The IRS issued new regulations on how to account for repair and maintenance costs and the required capitalization of fixed assets purchases about a year and half ago and most of the provisions are now effective with tax returns beginning January 1, 2014. I have taught on this subject at several tax CPE classes in Iowa last year, however, it appears that there are still many questions arising concerning how to treat these expenses for farmers and other businesses.
In response to these questions, Iowa State University Center for Agricultural Law and Taxation (CALT) is putting on a two-hour webinar on this subject next Wednesday, February 18, 2015 at 10 AM Central Standard Time. Roger McEowen and myself will be presenting the webinar and we plan on having several practical examples on how to account for these new Regulations. Some of the examples are:
- How to account for the purchase of farm tires?
- Do I need to file Form 3115 for every farmer or taxpayer?
- If the de minimis amounts are too small for my farm operation, what are my choices?
- What if I do something wrong?
This webinar should qualify for 2 hours of CPE and I think you will find the cost of the webinar reasonable.