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Course Details

IRS Repair And Maintenance Regulation Update

Webinar: ID# 1026421
Recorded CD
Qty:
About This Course:
The Internal Revenue Service (IRS) has finalized the regulations regarding the deduction and capitalization of expenditures related to tangible property (commonly referred to as the repair and maintenance regulations).

This webinar will review Rev Procedure 2015-20 and the 3115 relief for small taxpayers. There are new provisions in the regulations that you should be aware of and affect virtually all types of businesses. Five main areas affected by these regulations include materials and supplies, repairs and maintenance, capital expenditures, amounts paid for the acquisition or production of tangible property and amounts paid for the improvements of tangible property.

Included in the final regulations are favorable tax changes that could benefit you and your business. Additionally, it is important to stay up to date and comprehend the final regulations to ensure compliance with the IRS.

AGENDA

Background
  • Old Rules to New Rules
  • Rules and Regulations: 2014 and Beyond
  • Components of a Building
Capitalization Standards
  • Betterment
  • Restoration
  • Adaptation
Improvements to Tangible Property
  • Tax Return Implications
Safe Harbor Rules
  • De Minimis Rule
  • Routine Maintenance Safe Harbor
Updates to the Regulations Since Finalization
  • Rev. Procedure 2015-20 - Small Taxpayer Relief
  • Rev. Procedure 2015-56 - Safe Harbor for Retail and Restaurant Operators
  • Increase in De Minimis Safe Harbor Limit
Capitalization Decision Flowchart (Handout)
About The Presenters

Jim Forbes, CPA
  • Tax partner in the office of Skoda Minotti, Cleveland
  • 23 years of public accounting experience including 11 years with an international CPA Firm
  • Practice emphasizes all aspects of corporate tax
  • Conducted numerous repair and maintenance studies for clients
  • Member of the AICPA and Ohio Society of CPAs
  • B.B.A. degree, University of Toledo
Dennis C. Murphy, Jr., CPA
  • Senior manager in the office of Skoda Minotti, Cleveland
  • 11 years of public accounting experience surrounding the real estate and construction industries
  • Practice emphasizes all aspects of the real estate and construction industries
  • Presents seminars and workshops related to the real estate and construction industries and the final tangible property regulations
  • Wrote several publications related to the areas of the real estate and construction industries and the final tangible property regulations
  • Selected to participate in The Growth Partnership's Partner Institute
  • Member of the AICPA and Ohio Society of CPAs
  • Member of the NAIOP (Commercial Real Estate Development Association) Developing Leaders Program
  • B.B.A. degree, Ohio University
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IRS Repair And Maintenance Regulation Update
Available on CD format
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Course Details
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