Training Course
Syllabus:
This seminar is designed for accountants, controllers, bookkeepers, CFOs, tax managers and enrolled agents.
As a business professional, you must have a solid understanding of fixed asset accounting to remain competitive in today’s business environment. This one-day seminar offers a comprehensive overview of the basic principles of fixed asset accounting, and will provide you with the information and practical insights you need to better understand financial reports, identify important tax saving opportunities, and take full advantage of your organization’s investment potential.
“Fundamentals of Fixed Asset Accounting in Indiana” is designed to provide relevant and timely information with regard to income tax rules and recent law changes, GAAP depreciation issues and developments, and important concepts relative to personal property and real estate tax issues.
8:30 a.m. - 8:45 a.m.
I. Overview
A. GAAP Accounting Issues
B. Income Tax Issues
C. Property Tax Issues
8:45 a.m. - 9:00 a.m.
II. History Of Income Tax Depreciation
And Amortization
A. Pre-ACRS Methods
B. ACRS Methods
C. MACRS Methods
9:00 a.m. - 9:50 a.m.
III. Tax Depreciation Lives, Methods
And Planning Concepts
A. MACRS Lives And Methods
B. Regular Tax And Alternative Minimum Tax Rules
C. Possible Depreciation Method Elections
D. Depreciation Conventions
E. Elections To Expense Certain Tangible Property And Bonus Depreciation
9:50 a.m. - 10:00 a.m.
Break
10:00 a.m. - 10:30 a.m.
IV. Listed Property, Luxury Auto Limits
And Taxable Employee
Compensation
A. Listed Property And Luxury Auto Depreciation Limits
B. Planning Opportunities Relative To Gross Vehicle Weight Rating And Special Purpose Vehicles
C. Limits On Leased Luxury Autos
D. Valuation Of Personal Use Of Company Vehicles For Inclusion In The Employee’s Taxable Compensation
E. Lease vs. Purchase And Related Planning Concepts
10:30 a.m. - 10:45 a.m.
V. Amortization Expense And Capital
Gain Issues
A. Business Acquisition And Sale Issues
B. Section 197 Intangibles
10:45 a.m. - 11:00 a.m.
VI. Sales And Like-Kind Exchanges Of
Business And Depreciable Property
A. Ordinary Income vs. Capital Gain Issues
B. Recapture Issues
C. Like-Kind Exchange Opportunities
D. Involuntary Conversions
11:00 a.m. - 12:00 p.m.
VII. Overview Of GAAP Requirements
A. Accounting Rules Regarding Long-Lived Assets
B. Summary Of Recent Pronouncements
C. Impairment Of Long-Lived Assets
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 1:45 p.m.
VII. Overview Of GAAP Requirements
(Continued)
D. Balance Sheet Presentation
E. Disclosure Requirements
F. Differences Between GAAP And Other Comprehensive Basis Of Accounting
G. Capitalization Policy
1:45 p.m. - 2:05 p.m.
VIII. Depreciation And Related Issues
A. Overview Of Depreciation Methods
B. Changes In Estimated Useful Life, Salvage Value, And Depreciation Methods
2:05 p.m. - 2:45 p.m.
IX. Leased Assets
A. Capital Leases vs. Operating Leases
B. Financial Statement Presentation And Disclosure Requirements, Including Related Party Transactions.
C. Case Study
2:45 p.m. - 2:55 p.m.
Break
2:55 p.m. - 3:10 p.m.
X. Personal Property Tax
A. Basis For Tax
B. Real vs. Personal
3:10 p.m. - 3:50 p.m.
XI. Inventory
A. Manufacturer
B. Retailer And Wholesaler Inventory
C. 263a Adjustment
D. Average Inventory Election
E. Interstate Commerce Exemption
3:50 p.m. - 4:30 p.m.
XII. Overview Of Personal Property Tax
Process
A. Compliance Related Issues
B. Amended Returns
C. Pooling Of Assets
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