Description:

This program will address the most recent updates on tax depreciation resulting from the H.R.1, highlighting new depreciation rules. Planning opportunities and potential pitfalls will also be addressed.

Learning Objectives:

• Define the latest tax depreciation developments and special topics.
• Define and discuss planning tools and potential pitfalls.

Session Highlights:

• Recent tax legislation, rules and developments related to capitalization and depreciation.
• Capitalization of tangible property, including materials and supplies, building and improvements.
• Small taxpayer safe harbor.
• Section 179, including 2023 inflation adjustment.
• Phase-out of Section 168(k) 100% bonus deduction.
• Qualified improvement property
• Depreciation of automobiles, including new luxury auto limits.
• ADS depreciation for electing farm and real estate business.
• MACRS depreciation and Form 4562.

Who should attend?

• CPAs, EAs
• Tax attorneys and legal advisors
• Financial professionals
• Anyone advising clients on tax law changes