auroratrainingadvantage.com Open in urlscan Pro
67.222.139.58  Public Scan

Form analysis
1 forms found in the DOM

Name: formCart — POST https://auroratrainingadvantage.com/cart/webinar/live/

<form id="formCart" name="formCart" action="https://auroratrainingadvantage.com/cart/webinar/live/" method="post" enctype="multipart/form-data" role="form"> <input type="hidden" name="_token" value="omd0ueWY9DP6w1lgKdSXcr9siKuO0L57nzrwGqSe"> <input
    type="hidden" id="eco_product_id" name="eco_product_id" value="115220684">
  <div class="modal-header">
    <h5 class="modal-title">Depreciation for Tax and Accounting</h5> <button type="button" class="close" data-dismiss="modal">×</button>
  </div>
  <div class="modal-body">
    <div class="container-fluid">
      <div class="row">
        <div class="col text-center form-group" data-toggle="tooltip" data-placement="top" title=""
          data-original-title="This option allows you to attend the live webinar and then receive access to the online video recording after the event as well. Your access to the recording is good for 12 months.">
          <h6>Live Webinar + Recording</h6>
          <h3 id="price-both">$298.00</h3> <label for="attendee-both" class="d-none">Both Live and Recorded Webinar Attendees:</label> <select id="selAttendeeBoth" name="attendee-both" class="checkForBlankSubmission form-control">
            <option selected="" data-price="$0.00" value="0"> No Attendee </option>
            <option data-price="$298.00" value="1"> 1 Attendees - $298.00 </option>
            <option data-price="$377.00" value="2"> 2 Attendees - $377.00 </option>
            <option data-price="$456.00" value="3"> 3 Attendees - $456.00 </option>
            <option data-price="$535.00" value="4"> 4 Attendees - $535.00 </option>
            <option data-price="$614.00" value="5"> 5 Attendees - $614.00 </option>
            <option data-price="$693.00" value="6"> 6 Attendees - $693.00 </option>
            <option data-price="$772.00" value="7"> 7 Attendees - $772.00 </option>
            <option data-price="$851.00" value="8"> 8 Attendees - $851.00 </option>
            <option data-price="$930.00" value="9"> 9 Attendees - $930.00 </option>
            <option data-price="$1,009.00" value="10"> 10 Attendees - $1,009.00 </option>
            <option data-price="$1,088.00" value="11"> 11 Attendees - $1,088.00 </option>
            <option data-price="$1,167.00" value="12"> 12 Attendees - $1,167.00 </option>
            <option data-price="$1,246.00" value="13"> 13 Attendees - $1,246.00 </option>
            <option data-price="$1,325.00" value="14"> 14 Attendees - $1,325.00 </option>
            <option data-price="$1,404.00" value="15"> 15 Attendees - $1,404.00 </option>
          </select>
        </div>
        <div class="col text-center form-group border border-top-0 border-bottom-0" data-toggle="tooltip" data-placement="top" title=""
          data-original-title="This option allows you to attend the live webinar on the date and time indicated. You can interact with the speakers through a chat box and ask questions that will be answered either during the program or at the end of the presentation during a Q&amp;A session.">
          <h6>Live Webinar Only</h6>
          <h3 id="price-live">$219.00</h3> <label for="attendee-live" class="d-none">Live Webinar Attendees:</label> <select id="selAttendeeLive" name="attendee-live" class="checkForBlankSubmission form-control">
            <option selected="" data-price="$0.00" value="0"> No Attendee </option>
            <option data-price="$219.00" value="1"> 1 Attendees - $219.00 </option>
            <option data-price="$298.00" value="2"> 2 Attendees - $298.00 </option>
            <option data-price="$377.00" value="3"> 3 Attendees - $377.00 </option>
            <option data-price="$456.00" value="4"> 4 Attendees - $456.00 </option>
            <option data-price="$535.00" value="5"> 5 Attendees - $535.00 </option>
            <option data-price="$614.00" value="6"> 6 Attendees - $614.00 </option>
            <option data-price="$693.00" value="7"> 7 Attendees - $693.00 </option>
            <option data-price="$772.00" value="8"> 8 Attendees - $772.00 </option>
            <option data-price="$851.00" value="9"> 9 Attendees - $851.00 </option>
