Revenue Procedure

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The Economic Stimulus Act of 2008 rekindled the somewhat complex concept of "bonus depreciation" (50% 1st year) for certain new "qualified" property placed in service before 2009. The Housing and Economic Recovery Act of 2008 contained a related provision that provided an election to forgo bonus depreciation and instead receive a refund for certain unused credits. This new provision is found in section 168(k)(4) of the Internal Revenue Code.

Because § 168(k)(4) contains several complex rules and its effective date has been extended into 2009, the IRS and Treasury have promulgated three revenue procedures to clarify the application of this provision -- Rev. Proc. 2008-65, Rev. Proc. 2009-16, and Rev. Proc. 2009-33.

The Knowledge Group has assembled a panel of key thought leaders and experts to help you navigate the complexities of the credit acceleration provision of §168(k)(4) and the recent guidance thereunder.

In a 2-hour LIVE webcast scheduled for July 23, 2009, the panelists will explain the following key issues in light of recent guidance on §168(k)(4):
- What property is eligible for this election.
- How to perform the increase in credit limitations under §168(k)(4)
- What special rules govern the §168(k)(4) provision
- How to determine whether to make a §168(k)(4) election
- How and when to make the election

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 093868
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for Recent Published Guidance on §168(k)(4) live webcast:


  Event Talking Points (click here to view more)
SEGMENT 1:


Jeffrey T. Rodrick, Attorney Advisor, Office of Associate Chief Counsel (Income Tax & Accounting),
Internal Revenue Service

Brandon Carlton, Attorney-Advisor, Office of Tax Legislative Counsel,
U.S. Department of Treasury

Katherine Breaks, Director, Washington National Tax Practice ,
KPMG LLP

and

Alison Jones, Senior Manager,
Ernst & Young LLP

- Background and legislative purpose behind bonus depreciation & §168(k)(4)
- What is qualified property for purposes of §168(k)(4)?
- Determining a taxpayer's benefit under §168(k)(4) (computations)
- Special rules under §168(k)(4)
- Practical Considerations
- Making elections under §168(k)(4)



Internal Revenue Service
Jeffrey T. Rodrick
Attorney Advisor, Office of Associate Chief Counsel (Income Tax & Accounting)
speaker bio »»

U.S. Department of Treasury
Brandon Carlton
Attorney-Advisor, Office of Tax Legislative Counsel
speaker bio »»

KPMG LLP
Katherine Breaks
Director, Washington National Tax Practice
speaker bio »»

Ernst & Young LLP
Alison Jones
Senior Manager
speaker bio »»

Who Should Attend?

- Public Companies
- Accounting & Finance
- Consultants
- CPAs
- Auditors
- Attorneys

Why Attend?

This is a must attend event for anyone interested in having clear understanding on Revenue Procedure 2008-65 & 2009-16.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    


 

 

 

 

 

 

 

 

 


Recent Published Guidance on §168(k)(4) - Credit Acceleration in Lieu of Bonus Depreciation
Speaker Firms:


Internal Revenue Service



U.S. Department of Treasury









Media Partner:










 

The Knowledge Conference is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
Enrolled Agents Sponsor ID Number: 760

We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.