NSA ConnectED Webinar - Form 3115 Line-by-Line

When:  Jun 9, 2015 from 02:00 PM to 04:00 PM (ET)

Form 3115 Line-by-Line

June 9, 2015 at 2:00 PM EDT, 1:00 PM CDT, 12:00 PM MDT, 11:00 AM PDT

The personal property regs finalized in 2014 and the IRS announcements that almost every business owner should file a Form 3115 in 2014 got everybody talking about this seldom used form. Unfortunately the discussion began so late in the year that most tax professionals ran out of time before they were able to gain a real understanding of when and why the form should be filed. To add to the confusion, the IRS issued several notices changing their guidance about Form 3115.

Now that tax season is behind us, we should take a closer look at all this guidance and determine whether we did the right thing for our clients, and how to fix it if we didn't.In this webinar, we will:

  • Review the new regs that caused all this commotion and determine which clients could benefit from changing the status of items previously categorized as "Improvements" to "Repairs"
  • Discuss the advantages of filing Form 3115 for 2014 rather than choosing to simply apply the new regs going forward
  • Look at the long-term ramifications of your choices regarding Form 3115.
And most importantly, you'll learn some valuable shortcuts that will help you complete this 8-page form in mere minutes! Properly reporting depreciation corrections can lead to big refunds for your clients that will make them loyal to you for a lifetime.

NASBA CPE:2 Hours/Taxes
IRS CE: 2 Hours/Federal Tax Law Update

Presented byLisa Ihm

NSA ConnectED Webinar Series
Learning Objective:
At the conclusion of this webinar you will be able to:

 

  • Identify taxpayers who will benefit from filing a Form 3115.
  • Perform analysis of depreciation schedules to determine which assets were capitalized in prior years that qualify as deductible under newly issued regulations.
  • Identify which sections of Form 3115 must be completed for a depreciation change and which sections are not required.
  • Determine which taxpayers qualify to file a "short-form" 3115 and understand the advantages of filing this form.

Program Level: Basic
Prerequisites:None
Advance Preparation:None

No refunds or exchanges for cancellations. For more information regarding the webinars, cancellations and content, please contact NSA toll-free at 800-966-6679.

NSA is approved by NASBA, the IRS, ACAT, and CTEC as a provider of continuing professional education.

The National Society of Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:www.learningmarket.org.

 

NSA has been approved by the California Tax Education Council to offer the above courses to go towards the annual "continuing education" requirement imposed by the state of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone at (877) 850-2832, or on the Internet atwww.ctec.com.

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