IRS Repair Regulations

Date: Thursday, June 19, 2014
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenters: Eric Lucas, LLP, KPMG, Teree Castanias, CPA
Moderator:
Learning Objectives:
To provide attendees updates to the IRS Repair Regulations released in September 2013, effective January 1, 2014.
Field of Study: Accounting
Program Level: Basic
CPE Credit: 3 Credit Hours
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
  Order Recording

Course Description

This two and a half hour CLN will go over the Internal Revenue Services’ final 263 (a) regulations and proposed disposition regulations, covering the release of September 2013, effective January 1, 2014. Will also cover temporary regulations issued 12, 27, 2011 optional for 2012 or 2013, withdrawn 1-1-2014. Update on Revenue Procedures, LB&I directive of 3-22-2013, and more. **Viewing either session or the Podcast is highly recommended prior to attending TACC 2014 and attending the live session that will complete the Repair Regulations update. If you are in the tax industry, you will be impacted by this update.

Presenter and Moderator Bios

Presenter: Eric Lucas, LLP, KPMG

Eric Lucas joined KPMG’s Tax Practice on October 3, 2011 as a principal in the Income Tax and Accounting group. Eric’s practice focuses on the emerging issues associated with the capitalization / repair expense regulations, inventories, cost recovery and many other matters involving methods of accounting and general tax principles. Prior to KPMG, Eric worked for the U.S. Department of the Treasury's Office of the Tax Legislative Counsel, where he served as an attorney advisor. In this role, Eric was a member of the working group that revised the 2008 proposed repair regulations in response to practitioner and taxpayer comments. The working group included a number of key government officials from the IRS Office of Chief Counsel (for example, capitalization and depreciation specialists) and the IRS Commissioner’s office. In addition to focusing on the repair regulations, Eric worked with IRS personnel in crafting guidance on a number of difficult accounting methods issues, business credits, and general domestic tax issues. Eric also worked with congressional tax writing committees in developing tax legislation while at Treasury. Eric has over 14 years (including three years with the Treasury Department) of professional experience that includes positions with the IRS Chief Counsel’s Income Tax and Accounting Division and the accounting methods practices of the Big Four accounting firms. Teresa H. (Teree) Castanias, CPA has a tax consulting practice focused on cooperative issues and other business and individual tax matters. She retired from KPMG in September 2009 where she was the firm’s National Director for Technical Tax Services for Cooperatives and was responsible for providing tax consulting, compliance and tax provision services to Consumer and Industrial Markets, and Financial Services clients, including cooperatives and non-cooperative enterprises in food production, manufacturing, distribution and retail, rural electric and telephone, Farm Credit System agricultural lending, banking and financial services. Teree has had a broad range of experience with all types of cooperatives and non-cooperative businesses. Her professional accounting experience with KPMG spanned over 32 years and 29 years serving cooperatives as a focus area. Teree continues to provide consulting and litigation support services to all types of cooperatives in her own firm.

Presenter: Teree Castanias, CPA

Cost
$75.00 for NSAC Members / $110.00 for Non-Members

Delivery System

• All programs are delivered using the Zoom platform.
• Confirmations will include log-in instructions.
• Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
• All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
• There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.