also extended Section 168(k) through at least 2019, reducing the 50% bonus depreciation to 40% in 2018 and 30% in 2019. However, the Act left the Section 280F Statutory/Regulatory anomaly unchanged. Taxpayers benefit from Treasury’s definition of the SUV weight limits for Section 179 100% depreciation and Section 168(k) bonus depreciation purposes.
This webcast involves Section 179 depreciation expense at the partnership level in a startup operation. Although not incorporated into this webcast, Dr. Jenkins wants to share his paper, "Why Section 179(b)(3)(A)'s Business Income Limitation Does Not Apply to Partnerships or S Corporations." The paper is currently in peer review at a university tax journal. Also, the ACPEN/BPN webcast based on this paper will be first aired during the week of September 25-29, 2017. Please be sure to look for that announcement and register for the webcast.
Syllabus
Lesson 1.
Introduction
Lesson 2.
Consolidated Appropriations Act
Lesson 3.
Section 179 and 168(k) Comparisons
Lesson 4.
The Section 179 SUV Deduction
Lesson 5.
Conclusion
*Recognize correctly how the Consolidated Appropriations Act of 2015 made permanent amendments to Section 179’s 500,000 expense limitation and phase-out amounts
*Recognize correctly important tax planning distinctions between Section 179 100% depreciation and Section 168(k) bonus depreciation
*Recognize the Section 280F statutory unloaded gross vehicle weight rating correctly refers to the vehicle’s curbside weight
*Recognize correctly the Section 280F Treasury Regulations changed the curbside weight standard to simply a gross vehicle weight rating standard
*Recognize correctly the IRS is bound by Treasury Regulations while the courts are not
*Recognize the Treasury Regulations’ curbside/GVWR anomaly presents possible late year tax planning opportunities
*The Consolidated Appropriations Act of 2015, Sections 124 and 143
*Important tax planning Section 179 100% depreciation and Section 168(k) bonus depreciation distinctions
*The Treasury Regulation’s transformation of a statutorily imposed curb side weight limit to a gross vehicle weight rating
*IRS is bound by the Treasury Regulation’s executive fiat
Weighing_on_the_Section_Jenkins_Credentials (0.09 MB) | 5 Pages | Available after Purchase |
Weighing_in_on_the_Section_Handout_Slides (3.94 MB) | Available after Purchase |
Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase |
Article_Why Section179(b)(3)(A)'s Business Income Limitation Does Not Apply to Partnerships and S Corporations (0.20 MB) | Available after Purchase |
IRS CE Credit Request Form (0.15 MB) | Available after Purchase |
Weighing in on the Section 179 SUV Deduction_Q&A (13.2 KB) | Available after Purchase |
David Randall Jenkins, Ph.D., received his doctorate in accounting and a master’s in accounting with an emphasis in tax from the University of Arizona. He has taught financial, managerial, and tax accounting courses at both the graduate and undergraduate levels. Dr. Jenkins is an AACSB academically qualified business school and tax professor owing to his peer reviewed journal article publications. His company, Algorithm LLC (algorithm-llc.com), is an IRS Approved Continuing Education Provider. Dr. Jenkins may be contacted at tucjenkins@aol.com.
This webcast is an intermediate continuing education webcast.
It is assumed the webcast participant has basic familiarity with Section 179 100% depreciation and Section 168(k) bonus depreciation.
None
*CPAs
*Attorneys
*Enrolled Agents
04/27/2016
No
David Randall Jenkins
04/13/2016
Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
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