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Auto Rules 2022 - 2 CPE Credit Hours

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Texas Compliance Pending
After reading the materials, participants will be able to: 1. Identify and implement various tax vehicle depreciation (§168) and expensing (§179) methods describing their requirements and limitations under MACRS and make basis, business use...
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Auto Rules 2022 - 2 CPE

auto_rules_2022_2_cpe_fe_na.pdf
Price: No additional charge

Manufacturer: Santucci

TEXAS COMPLIANCE PENDING:

Texas requires a class be reviewed by enough students to assign earned CPE credits.  This course is still new enough that we are obtaining the reviews needed.   We recommend Texas CPAs check back soon. This process is usually finished within a few weeks.

 

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.

Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.

Course Level: Overview. This program is appropriate for professionals at all organizational levels.

Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

Recommended Credits: 2 CPE Hours 

Advanced Preparation: None

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

* Apportionment of personal & business use

* Deduction limitations using actual cost method

* Expensing - §179

* Predominate business use rule

* Auto leasing

* Standard mileage method

* Auto trade-in vs. sale

* Employer-provided automobile

* Nonpersonal use vehicle

* Reporting of employer-provided automobile

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize tax vehicle depreciation (§168) and expensing (§179) methods including their requirements and limitations under MACRS and recognize basis, business use and deduction computations.

2. Specify the predominate business use rule noting 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.

3. Identify items included under the standard mileage method noting 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.

After studying the materials, answer the exam questions 1 to 10.

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Our CPE Is Accepted In:

 
Our CPE is currently accepted in: AL, AK, AZ, CA, CO, CT, DE, GA, ID, IN, IA, KY, ME, MD, MA, MI, MO, MT, NV, NH, NM, ND, PA, RI, TX, UT, VT, VA, WA, WI, WY

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Thank you for your quick response.  I can take unlimited courses for up to one year?  That means I can apply some of the courses for this year’s CPE deadline, and take additional courses after that toward my next period deadline!
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I chose your company because of the price, and I'm certainly happy with that!  I am thankful that there is CPE that is so affordable.  Thanks for responding!
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