Expense vs Capitalize? The New Regulations

Duration: 90 Minutes
The question is not "what is new?" but "what is not new?" The world of acquiring, repairing, renovating, and improving a building has changed. In 1986, dividing a building into its various components was "out-lawed." As time went by, building owners were able to have Engineering Studies performed and values were assigned to various components of the building for depreciation purposes. We are now in 2016 and the IRS has finalized their Tangible Property Regulations and we have NEW RULES. Instead of components, we have "Building Systems" and "Units of Property."
IRS New Tangible Property Regulations
Instructor: Greta P. Hicks
Product ID: 501572
Objectives of the Presentation
At the end of this webinar you will be able to determine:
  • When building a building, how to separate the costs between Building Systems
  • If a change to a Building System is a cost to be expensed or is required to be capitalized
  • If a change to a Unit of Property is a cost to be expensed or is required to be capitalized
  • What elections are still available to you?
In this Session you will learn the definitions of:
  • Betterment
  • Restoration
  • Adaptation
  • Maintenance vs. Improvements
  • Repairs
Why Should you Attend
We now have NEW RULES and instead of components, we have "Building Systems" and "Units of Property." Those persons/companies that acquire or hold real estate may have elections to make, and new definitions for the improvements, renovations, adaptations, and betterments of their buildings. This brings us to the new rules on when an amount may be expensed or is required to be capitalized.

Areas Covered
The session will discuss on:
  • Building Systems
  • Unit of Property
  • Elections
  • Safe Harbors
Who can Benefit
  • Tax Department, Tax managers
  • Accounts payable professionals, Accountants
  • CFO, VP Finance
  • CPAs
$300
Recorded Session for one participant
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  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Greta P. Hicks is a former IRS Revenue Agent and Regional Training Coordinator. After a time as tax manager for Ernst & Young, Greta started her own business and for 34 years her CPA practice has been limited to representing persons who have IRS problems. She is the author of "IRS Examination and Appeals Procedures" on www.CCH.com as well as, pilot tester of on-line continuing education courses for Checkpoint Learning. Greta has authored a number of continuing education courses on IRS practice & procedures and articles are regularly published on professional as well as trade magazines. Ms Hicks has traveled the US and taught Tax Update Seminars as well as various Inside the IRS topics.

Greta has been active in the Texas Society of CPAs for 40 years and has served on the IRS Relations Committee, on the Editorial Board of the TSCPAs and was the Tax Editor of Today's CPA. Her activities for the Houston Chapter of CPAs included Coordinator of Houston's IRS/Practitioner Study Group, Relations with Taxing Entities Committee, Teaching Taxes Committee, plus the Spring EXPO and Tax EXPO Committees.
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