Watch a Replay of PwC's 10/29 Webcast on Recent Developments and Opportunities Related To the Repair and Maintenance of Tangible Assets
10/29/2009
Webcast Summary:
For federal income tax purposes, many companies follow their financial statement method of accounting with respect to incidental repairs and maintenance expenses and improperly capitalize and depreciate such repair costs. However, such costs may be currently deductible for federal income tax purposes in the year incurred, which may result in an immediate opportunity for taxpayers to automatically change their method of accounting and currently deduct the remaining basis of such improperly capitalized repairs, thereby accelerating cash flow. Watch a replay of this October 29, 2009 installment of PwC's Washington National Tax Services webcast series on corporate governance, risk, and compliance issues where PwC professionals discussed past, present, and future developments and hot topics related to repairs.
Webcast Details:
Recent Developments and Opportunities Related to the Repair and Maintenance of Tangible Assets
Watch the recorded webcast
Original Date: Thursday, October 29, 2009
For federal income tax purposes, many companies follow their financial statement method of accounting with respect to incidental repairs and maintenance expenses ("repairs") and improperly capitalize and depreciate such repair costs. However, such costs may be currently deductible for federal income tax purposes in the year incurred, which may result in an immediate opportunity for taxpayers to automatically change their method of accounting and currently deduct the remaining basis of such improperly capitalized repairs, thereby accelerating cash flow.
Join Bob Love, George Manousos, David Crawford, and John Petrella, specialists in PwC's National Fixed Asset Accounting practice, as they discuss past, present, and future developments and hot topics related to repairs. Specifically, the panelists will discuss:
- Techniques to identify costs that may be properly reclassified from capital expenditures to deductible repairs;
- Past, and present, IRS National Office procedural rules for changing your method of accounting for repair costs;
- Current IRS exam experiences, including recent experiences with Compliance Assurance Program (CAP) taxpayers, and current and future LMSB exam strategies; and
- The status of the proposed regulations on the capitalization of tangible assets, hot issues being discussed by the government, and when, or if, such regulations may be finalized.
Watch the recorded webcast
Contact
Roberta Cordova
for more information
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