Auto Rules - 2 CPE Credit Hours
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Auto Rules - 2 CPE Credit Hours

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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. (2 Credits)

 

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

 

Prerequisite: None

 

Recommended Credits: 2 CPE Hours

 

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. Identify and implement various tax vehicle depreciation (§168) and expensing (§179) methods describing their requirements and limitations under MACRS and make basis, business use and deduction computations.

 

2. Explain the predominate business use rule emphasizing the result of less than 50% qualified business use, name the pros and cons of auto leasing and calculate monthly lease payments indicating what factors affect payments so clients may financially analyze leasing and know common leasing terms.

 

3. Review items included under the standard mileage method distinguishing items that may be separately deducted, determine the taxable fringe benefit value of an employer provided automobile using the general and special valuation methods ands list several qualified nonpersonal use vehicles discussing what reporting standards apply.

 

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





Customer Reviews:

JimCoco  (Thursday, 29 November 2012)
Rating: 5
The course was written over two years ago from the time I downloaded it... - outdated figures... lame. (Jim contacted us and let us know that we had forgotten to update that course. We fixed it within 5 minutes of learning our mistake. Thank You Jim!)




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5 STARS
This was a very interesting & informative book. The chapters were short and well laid out.
The test followed the book easily so it was a great test to cover the material. Highly recommend!
4 STARS
I have used the CPE subscription a few times now. I find it easy to check out books from the library or buy them & then take the test. It\'s very cost effective.

My request would be for more choices to be added. I have done many of them & cannot realistically repeat. Also, the books that have short chapters or bulleted points make it easier to follow along for test purposes
1 STARS
Overall it is good but I have few notes to make:

1. I suggest you add more courses.
2. Materials/Books are so long (400+ pages each courses). The ones I have taken. I would suggest they use more precise/short materials in the future.

Other than that the price is fair and I am considering renewing.

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