            <option data-price="$930.00" value="10"> 10 Attendees - $930.00 </option>
            <option data-price="$1,009.00" value="11"> 11 Attendees - $1,009.00 </option>
            <option data-price="$1,088.00" value="12"> 12 Attendees - $1,088.00 </option>
            <option data-price="$1,167.00" value="13"> 13 Attendees - $1,167.00 </option>
            <option data-price="$1,246.00" value="14"> 14 Attendees - $1,246.00 </option>
            <option data-price="$1,325.00" value="15"> 15 Attendees - $1,325.00 </option>
          </select>
        </div>
        <div class="col text-center form-group" data-toggle="tooltip" data-placement="top" title=""
          data-original-title="This is an online video recording of the live event so you see and hear everything the live attendees experienced. Your access is good for 12 months and you can view the webinar as many times as you would like. ">
          <h6>Recorded Webinar Only</h6>
          <h3 id="price-demand">$219.00</h3> <label for="attendee-demand" class="d-none">Record Webinar Attendees:</label> <select id="selAttendeeDemand" name="attendee-demand" class="checkForBlankSubmission form-control">
            <option selected="" data-price="$0.00" value="0"> No Attendee </option>
            <option data-price="$219.00" value="1"> 1 Attendees - $219.00 </option>
            <option data-price="$298.00" value="2"> 2 Attendees - $298.00 </option>
            <option data-price="$377.00" value="3"> 3 Attendees - $377.00 </option>
            <option data-price="$456.00" value="4"> 4 Attendees - $456.00 </option>
            <option data-price="$535.00" value="5"> 5 Attendees - $535.00 </option>
            <option data-price="$614.00" value="6"> 6 Attendees - $614.00 </option>
            <option data-price="$693.00" value="7"> 7 Attendees - $693.00 </option>
            <option data-price="$772.00" value="8"> 8 Attendees - $772.00 </option>
            <option data-price="$851.00" value="9"> 9 Attendees - $851.00 </option>
            <option data-price="$930.00" value="10"> 10 Attendees - $930.00 </option>
            <option data-price="$1,009.00" value="11"> 11 Attendees - $1,009.00 </option>
            <option data-price="$1,088.00" value="12"> 12 Attendees - $1,088.00 </option>
            <option data-price="$1,167.00" value="13"> 13 Attendees - $1,167.00 </option>
            <option data-price="$1,246.00" value="14"> 14 Attendees - $1,246.00 </option>
            <option data-price="$1,325.00" value="15"> 15 Attendees - $1,325.00 </option>
          </select>
        </div>
      </div>
      <div class="row border border-bottom-0 border-left-0 border-right-0 mt-3" style="position:relative;">
        <div class="text-danger" style="padding:0 5px 0 5px; background-color:#ffffff; text-align:center; z-index:1; position:absolute; top:-12px; left:50%; text-transform:uppercase; font-size:large; font-weight:bold;">or</div>
        <div class="col-sm-12 col-md-9 text-left mt-4">
          <h5>All Access Membership</h5>
          <p>The Aurora All Access Membership is designed to provide you with the training that you want when you want it. You will have 100% access to every live webinar, on demand webinar, professional alert, and podcast that Aurora Training
            Advantage offers with no additional cost.</p>
        </div>
        <div class="col-sm-12 col-md-3 text-center mt-4" data-toggle="tooltip" data-placement="top" title=""
          data-original-title="This membership gives you unlimited access to every live webinar and online video recording we offer for 12 months. You would have access to 100's of live events and online video recordings.">
          <h6>Yearly Subscription</h6>
          <h3 id="price-member">$599.00</h3> <label for="attendee-member" class="d-none">Membership Attendees:</label> <select id="selAttendeeMember" name="attendee-member" class="checkForBlankSubmission form-control">
            <option selected="" data-price="$0.00" value="0">No Attendee</option>
            <option data-price="$599.00" value="1">1 Attendee - $599.00</option>
          </select>
        </div>
      </div>
    </div>
  </div>
  <div class="modal-footer text-right"> <span id="formErrorMessage" class="text-danger" role="alert"></span> <button type="submit" id="btnAddCart" class="btn btn-info ml-2">Add to Cart</button> </div>
</form>

