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Tangible Property Repair Regulations - 2021 Update

TANGIBLE PROPERTY REPAIR REGULATIONS - 2021 UPDATE

Cost Free
Presentation Length 1.0 hour

Recorded DateDecember 15, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
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

Not logged
PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Lester Cook, CCSP, ASA

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

Kbkg

Lester Cook has over 20 years of experience in the tax specialty service industry. He is a Principal 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 Cook 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 claims to both IRS and Financial Auditors.

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.

Sumit Sharma, CCSP, ASA

KBKG
Principal – Cost Segregation
sumit.sharma@kbkg.com
(877) 525-4462 x754

Kbkg

As a Principal, Sumit specializes in Cost Segregation and Fixed Assets in the northeast regional market. He joined KBKG as a Senior Manager in 2015. Based in New York City, Sumit has over 17 years of experience conducting fixed asset depreciation reviews, purchase price allocations, cost segregation studies, Section 179D energy efficient analyses, repairs/maintenance cost analyses, and pre-construction tax consulting services.

Prior to joining KBKG in 2015, Sumit worked for six years as a tax manager with PricewaterhouseCoopers in New York City with their Tax Projects Delivery Group providing similar value-add tax credits and incentive consulting services. Prior to PwC, Sumit’s experience also included five years at a boutique consulting firm in New Jersey where he was engaged in various tax fixed asset and cost segregation consulting projects including fair market valuation studies and machinery & equipment appraisals.

About Our Presenter

Kbkg
Established in 1999 with offices across the US, KBKG provides turn-key tax solutions to CPAs and businesses. By focusing exclusively on value-added tax services that complement your traditional tax and accounting team, we always deliver quantifiable benefits to clients. Our firm provides access to our knowledge base and experienced industry leaders. We help determine which tax programs benefit clients and stay committed to handling each relationship with care and diligence. Our ability to work seamlessly with your team is the reason so many tax professionals and businesses across the nation trust KBKG.