The Tax Cuts and Jobs Act, passed late in 2017, made substantial changes to the tax law including the accounting method and cost recovery provisions. Many taxpayers do not understand the potential impact of the complex cost recovery and accounting method provisions on their business. This topic will help tax professionals understand the accounting method and cost recovery provisions contained in the Tax Cuts and Jobs Act and identify potential opportunities and risks created by the changes. This material will also outline some of the new deduction limitation provisions and their impact on the taxpayer's cost recovery deductions. Failing to properly understand and plan for the new tax provisions will leave taxpayers unprepared for the significant changes arising from the Tax Cuts and Jobs Act. This information is critical for taxpayers to understand and identify both the opportunities and risks arising from the new tax legislation so they can effectively manage the impact of the new laws on their business.
- Describe the new deduction limitations under the Tax Cuts and Jobs Act and their interaction with the cost recovery provisions
- Identify accounting method and cost recovery opportunities arising from the Tax Cuts and Jobs Act
- Discuss the immediate expensing and revised cost recovery provisions under the Tax Cuts and Jobs Act
- Explain the new small taxpayer safe harbors and accounting method opportunities under the Tax Cuts and Jobs Act
Presenter Andrea Mouw, JD, Principal
Andrea has more than 12 years of tax experience including federal, state, and international tax issues. She provides technical analysis and assists clients in resolving accounting method issues related to income and expense recognition, capitalization, cost recovery and inventories, including identifying and adopting appropriate accounting methods and filing accounting method change requests (Form 3115). Andrea also provides guidance regarding the Section 199 domestic manufacturing deduction and is familiar with the rules regarding the taxation of financial products and alternative investments.
CPE Credit: 2
Field of Study: Taxes
Delivery Method: Group Internet
"CPE certificates for this event will be issued by Lorman"