Text Content

 * Home
 * About
 * Training
   Articles Live Webinars On Demand Webinars Packages Podcasts Podcasts
   (Archive) Private Training
 * Membership
 * Experts
 * FAQs
 * Login

 1. Aurora Training Advantage
 2. Live Webinar
 3. Depreciation for Tax and Accounting


LIVE WEBINAR




DEPRECIATION FOR TAX AND ACCOUNTING

WEBINAR DETAILS $219

 * Webinar Date: March 6, 2024
 * Webinar Time: 2:00pm - 3:40pm EST   live
 * Webinar Length: 100 Minutes
 * Guest Speaker:   Chuck Borek
 * Topic:   Taxation and Accounting
 * Credit:   CPE 2.0, ATATX 1.5, IRS 2.0

 * Purchase Options

 * 


 * Overview

Nearly all businesses invest in assets that are used in operating the business.
The cost of long lived assets is spread over the useful life of the asset and
expensed against revenue for both accounting and tax purposes through a process
called depreciation. However, the methods allowed under Generally Accepted
Accounting Principles (GAAP) and the methods allowed for tax purposes are quite
different. This webinar will cover the various methods of depreciation, which
are allowed for tax purposes and which are allowed under GAAP, and why
businesses must keep more than one set of books when it comes to accounting for
fixed assets.

In this webinar, you will learn:

 * Which property is depreciable and which costs must be included (capitalized).
 * Application of specific depreciation methods and the information is required
   to use a particular method
 * Methods for accelerating cost recovery, including bonus depreciation and
   section 179 first year expensing..
 * How to track and reconcile depreciation expense and book value when more than
   one method is required.

Agenda:

 * Definitions
 * Factors in computing depreciation
 * Cost, Useful life, Depreciation method, Salvage value
 * Accounting methods
 * Straight line, Units of production, Sum of the years’ digits, Declining
   balance
 * Tax methods
 * MACRS, ACRS, Section 179, Bonus depreciation, Intangible assets

 1.  Introduction
 2.  GAAP 00:01:45
 3.  Expenditure of Cash or Incurrence of Debt 00:05:09
 4.  Expenditure of Cash or Incurrence of Debt - Depreciation (Amortization)
     00:08:27
 5.  Do/Don’t 00:09:16
 6.  The Matching Principle 00:09:38
 7.  The Matching Principle - Salvage Value 00:11:03
 8.  Judgments Required 00:12:59
 9.  Accelerated Depreciation 00:16:43
 10. Impairment Write Downs 00:17:41
 11. Tax Depreciation 00:20:37
 12. Cost Basis 00:24:15
 13. Inherently Facilitative Costs That Must Be Capitalized 00:26:13
 14. Acquisition by Inheritance  00:29:23
 15. Acquisition by Gift - Special Rule 00:30:38
 16. Acquisition by Gift - Loss 00:31:07
 17. Acquisition by Gift - Gain 00:31:29
 18. Acquisition by Gift - No Gain Or Loss 00:31:39
 19. Effect of Gift Taxes Paid by Donor 00:31:47
 20. Example 00:32:27
 21. Joint Tenant Survivor 00:33:18
 22. Capitalized Cost of Self-Constructed Assets 00:34:02
 23. Direct Costs 00:35:36
 24. Indirect Costs 00:36:01
 25. Indirect Costs Not Capitalized 00:37:18
 26. Allocating Basis of Constructed Assets 00:38:09
 27. Basis of Property Acquired in § 1031 Tax-Free Exchange 00:40:38
 28. De Minimis Safe Harbor 00:42:24
 29. The De Minimis Safe Harbor Truce 00:45:18
 30. Safe harbor Requirements 00:47:35
 31. Cannot Componentize 00:48:51
 32. Safe Harbor Carve-Outs 00:50:07
 33. De Minimis Safe Harbor Election 00:54:23
 34. MACRS Depreciation 00:54:49
 35. MACRS Critical Elements 00:57:14
 36. MACRS: ADS VS. GDS 00:59:00
 37. MACRS: GDS Recovery Periods - Three Year Property 00:59:41
 38. MACRS: GDS Recovery Periods - Five Year Property 01:59:56
 39. MACRS: GDS Recovery Periods - Seven Year Property 01:00:11
 40. MACRS: GDS Recovery Periods - 10-Year Property 01:00:34
 41. MACRS: GDS Recovery Periods - 15-Year Property 01:00:54
 42. MACRS: GDS Recovery Periods - 20-Year Property 01:01:21
 43. MACRS: GDS Recovery Periods  - Real Property 01:01:37
 44. MACRS: ADS Required 01:03:10
 45. MACRS: ADS Recovery Periods 01:04:16
 46. MACRS Conventions 01:05:02
 47. MACRS Methods 01:06:56
 48. Farm Equipment Depreciation 01:08:12
 49. Definition Consolidation 01:08:42
 50. Section 179 Deduction 01:09:28
 51. Four Types of Code § 179 Property 01:10:56
 52. Non-Qualifying Property 01:11:27
 53. Purchased and Placed in Service Requirement 01:12:09
 54. Business Use 01:12:30
 55. Like-Kind Exchange Property 01:17:15
 56. Recapture 01:17:38
 57. Recapture - Example 01:19:17
 58. Recapture - Example Cont’d 01:20:06
 59. No § 179 Deduction for Cars 01:21:30
 60. Heavy SUVs (> 6,000 lbs.) 01:21:36
 61. Commercial Vehicles (Depreciable) 01:22:16
 62. Section 179 Acquisition Limitation 01:23:34
 63. Section 179 Taxable Income Requirement 01:24:39
 64. Carryover of Unused Costs 01:26:34
 65. Trusts and Estates 01:28:24
 66. Trusts and Estates - Example 01:31:05
 67. Additional First-Year Depreciation 01:33:12
 68. Bonus Depreciation 01:33:33
 69. General Requirements for AFYD 01:34:24
 70. Electing Out of AFYD 01:34:46
 71. Luxury Automobile Depreciation Limits for 2021 01:35:36
 72. Amount of Mileage Expense Deemed Depreciation 01:36:34
 73. Intangible Assets and Amortization 01:37:48
 74. Acquired Intangibles 01:37:57
 75. Lump-Sum Purchase of Business Assets 01:38:37
 76. Created Intangibles 01:39:04
 77. Intangibles Amortization 01:39:31
 78. Speaker Wrap-Up/Attendee Questions 01:42:16
 79. Presentation Closing 01:44:25

