Correcting Depreciation and Form 3115 with Sample Problem
Date: Monday, September 15, 2025
Instructor: A.J. Reynolds
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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.
Who Should Attend
All Tax Professionals who need to analyze and possible depreciation changes for their clients
Topics Covered
- Form 3115, the how and the why
- Advantages of Form 3115
- Difference between Form 1040X and 3115
- Qualified Improvement Property (QIP)
- Sample Problem for discussion
Learning Objectives
- Determine the advantages of Form 3115
- Grasp what is and how do you file Form 3115
- Calculate and establish IRC § 481(a) adjustments
- Interpret when taxpayers need to correct depreciation
- Clarify differences between Form 3115 and 1040X
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
