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Tangible Property Repair Regulations - 2021 Update


We've reached capacity for this webinar. To accommodate our members, we've opened up a limited number of extra spaces for a small fee. If you have already registered for this webinar, there is no need to pay this accommodation fee.
Cost Free
Presentation Length 1.0 hour

Recorded DateJuly 21, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The final tangible property repair regulations are in full effect, yet many taxpayers are not in compliance or are missing opportunities to take full advantage of these new rules.

This webinar covers compliance requirements and potential tax planning strategies on both a retroactive and prospective basis.

The webinar also contains in-depth examples and real-life case studies. Participants will be better able to identify tax-saving opportunities and be in compliance with these new regulations.

Repair Regulations Overview and Practical Considerations:

  • Common changes in accounting methods and optional elections

  • The de minimis safe harbor and the $5,000/$2,500 thresholds

  • The routine maintenance safe harbor

  • Relief for small businesses

  • Disposition rules

  • Definitions of betterments, adaptations, and restorations with examples

  • Rules for materials and supplies

Learning Objectives:

  • Recall changes and new requirements presented by the final repair and disposition regulations

  • Identify new opportunities to deduct abandoned building components immediately, avoid recapture tax, and expense demolition costs

  • Recall an in-depth knowledge of the unit of property rules

Not logged

Lester Cook, CCSP, ASA

Director Cost Segregation


Lester is a 15 year veteran in the tax specialty service industry. He is the leader of KBKG’s Fixed Asset Review Practice. He is a certified member of the American Society of Cost Segregation professionals, a group that he has been a part of since 2008. Throughout his career, Lester has completed cost segregation analyses on thousands of properties ranging from office space leasehold improvements to multi-billion dollar industrial complexes and hotel and resort projects. He has worked with many Fortune 500 companies, successfully representing his IRS and Financial Auditors’ claims. Prior to KBKG, Lester led the PwC Central Region Cost Segregation Center of Excellence, providing engineering-based Cost Segregation project management, oversight, and expertise to all other fixed assets teams throughout the U.S. and Canada. He was a recipient of the 2008 PwC Greater Chicago Market Chairman's Award for Outstanding Leadership. Lester was born and raised in Northwest Indiana and is the head of the KBKG Chicago Office. He earned a Bachelor in Construction Management from Purdue University.

About Our Presenter

Established in 1999 KBKG is a specialty tax firm providing nationwide service. Our firm offers a unique combination of heritage, vision and work. The strength of our firm is in understanding the complexities of taxation and engineering. Over the years we have used our experience and expertise to take advantage of ever changing tax laws for the benefit of our clients. As educators in the field of tax credits, incentives and deductions, we hold numerous seminars for CPAs, attorneys, investment firms, and other real estate professionals.