Surgent McCoy's Comprehensive Guide to Tax Depreciation, Amortization, and Property Transactions from Acquisition to Exchange or Disposition (TDAP)

Date: 10/7/2008
Minot Grand International
Time: 8:15 AM - 4:00 PM (Please verify this time on your confirmation.)
8 CPE Hours
$250 Member
$300 Nonmember
Add $25 after 9/23/2008
Instructor: William M. Grooms

The purpose of this comprehensive course is to provide an in-depth analysis of the complex maze of rules dealing with depreciation, amortization, and sale of property, with an emphasis on identifying special planning opportunities and pitfalls. This great reference manual is written in a very practical format and contains many examples and charts to illustrate the most important points CPAs need to be aware of.

Major Topics:

• Complete coverage of The Small Business and Work Opportunity Tax Act of 2007 and any new legislation enacted before presentation
• Complete reference guide for compliance and planning issues from Pre-ACRS, ACRS, MACRS and GO Zone depreciation and amortization rules
• Detailed coverage of the greatly increased §179 expense election and how to maximize its use; when to use it; what property qualifies?
• Are we capitalizing "repairs" that could be been written off immediately?
• Correctly handling depreciation on purchases and trade-ins of business vehicles
• Luxury auto depreciation limitations and phantom income inclusion amounts and tables for leased luxury autos
• How to calculate depreciation in a short tax year and start-ups of businesses
• Accounting for a change in use
• Are we correctly handling depreciation write-offs for retail, restaurant & personal service industries? What are "distributive trades and services?"
• Understanding §197 amortization issues; how to handle software and other intangible asset costs
• AMT depreciation adjustments and how to avoid them
• ACE depreciation and earnings and profits (E&P) depreciation rules
• Sale of property and the depreciation recapture rules (§§1245, 1250, unrecognized §1250 gain for real estate, §291); goodwill write-offs need to be recaptured too!
• Advanced depreciation issues, tax-deferred exchanges, personal property converted to business property
• The latest cases and rulings involving depreciation and amortization issues and how they impact clients, along with the most useful planning opportunities, comprehensive appendix of hard to find MACRS and ACRS depreciation tables, and much more

Designed For: CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and who want to maximize the possible tax savings for their clients.
Level: Intermediate
Developer: Surgent McCoy CPE, LLC

About the Speaker:
William M. Grooms, CPA, PhD
William M. Grooms is a self-employed CPA. He was formerly a partner of Ernst & Young as well as Arthur Young. He had been employed by the Internal Revenue Service earlier in his career. He is also a former president of the American Business Club and panelist with the American Arbitration Association. Dr. Grooms has lectured on tax-related matters in all 50 states, and has spoken on local television programs and at leading universities. He was formerly an adjunct professor of taxation at South Carolina State University. In addition, he has co-authored textbooks for Arthur Young and the Internal Revenue Service, has authored some other texts, and his articles have appeared in Money, The Wall Street Journal, and Inc. Dr. Grooms earned his bachelor’s degree from the University of South Carolina, his master’s degree from Pepperdine University, and his doctorate from LaSalle University.