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Cost Capitalization A to Z 4172778B
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Cost capitalization has undergone major changes in recent years and impacts every client in a CPA's practice and every industry accountant. Explore the new repair regulations (effective Jan. 1, 2014), which include several taxpayer friendly safe harbors. These regulations cover the handling of materials and supplies, de minimis expensing and repairs versus improvements.

8/14/2017
When: 9:30 AM to 5:00 PM
Where: Webcast
CALCPA
4172778B
United States
Presenter: Kathleen K. Wright, JD, LLM, CPA
Contact: April Deneault
801-466-10304


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Curriculums:   Business and Corporate Taxation,Financial Leadership Forum,Business and Industry,Business and Corporate Taxation

NASBA Credit Category:  Taxes

CPE Hours:  8

Description

Cost capitalization has undergone major changes in recent years and impacts every client in a CPA's practice and every industry accountant. Explore the new repair regulations (effective Jan. 1, 2014), which include several taxpayer friendly safe harbors. These regulations cover the handling of materials and supplies, de minimis expensing and repairs versus improvements. Identify taxpayers who are not in compliance with the cost capitalization regulations and how to correct an improper accounting method.  Plus, investigate issues related to the computation of the IRC 263A adjustment required for all businesses with inventory.

Materials are provided as an ebook.



Major Subjects

  • New repair regulations issued by IRS under IRC 263, IRC 162 and IRC 168.
  • Review and update of regulations on inventory cost capitalization under IRC 263A.

Objectives

  • Identify new repair regulations.
  • Recognize new exceptions that govern materials and supplies and de minimis expensing.
  • Determine the difference between capitalized costs and deductible repairs.
  • Identify the intricacies of an IRC 263A (inventory cost capitalization) computations and adjustment.
  • Recall how inventory cost capitalization rules interact with new repair regulations.
  • Identify how new repair regulations will be applied on the California income tax return.
  • Determine when the change is made by an election versus a change of accounting method. 

Level:  Intermediate

Designed For

CPAs and corporate accountants responsible for inventory and fixed asset accounting in specialized industries.

Advanced Prep:

Please review course materials prior to attending class.

Prerequisite

Basic understanding of cost capitalization and depreciation concepts.

Price:

Members: $245

Nonmembers: $375

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