Tax Talk Today - The Task Show For The Tax Pro

Depreciation and Amortization: It’s Only a Matter of Time

Tuesday, June 12, 2018
You have one year from airing date to use this course as credit.
2:00 PM – 3:40 PM ET
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Continuing Education

CPE Program Knowledge Level: Update
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0126
IRS/RPO Approved Program
#7ZBUJ-E-00067-18-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-E-00067-18-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A moderated panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, examines allowances provided by federal tax law for depreciation and amortization. The program will focus on the cost or other basis used for the depreciation of capital or income- producing assets, and the recovery of those costs under the MACRS of depreciation. Panelists also will examine the limited election to expense, rather than capitalize the cost of certain assets. Further, the panel will examine special amortization provisions, including start-up costs, section 197 intangibles, and others.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of asset costs that must be capitalized and recovered through depreciation, assets that are eligible for the election to expense costs and the limits on that election, and the various expenditures that may be subject to special amortization provisions.

Program Learning Objectives

1) Identify those asset costs that must be capitalized and recovered through depreciation.

2) Identify the assets that are eligible for the special election to expense costs and the limits on that election.

3) Identify how the depreciation allowance for capital costs is determined under the current depreciation system and when depreciation may be subject to recapture.

4) Identify the various expenditures that may be subject to special amortization provisions and how those allowances are calculated.

Program Outline

Moderator


Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 25 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. He is currently a speaker at the NTPI events, CSEA Super Seminar as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelist


panelist

Lois Deitrich, CPA
Acting Director Small Business/Self Employed of Exam Quality & Technical Support, for IRS

Lois has served at the IRS over the past 15 years as the acting Director of Ogden Exam Campus, Assistant to the Director of the Business Support Office in Operation Support, and Exam Headquarters Policy in the SB/SE Division. Lois attended the University of Denver and obtained a Master's degree in Tax, and is a Certified Public Accountant, Certified Fraud Examiner and has a Global Management Accountant Certification. Over the past eight years, Lois has been an educator for tax auditing and accounting at Metropolitan State College in Denver, Colorado. Prior to joining the IRS, Lois worked in the private sector as a Certified Public Accountant. In addition, she served in the Navy Reserve and in the health care arena for the state of Colorado.

Industry Panelists


James (Jim) R. Adelman, EA
Owner of Tax & Financial Services, LLP.

I have been a practicing enrolled agent since 2001 and a member of NAEA for about the same time. I am an NTPI Fellow and have a degree in accounting. For twenty-two years, I was employed by the law firm of Frasier, Frasier & Hickman, LLP of Tulsa, Oklahoma, and handled a fairly large amount of tax representation cases with the firm. In January of 2015, I formed my own firm, Tax & Financial Services, LLP. I have served as President of the Oklahoma Society of Enrolled Agents and am currently NAEA's Immediate Past President, after serving as NAEA's President during the 2017-2018 governance year. I have also served as Chairman of the Relocation Task Force and served for two terms on the Affiliate Council, the Governance Committee, the Nominating Committee, the Board of Directors, and as the at-large member of the Executive Committee.


Chris Hardy, EA, CFP®, ChFC®, CLU®
Owner and Managing Director of Paramount Tax and Accounting, LLC

Chris Hardy is the owner and Managing Director of Paramount Tax and Accounting, LLC, a tax planning, preparation and representation firm based in Metro Atlanta. He also is the owner and Director of Planning and Investments for Paramount Investment Advisors, Inc., a comprehensive fee-only, financial planning and wealth management firm. He holds a Bachelor of Science in Business from Lee University in Cleveland, TN and continued his education by earning additional specialty designations including the Certified Financial Planner (CFP®), enrolled agent, Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU).

Chris is also a fellow of the National Association of Enrolled Agents' National Tax Practice Instituteâ„¢ program. Chris is an active nationally as a speaker at many industry associations events and educational institutions on topics ranging from tax compliance to investment management. His expertise has been relied upon for articles in The Wall Street Journal, Forbes, CNBC.com as well as many others. He also is a regular contributor to the educational websites NerdWallet and Investopedia.

Chris currently serves as the President of the Georgia Association of Enrolled Agents, Secretary of the Financial Planning Association of Georgia and as Treasurer of the Southern Region of the National Association of Personal Financial Advisors (NAPFA).