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Tangible Property Repair Regulations - 2021 Update

TANGIBLE PROPERTY REPAIR REGULATIONS - 2021 UPDATE

Cost Free
Presentation Length 1.0 hour

Recorded DateAugust 18, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The final tangible property repair regulations are in full effect, yet many taxpayers are not in compliance or are missing opportunities to take full advantage of these new rules.

This webinar covers compliance requirements and potential tax planning strategies on both a retroactive and prospective basis.

The webinar also contains in-depth examples and real-life case studies. Participants will be better able to identify tax-saving opportunities and be in compliance with these new regulations.

Repair Regulations Overview and Practical Considerations:


  • Common changes in accounting methods and optional elections

  • The de minimis safe harbor and the $5,000/$2,500 thresholds

  • The routine maintenance safe harbor

  • Relief for small businesses

  • Disposition rules

  • Definitions of betterments, adaptations, and restorations with examples

  • Rules for materials and supplies


Learning Objectives:


  • Recall changes and new requirements presented by the final repair and disposition regulations

  • Identify new opportunities to deduct abandoned building components immediately, avoid recapture tax, and expense demolition costs

  • Recall an in-depth knowledge of the unit of property rules

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Lester Cook, CCSP, ASA

KBKG
Director Cost Segregation
lester.cook@kbkg.com
312-248-7347

Kbkg

Lester is a 15 year veteran in the tax specialty service industry. He is the leader of KBKG’s Fixed Asset Review Practice. He is a certified member of the American Society of Cost Segregation professionals, a group that he has been a part of since 2008. Throughout his career, Lester has completed cost segregation analyses on thousands of properties ranging from office space leasehold improvements to multi-billion dollar industrial complexes and hotel and resort projects. He has worked with many Fortune 500 companies, successfully representing his IRS and Financial Auditors’ claims. Prior to KBKG, Lester led the PwC Central Region Cost Segregation Center of Excellence, providing engineering-based Cost Segregation project management, oversight, and expertise to all other fixed assets teams throughout the U.S. and Canada. He was a recipient of the 2008 PwC Greater Chicago Market Chairman's Award for Outstanding Leadership. Lester was born and raised in Northwest Indiana and is the head of the KBKG Chicago Office. He earned a Bachelor in Construction Management from Purdue University.

Sumit Sharma, CCSP, ASA

KBKG
Director, Cost Segregation
sumit.sharma@kbkg.com
(877) 525-4462 x754

Kbkg

Sumit Sharma is a Senior Manager at KBKG for the Cost Segregation Practice. Based in New York, he has over ten years of experience conducting Fixed Asset Depreciation reviews, purchase price allocations, Cost Segregation studies, Section 179D energy-efficient analyses, repairs/maintenance cost analyses, and pre-construction tax consulting services. Before joining KBKG, Sumit worked for six years as a tax manager with PricewaterhouseCoopers in their Tax Projects Delivery Group. His experience also includes five years at a boutique consulting firm where he was engaged in various fixed asset tax consulting projects. His technical knowledge spans various tax projects, and his experience includes a diverse mix of clients in multiple industries. Sumit earned his Bachelor of Engineering degree in Engineering Management from the Stevens Institute of Technology. He is an associate member of the American Society of Appraisers with a discipline in Machinery and Technical Specialties, and he is a certified Marshall & Swift appraiser.

About Our Presenter

Kbkg
Established in 1999 KBKG is a specialty tax firm providing nationwide service. Our firm offers a unique combination of heritage, vision and work. The strength of our firm is in understanding the complexities of taxation and engineering. Over the years we have used our experience and expertise to take advantage of ever changing tax laws for the benefit of our clients. As educators in the field of tax credits, incentives and deductions, we hold numerous seminars for CPAs, attorneys, investment firms, and other real estate professionals.