FMN Taxes

FMN - 2020/November, Seg. 4 - Bonus Depreciation Updates and GILTI Provisions

On September 21, 2020, the IRS released the final regulations (T.D. 9916) providing guidance regarding the additional first-year depreciation deduction under section 168(k) of the Internal Revenue Code. These final regulations reflect and further clarify the increased deduction and the expansion of qualified property, particularly to certain classes of used property, authorized by the Tax Cuts and Jobs Act. These final regulations generally affect taxpayers who depreciate qualified property acquired and placed in service after September 27, 2017, and rescind a portion of the proposed regulations published on September 24, 2019. Ed Zollars, CPA, partner at Thomas, Zollars & Lynch, Ltd., gives us the highlights on the final regulations and what prompted their release.

Learning Objectives:

  • Identify what prompted the final regulations (T.D. 9916),
  • Recognize the changes in the five-year lookback rule under the final regulations,
  • Understand the De Minimis use rule and the three different situations where it can be applied, and
  • Determine the purpose of GILTI under Notice 2020-69.

Prerequisites/Advanced Preparation:

Work experience in tax planning or tax compliance, or an introductory course in taxation.

Speaker / Author:

Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He is also a discussion leader with Loscalzo Institute. He has been in practice for over twenty-five years, specializing in tax issues for closely held businesses and individuals.

Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.

Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.

He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

Price (USD)

Standard: $69.90


Course Code : FMN1375-FM

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes

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