 * Accelerated Depreciation 00:16:46
 * AFYD - Additional First-Year Depreciation 01:33:20
 * Alternative Depreciation System (ADS) 00:55:51, 00:59:03, 01:03:25
 * Amortization 00:08:30, 01:37:51
 * Applicable Financial Statement - AFS 00:45:39, 00:47:55
 * Asset 00:06:35, 00:11:27, 00:34:08, 00:56:11, 01:38:33
 * Balance Sheet (BS) 00:06:32, 00:07:38. 00:18:08
 * Capitalize 00:05:23, 00:07:30
 * Code Section 1245 01:17:51
 * Cost 00:05:42, 00:07:21, 00:08:16
 * Cost Basis 00:24:23, 00:54:58
 * De Minimis Safe Harbor 00:42:24, 00:45:19
 * Depreciation 00:00:07, 00:03:51, 00:07:54, 00:08:33, 00:12:11, 00:17:26,
   00:23:11, 00:30:54, 00:58:25, 01:08:12, 01:22:26, 01z;43z;20
 * Direct Costs 00:34:28, 00:35:36
 * Expenditure 00:02:32, 00:03:43, 00:25:14
 * Expense 00:03:23, 00:05:21, 00:06:12, 00:13:36
 * Fair Market Value (FMV) 00:31:18, 00:32:36, 01zzzzz;42z;51
 * General Depreciation System (GDS) 00:55:48, 00:59:05
 * Generally Accepted Accounting Principles (GAAP) 00:01:19, 00:01:54, 00:03:20,
   00:15:59, 00:18:24, 00:42:40
 * Income Statement 00:06:19
 * Indirect Costs 00:34:21, 00:36:03, 00:37:55
 * Inherently Facilitative Cost 00:26:14
 * Intangible Assets 01:37:53
 * Intangible Property 00:08:23, 00:08:38
 * Inventory 00:08:02
 * IRC Section 1031 00:40:55
 * Like-Kind Exchange 01:17:18
 * Lump-Sum Purchase of Business Assets 01:38:37
 * MACRS - Modified Accelerated Cost Recovery System 00:55:23, 01:03:41,
   01:39:57
 * Net Appreciation 00:31:47
 * Personal Property 01:40:19
 * Real Property 01:01:38, 00:05:11, 01:07:57, 01:39:26
 * Revenue 00:03:12, 00:04:52, 00:10:11, 00:22:11
 * Safe Harbor 00:26:13, 00:45:54, 00:47:38, 01:39:55
 * Salvage Value 00:11:06, 00:14:42
 * Section 179 Deduction 00:37:38, 01:09:31, 01:12:27, 01:17:23, 01:24:48
 * Section 197 Intangibles 01:38:39
 * Shareholder 01:23:47
 * Stepped-Up Basis 00:29:51
 * Tangible Property 00:08:41, 00:17:43, 00:45:11, 01:11:03
 * Tax Cuts and Jobs Act 01:08:48
 * Total Cost 00:13:02, 00:34:17
 * UNICAP Rules 01:03:10

