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Deep Dive into Bonus Depreciation Rules and Opportunities

Venue

This is a virtual event, accessible online and over the phone. Access instructions will be provided after registration.

Description

The Tax Cuts and Jobs Act (TCJA) radically overhauled the rules for depreciating fixed assets. With the final regulations and guidance released in the fall of 2019 and fall of 2020, the IRS has provided a clearer understanding of those changes - and their impact on taxpayers’ depreciation. The CARES Act fixed the “retail glitch” and introduced additional changes.

In this webinar for CPAs, tax staff, and corporate finance staff we will discuss relevant regulations and planning opportunities around bonus depreciation.

Learning Objectives:

  • Recap latest bonus depreciation criteria most relevant to your industry
  • Recognize and apply bonus depreciation rules for qualified improvement property under the CARES Act
  • Understand criteria for used property bonus depreciation eligibility
  • Describe planning opportunities and considerations


Audience:

This program is designed for corporate, legal, and CPA tax professionals.

 

Presenters

Emily Lim
  • Business Analyst
  • Bloomberg Tax

Emily Lim is part of Bloomberg Tax & Accounting's software product team as a Subject Matter Expert. She is primarily responsible for researching and designing tax and accounting features for the Bloomberg Tax & Accounting Fixed Assets product. Prior to joining Bloomberg Industry Group, Emily was a Senior Tax Associate at a public accounting firm in the Metro DC region.

Robert Nowak
  • Partner, Tax Services
  • Weaver

Rob Nowak brings 25 years of public accounting experience, providing proactive tax consulting and planning services to businesses and family offices across multiple industries, with a concentration in the real estate and construction industries. He focuses on complex real estate transactions, flow-through entity taxation, long-term contracts, and construction accounting tax issues. Rob has extensive experience serving high-net-worth individuals and multi-generational privately owned companies, with a focus on succession planning, wealth protection strategies, financial bench-marking, project KPIs, and executive mentoring.

Prior to joining Weaver, Rob was a tax partner in a top 10 national public accounting firm where he served as a regional tax practice leader and industry practice leader in real estate and construction. Rob’s experience also includes serving tax-exempt organizations. For two years, he served as co-chair of the AICPA tax-exempt industry steering and educational committee. In that role, he was an annually featured speaker on debt-financed unrelated business income and transactions with related taxable entities.

 

Sam Weiler
  • Principal, National Tax
  • Ernst & Young

Sam Weiler is a principal in EY’s National Tax – Accounting Methods, Periods, and Credits group. Sam primarily provides federal tax advisory services on capitalization and cost recovery items and issues, the timing provisions governing income and expense recognition, income exclusion provisions of the Internal Revenue Code, leasing and like-kind exchange issues, as well as Internal Revenue Service procedures regarding the application of accounting methods and changes in accounting methods and periods.
Sam received his B.B.A. and M.S.A. degrees from Ohio University and his J.D. degree from The Ohio State University Moritz College of Law. He is an active member of the American Bar Association and its Tax Section, where he is the former Chair of the Capital Recovery and Leasing committee and was previously named a John S. Nolan Fellow. Sam is a frequent speaker on capitalization and cost recovery items and issues and currently serves as co-author of Bloomberg Tax & Accounting’s BNA Portfolio 532 – First Year Expensing and Additional Depreciation.

 

Lisa Pfenninger
  • Senior Tax Law Analyst
  • Bloomberg Tax

Lisa Pfenninger is a senior tax law analyst for Bloomberg Tax in its U.S. Income and Procedure group. Before joining Bloomberg Tax, she practiced tax law in a Washington, D.C., law firm and completed a judicial clerkship on the D.C. Court of Appeals.

Continuing Education

Credits:
1.2 CPE, 1.0 General COA
Practice Areas:
Field of Study: Taxes
Level:
Any
Production Date:
08/31/2021