Auto Rules Mini 2019

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  • Author/ Speaker: Danny Santucci

Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01461-19-S None Overview
Published Date: Program Prerequisites: Other Course Formats:
© April 2019 General Understanding of Taxes eBook | Self-Study

COURSE DESCRIPTION

Operating costs for vehicles used in the course of a taxpayer’s business are deductible. Thus, when taxpayers use their vehicles in their businesses or employment, they can deduct that portion of the cost of operating their vehicle. Such costs that can be deducted are property taxes that are paid on their vehicle if deductions are itemized on Schedule A. This mini-course reviews apportionment of personal and business use, the actual cost method, and the standard mileage method, and expensing. Moreover, this presentation informs practitioners about topics such as the benefits and costs of leasing versus owning, and working condition fringe benefits.

Topics include:

  • Apportionment of personal and business use
  • Deduction limitations using the actual cost method
  • Expensing - §179
  • Predominate business use rule
  • Auto leasing
  • Reporting of employer-provided automobile

Learning Objectives:

After reading the course material, you will be able to:

  • Recognize tax vehicle depreciation (§168) and expensing (§179) methods including their requirements and limitations under MACRS and recognize basis, business use, and deduction computations.
  • Specify the predominate business use rule recognizing the result of less than 50% qualified business use, cite the pros and cons of auto leasing, and determine how to estimate monthly lease payments indicating what factors affect payments so clients may recognize leasing costs and know common leasing terms.
  • Identify items included under the standard mileage method listing items that may be separately deducted, determine the taxable fringe benefit value of an employer-provided automobile using the general and special valuation methods and specify several qualified nonpersonal use vehicles noting what reporting standards apply.

Who Should Attend:

  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and approved with all state boards of accountancy and the following sponsorships:

NASBA
IRS
CTEC