Fall 2020 Update

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 as well as 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

• Recall how changes and new requirements are presented by the final repair and disposition regulations


• Identify new opportunities to deduct abandoned building components immediately, avoid recapture tax, and expense demolition costs


• Identify Unit of Property rules


• Determine when to capitalize and depreciate expenditures and when to treat them as immediately deductible repairs and maintenance expenses


• Recall accounting method changes and elections under the repair regulations to maintain compliance and reduce tax obligations


• Identify opportunities for missed deductions and other tax planning ideas