Auto Rules

Course Information

(No Reviews Yet)
Title: Auto Rules
Category: Taxation
Field of Study: Taxes
Course Code: M103
CPE Credits: 2.0
Price: 19.95

Description

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 the apportionment of personal and business use, the actual cost method, 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.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Technical Details: Taxes: Technical

For More Detail:

If you are unable to view PDF then right click the mouse and click save link as

Objectives

Objectives:

  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 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.
  3. 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 stating what reporting standards apply.

For More Objectives:

If you are unable to view PDF then right click the mouse and click save link as

Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: IRS credit for Enrolled Agents.

Profession Identifiers: CPA, EA