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 as well as 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
Understand changes and new requirements presented by the final repair and disposition regulations
Identify new opportunities to immediately deduct abandoned building components, avoid recapture tax, and expense demolition costs
Gain an in depth knowledge of Unit of Property rules
Determine when to capitalize and depreciate expenditures and when to treat them as immediately deductible repairs and maintenance expenses
Effectively use accounting method changes and elections under the repair regulations to maintain compliance and reduce tax obligations
Identify opportunities for missed deductions and other tax planning ideas
KBKG
Principal – Cost Segregation
[email protected]
312-248-7347
Lester Cook has over 20 years of experience in the tax specialty service industry. He is a Principal 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 Cook 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 claims to both IRS and Financial Auditors.
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.
KBKG
Director Fixed Assets / Cost Segregation
[email protected]
(949) 836-0418
John joined KBKG in 2015 as a Fixed Assets / Cost Segregation / Accounting Methods Director in the Midwest market. Johns’ responsibilities will include servicing capital intensive clients with value-added services relating to cost segregation, fixed asset reviews, repair & expense studies, and 263(a) compliance. Prior to joining KBKG, John worked for KPMG managing large fixed asset projects in the Mid-American business unit which includes Detroit, Indianapolis, Cleveland, Columbus, Cincinnati, and Louisville. As a member of the Accounting Methods and Credit Services Group (AMCS) John specializing in Fixed Assets, Repairs & Maintenance, Construction Tax Planning and Cost Segregation Services. Prior to his Big Four experience, John worked for two large public accounting firms in Orange County, California. Over the past 10 years as a Fixed Assets specialist, John was responsible for the business development efforts for fixed asset services including new client identification, proposals, and client deliverables. John has lead and executed cost recovery studies on more than 1000 facilities including; healthcare, retail, manufacturing, commercial office, multi-family, power generation and dealerships. He has performed inspections of machinery, equipment, buildings, & construction projects estimated construction costs using nationally recognized costing manuals, and analyzed technical specifications, construction drawings & construction invoices. John generated sales utilizing both internal and external networks. John also provided continuing education presentations relating to cost segregation, section 179D, repair & expense rules. Prior to his public accounting career, John worked for the large international clothing retailer Abercrombie & Fitch as a Regional Maintenance Supervisor. In this role, he was responsible for identifying issues, source vendors, overseeing projects, and approving the quality of work. John organized, bid, and developed national service contracts for preventative maintenance programs. He managed several different contractors and scheduled all work at 103 stores in six states with a $10 million preventive maintenance budget. He supervised mechanical design, consultants, and engineers in developing systems for new stores. John’s intimate knowledge of construction projects has provided him with a solid foundation in dealing with complex construction contracts. John received his Bachelors in Economics Management from Ohio Wesleyan University and graduated with his MBA from Ohio University. John is a certified member of ASCSP American Society of Cost Segregation Professionals and holds his LEED Green Association credential.