Taxation SIG - Depreciation and Accounting Methods Update
Special Interest Group Event
Topic: Depreciation Update and Accounting Methods
The Tax Cuts and Jobs Act made significant changes to the rules for depreciation and accounting methods. This presentation will provide a summary of the new rules, planning ideas and common pitfalls for:
· The new 100% expensing rules;
· Depreciation in general;
· The revised Section 179 limits;
· Statutory changes to the rules for determining when a taxpayer may use the cash method of accounting; and
· Accounting methods in general.
In addition to changes brought by tax reform, the presentation will cover general rules related to changing an accounting method (e.g., when is an accounting method change needed, whether the change is an automatic or non-automatic method change, Section 481 adjustments, filing an accounting method change after an unextended tax return is timely filed, etc.) and common accounting method changes.
One very significant item that will be discussed is the rare opportunity to permanently reduce a taxpayer’s lifetime tax using accounting method changes, which typically only result in a timing benefit, due to the reduction in tax rates from 2017 to 2018.
Speaker: James Liechty, Equalys Tax Services, LLC
1 hour CPE available
09:30 AM - 10:30 AM
Maggiano's Little Italy Tysons Galleria 2001 International Drive Mclean, VA 22102
This event will directly follow the Northern Chapter's March Breakfast event. If you wish to attend both events please register separately for both.
James Liechty has over 18 years of experience consulting on depreciation, fixed asset, capitalization and accounting method issues for federal income tax purposes, with over 12 years of experience in the national office of a large public accounting firm. With his current firm, James serves taxpayers of all sizes.
James is a licensed CPA in the District of Columbia and the Commonwealth of Virginia. He holds a bachelor’s degree from the University of Utah, a Master of Accountancy degree with an emphasis in taxation and a Masters degree in Statistics from Brigham Young University.
click on the date(s) to add to your calendar: 03-20-18