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Mastering Form 3115: Correcting Depreciation with a Sample Problem 1 Credit

Dec 11, 2024, 09:30 AM ET

Mastering Form 3115: Correcting Depreciation with a Sample Problem 1 Credit

  • Rating

    4.8
  • Published on

    March, 2024
  • Subject Area

    Taxes

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Dec 11, 2024, 09:30 AM ET

Learning Objective

  • To discuss the purpose and process of filing Form 3115.
  • To identify the advantages associated with utilizing Form 3115 for correcting depreciation errors.
  • To analyze and differentiate between Form 3115 and Form 1040X in the context of correcting depreciation.
  • To explain how to calculate and establish adjustments under IRC Section 481(a) for depreciation corrections.
  • To analyze the treatment of Qualified Improvement Property in the context of depreciation.
  • To discuss and interpret the circumstances that necessitate correcting depreciation and the associated procedures.

Course Overview

Unlock the secrets to correcting depreciation errors efficiently and accurately with our upcoming webinar, "Correcting Depreciation and Form 3115 with Sample Problem" – your gateway to a seamless CPE experience.

Discover why simply amending previously filed tax returns might not be the most effective solution when it comes to rectifying depreciation omissions or oversights. Our expert AJ Reynolds will guide you through the intricacies of alternative procedures designed explicitly for this purpose.

Delve into the nuances of Form 3115 and gain a deep understanding of the filing process. Uncover the advantages this form offers and grasp the distinctions between Form 3115 and 1040X. Learn to navigate the complexities of IRC Section 481(a) adjustments, ensuring you can calculate and establish them with confidence.

Major topics:

  • Correcting Depreciation and Form 3115
  • Procedures for Rectifying Depreciation Errors
  • Form 3115 Filing Process and Advantages
  • Differences Between Form 3115 and 1040X
  • Understanding IRC Section 481(a) Adjustments
  • Analysis of Qualified Improvement Property

The CE Tax webinar goes beyond theory by providing a comprehensive example, demonstrating the correction of previously missed or incorrect depreciation. Gain insights into analyzing Qualified Improvement Property and interpreting the instances when correcting depreciation becomes imperative

Join us for an illuminating journey into correcting depreciation with practical insights and a real-world sample problem.

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Allan J. Reynolds
AJ Reynolds

President, ABC Bookkeeping & Tax Service, Inc.

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A.J. Reynolds, EA has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues.

A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals. 

A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. While onboard the destroyer, the ship executed many missions in the Straits of Hormuz off the coast of Iran.

Outside of his tax practice, A.J. is a member of the Diocese of Sioux City Priests’ Pension & Welfare Board and the Investment Advisory Board for the Diocese. When not working, his time is spent in various activities, including traveling with his wife and their two children.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

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HB

Heidi Bessler, EA

This is the best webinar I've watched in a long time. There is a shocking lack of training/guidance out there on form 3115. I have had to just figure most of it out on my own. This video clarified some things for me and confirmed the things I was doing correctly.

LL

Lin Lin, CPA (US)

not that may courses out there cover Form 3115, really appreciated to have such course because for small business depreciation really is one of the issue been seen a lot.

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