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Correcting Depreciation & Form 3115

IRS Program Number: X9QQU-T-00654-20-O
IRS Program Number: X9QQU-T-00654-20-S
1 CE
 
Correcting Depreciation and Form 3115: {Intermediate}
This webinar will provide a synopsis on Forms 1040X and 3115. When depreciation errors are detected on previously filed tax returns, most intuitively want to amend the return and correct this error. However, amending previously filed returns usually is not an accurate or beneficial way to proceed. There are procedures, which will be explained, that will allow us to fix these depreciation omission and or oversights.
Furthermore, this webinar will deliver a comprehensive example on making changes to previously incorrect or missed depreciation. The when and how of IRC Section 481(a) adjustments will be discussed. Also, what changes were brought about under TCJA regarding changes in accounting methods and how it applies to Form 3115.

Learning Objectives:

  • Explain what is Form 3115 and how do we file it
  • Determine the advantages of Form 3115
  • Clarify the differences between Form 3115 and 1040X
  • Calculate and establish IRC Section 481(a) adjustments
  • Critique Form 3115 and the 2017 Tax Cuts and Jobs Acct
  • Interpret when we must Correct Depreciation
  • Exhibit a Sample Problem with proper attachments