Fixing Businesses – Form 3115 & Misclassified Employees
With AJ Reynolds, EA
When: Thursday, December 16, 5PM-7PM
Where: Via Zoom
When depreciation errors are detected on previously filed tax returns, most spontaneously want to amend the return and correct this error. However, amending previously filed returns usually is not an accurate or beneficial way to proceed. There are procedures, which will be clarified, that will allow us to fix these depreciation omission and or oversights.
Furthermore, this webinar will deliver a comprehensive example on making changes to previously missed or incorrect depreciation. The when and how of IRC Section 481(a) adjustments will be discussed. 2 IRS CE will be issued for attending this update.
- Explain what is Form 3115 and how do we file it
- Determine the advantages of Form 3115
- Clarify the differences between Form 3115 and 1040X
- Calculate and establish IRC Section 481(a) adjustments
- Analysis of the Qualified Improvement Property “Fix”
- Interpret when we must Correct Depreciation
- Exhibit a Sample Problem with proper attachments
*Please Note, if you have signed up for the MaSEA CE Special, you will automatically be added to this event and receive a confirmation during the week of 11/21/2021.*
*MaSEA members, please use the email address that was used to create your NAEA membership to ensure that you receive the membership discounted price.*
*NAEA members, please provide your NAEA number when registering or your registration will be cancelled.*
About Our Speaker
Allan J. “A.J.” Reynolds
A.J. Reynolds, EA has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues.
A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals.A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan.