Conquering Form 3115: Correcting Depreciation with Sample Problem FLEXCAST

Overview

When depreciation errors are detected on previously filed tax returns, most spontaneously 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 clarified, that will allow us to fix these depreciation omissions and or oversights. Furthermore, this webinar will deliver a comprehensive example on making changes to previously missed or incorrect depreciation. The when and how of IRC Section 481(a) adjustments will be discussed.

Highlights

Conquering Form 3115.

Prerequisites

None.

Designed For

CPAs.

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. Analysis of the qualified improvement property. Interpret when we must correct depreciation.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.