AFYD - Additional First-Year Depreciation: Bonus depreciation is a tax incentive
that allows a business to immediately deduct a large percentage of the purchase
price of eligible assets, such as machinery, rather than write them off over the
"useful life" of that asset. Bonus depreciation is also known as the additional
first-year depreciation deduction.

Accelerated Depreciation: Accelerated depreciation refers to any one of several
methods by which a company, for 'financial accounting' or tax purposes,
depreciates a fixed asset in such a way that the amount of depreciation taken
each year is higher during the earlier years of an asset's life.

Acquisition: When one company purchases most or all of another company's shares
to gain control of that company.

Alternative Depreciation System (ADS): The alternative depreciation system (ADS)
is a method that allows taxpayers to calculate the depreciation amount the IRS
allows them to take on certain business assets. Depreciation is an accounting
method that allows businesses to allocate the cost of an asset over its expected
useful life.

Amortization: An accounting term that refers to the process of allocating the
cost of an intangible asset over a period of time. It also refers to the
repayment of loan principal over time. (investinganswers.com)

Applicable Financial Statement - AFS: An AFS includes a financial statement
required to be filed with the SEC, as well as other types of certified audited
financial statements accompanied by a CPA report, including a financial
statement provided for a loan, reporting to shareholders, or for other non-tax
purposes

Asset: Property owned by a person or company, regarded as having value and
available to meet debts, commitments or legacies.

Balance Sheet (BS): A financial report that summarizes a company's assets (what
it owns), liabilities (what it owes) and owner or shareholder equity at a given
time.

Capitalize: To capitalize is to record a cost/expense on the balance sheet for
the purposes of delaying full recognition of the expense. In general,
capitalizing expenses is beneficial as companies acquiring new assets with
long-term lifespans can amortize the costs. (www.investopedia.com)

Code Section 1245: Section 1245 Property is any new or used tangible or
intangible personal property that has been or could have been subject to
depreciation or amortization. Examples of tangible personal property are
machinery, vehicles, equipment, grain storage bins and silos, blast furnaces,
and brick kilns.

Cost: The sum of the applicable expenditures and charges directly or indirectly
incurred in bringing an article to its existing condition and location

Cost Basis: Cost basis is the original value or purchase price of an asset or
investment for tax purposes. The cost basis value is used in the calculation of
capital gains or losses, which is the difference between the selling price and
purchase price. Calculating the total cost basis is critical to understanding if
an investment is profitable or not, and any possible tax consequences. If
investors want to know whether an investment has provided those longed-for
gains, they need to keep track of the investment's performance.

De Minimis Safe Harbor: The de minimis safe harbor is simply an administrative
convenience that generally allows you to elect to deduct small-dollar
expenditures for the acquisition or production of property that otherwise must
be capitalized under the general rules

Depreciation: A reduction in the value of an asset with the passage of time, due
in particular to wear and tear.

Direct Costs: Direct costs are expenses that directly go into producing goods or
providing services, while indirect costs are general business expenses that keep
you operating. Examples of direct costs are direct labor, direct materials,
commissions, piece-rate wages, and manufacturing supplies.

Expenditure: An expenditure is money spent on something. Expenditure is often
used when people are talking about budgets.

Expense: Offset (an item of expenditure) as an expense against taxable income.

Fair Market Value (FMV): The term fair market value is used throughout the
Internal Revenue Code among other federal statutory laws in the USA including
Bankruptcy, many state laws, and several regulatory bodies. In litigation in
many jurisdictions in the United States, the fair market value is determined at
a hearing.

General Depreciation System (GDS): General Depreciation System (GDS) refers to a
method used to compute personal property's depreciation. Modified accelerated
cost recovery system (MACRS) is the main method of depreciation when it comes to
federal income tax in the United States.

