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.
Learning Objectives
Upon completion of this course, participants will be able to:
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