Generally Accepted Accounting Principles (GAAP): A set of rules and guidelines
developed by the accounting industry for companies to follow when reporting
financial data. Following these rules is especially critical for all publicly
traded companies.

IRC Section 1031: Under Section 1031 of the United States Internal Revenue Code,
a taxpayer may defer recognition of capital gains and related federal income tax
liability on the exchange of certain types of property, a process known as a
1031 exchange.

Income Statement: One of the three primary financial statements used to assess a
company's performance and financial position (the two others being the balance
sheet and the cash flow statement). The income statement summarizes the revenues
and expenses generated by the company over the entire reporting period.
(investinganswers.com)

Indirect Costs: Indirect costs are costs that are not directly accountable to a
cost object. Indirect costs may be either fixed or variable. Indirect costs
include administration, personnel, and security costs. These are those costs
that are not directly related to production. Some indirect costs may be
overhead. Examples of indirect costs are production supervision salaries,
quality control costs, insurance, and depreciation.

Inherently Facilitative Cost: An “inherently facilitative” cost is an amount
paid for certain types of activities (i.e., services performed) to investigate
or otherwise pursue the transaction. Inherently facilitative costs must be
capitalized regardless of when the related services are performed.

Intangible Assets: An asset that is not physical in nature. Goodwill, brand
recognition and intellectual property, such as patents, trademarks and
copyrights, are all intangible assets. (www.investopedia.com)

Intangible Property: Intangible property, also known as incorporeal property,
describes something which a person or corporation can have ownership of and can
transfer ownership to another person or corporation, but has no physical
substance, for example brand identity or knowledge/intellectual property.
(en.wikipedia.org)

Inventory: A company's inventory typically involves goods in three stages of
production: raw goods, in-progress goods, and finished goods that are ready for
sale. Inventory or stock refers to the goods and materials that a business holds
for the ultimate goal of resale, production or utilization.

Like-Kind Exchange: A like-kind exchange under United States tax law, also known
as a 1031 exchange, is a transaction or series of transactions that allows for
the disposal of an asset and the acquisition of another replacement asset
without generating a current tax liability from the sale of the first asset.

Lump-Sum Purchase of Business Assets: A lump-sum purchase occurs when several
assets are acquired for a single price. Each of the assets must be recorded
separately as a fixed asset in the accounting records; to do so, the purchase
price is allocated among the various acquired assets based on their fair market
values.

MACRS - Modified Accelerated Cost Recovery System: The Modified Accelerated Cost
Recovery System is the current tax depreciation system in the United States.
Under this system, the capitalized cost of tangible property is recovered over a
specified life by annual deductions for depreciation. The lives are specified
broadly in the Internal Revenue Code.

Net Appreciation: Net Appreciation means the amount by which cumulative capital
gains exceed the sum of the capital losses.

Personal Property: Personal property is something that you could pick up or move
around. This includes such things as automobiles, trucks, money, stocks, bonds,
furniture, clothing, bank accounts, money market funds, certificates of deposit,
jewels, art, antiques, pensions, insurance, books, etc.

Real Property: Real property is land and any property attached directly to it,
including any subset of land that has been improved through legal human actions.
Examples of real properties can include buildings, ponds, canals, roads, and
machinery, among other things

Revenue: In accounting, revenue is the income that a business has from its
normal business activities, usually from the sale of goods and services to
customers. Revenue is also referred to as sales or turnover. Some companies
receive revenue from interest, royalties, or other fees.

Safe Harbor: A safe harbor is a provision of a statute or a regulation that
specifies that certain conduct will be deemed not to violate a given rule. It is
usually found in connection with a vaguer, overall standard. Under the safe
harbor, a “rental real estate enterprise” is treated as a trade or business for
purposes of Sec. 199A if at least 250 hours of services are performed each tax
year with respect to the enterprise. ... The safe harbor requires that separate
books and records be maintained for the rental real estate enterprise.

Salvage Value: Salvage value is the estimated book value of an asset after
depreciation is complete, based on what a company expects to receive in exchange
for the asset at the end of its useful life. As such, an asset's estimated
salvage value is an important component in the calculation of a depreciation
schedule.

Section 179 Deduction: Section 179 of the IRS Code was enacted to help small
businesses by allowing them to take a depreciation deduction for certain assets
(capital expenditures) in one year, rather than depreciating them over a longer
period of time. Taking a deduction on an asset in its first year is called a
"Section 179 deduction.

Section 197 Intangibles: Section 197 intangibles are certain intangible assets
acquired after August 10, 1993 (or after July 25, 1991, if chosen) in connection
with the acquisition of a business which must be amortized over 15 years from
the date of acquisition regardless of the assets useful life.

Stepped-Up Basis: Step-up in basis, or stepped-up basis, is what happens when
the price of an inherited asset on the date of the decedent's death is above its
original purchase price. The tax code allows for the raising of the cost basis
to the higher price, minimizing the capital gains taxes owed if the asset is
sold later.

Tangible Property: Tangible property in law is, literally, anything which can be
touched, and includes both real property and personal property (or moveable
property), and stands in distinction to intangible property.

Tax Cuts and Jobs Act: The Act to provide for reconciliation pursuant to titles
II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L.
115–97, is a congressional revenue act of the United States originally
introduced in Congress as the Tax Cuts and Jobs Act, that amended the Internal
Revenue Code of 1986.

Total Cost: Total cost is the total expenditure incurred to produce some type of
output. From an accounting perspective, the total cost concept is more
applicable to financial reporting, where overhead costs must be assigned to
certain assets.

UNICAP Rules: The UNICAP rules require your business to capitalize the direct
and indirect costs of its inventory, including both those inventory items you
produce and those you acquire for resale. This process generally requires
capitalizing certain expenditures that would otherwise be expensed.

--------------------------------------------------------------------------------


GUEST SPEAKER

 * CHUCK BOREK
   
   
   Chuck Borek is a practicing attorney and founder of  the Borek Group,
   LLC. Chuck is also a CPA, and his background includes  five years as a
   partner in a public accounting firm. He received his law degree and MBA su
   [...]
   
   View Full Profile



DEPRECIATION FOR TAX AND ACCOUNTING

×

LIVE WEBINAR + RECORDING


$298.00

Both Live and Recorded Webinar Attendees: No Attendee 1 Attendees - $298.00 2
Attendees - $377.00 3 Attendees - $456.00 4 Attendees - $535.00 5 Attendees -
$614.00 6 Attendees - $693.00 7 Attendees - $772.00 8 Attendees - $851.00 9
Attendees - $930.00 10 Attendees - $1,009.00 11 Attendees - $1,088.00 12
Attendees - $1,167.00 13 Attendees - $1,246.00 14 Attendees - $1,325.00 15
Attendees - $1,404.00

LIVE WEBINAR ONLY


$219.00

Live Webinar Attendees: No Attendee 1 Attendees - $219.00 2 Attendees - $298.00
3 Attendees - $377.00 4 Attendees - $456.00 5 Attendees - $535.00 6 Attendees -
$614.00 7 Attendees - $693.00 8 Attendees - $772.00 9 Attendees - $851.00 10
Attendees - $930.00 11 Attendees - $1,009.00 12 Attendees - $1,088.00 13
Attendees - $1,167.00 14 Attendees - $1,246.00 15 Attendees - $1,325.00

RECORDED WEBINAR ONLY


$219.00

Record Webinar Attendees: No Attendee 1 Attendees - $219.00 2 Attendees -
$298.00 3 Attendees - $377.00 4 Attendees - $456.00 5 Attendees - $535.00 6
Attendees - $614.00 7 Attendees - $693.00 8 Attendees - $772.00 9 Attendees -
$851.00 10 Attendees - $930.00 11 Attendees - $1,009.00 12 Attendees - $1,088.00
13 Attendees - $1,167.00 14 Attendees - $1,246.00 15 Attendees - $1,325.00
or

ALL ACCESS MEMBERSHIP

The Aurora All Access Membership is designed to provide you with the training
that you want when you want it. You will have 100% access to every live webinar,
on demand webinar, professional alert, and podcast that Aurora Training
Advantage offers with no additional cost.

YEARLY SUBSCRIPTION


$599.00

Membership Attendees: No Attendee 1 Attendee - $599.00
Add to Cart
Get in Touch

SHOWCASE YOUR EXPERTISE

If you are an expert in your field and you would like additional information on
how you can speak at a webinar please contact us via email

CONTACT US

 * Address: 520 W Lake Mary Blvd Suite 200, Sanford FL 32773
 * Email: support@auroratrainingadvantage.com

Aurora Training Advantage
© Copyright 2014-2024. All Rights Reserved. - Terms and Conditions
 * Linkedin
 * Facebook
 * Twitter
 * YouTube