Webinar Preview: Correcting Missed Depreciation

Why It Matters

Correcting depreciation errors quickly protects clients from penalties and saves firms costly administrative effort, enhancing service quality and compliance.

Key Takeaways

• Identify missed depreciation early to avoid client complications
• Use Form 1040X before filing Form 3115 when appropriate
• Form 1040X can reduce time and procedural complexity
• Calculate Section 481(a) adjustments accurately, positive or negative
• Follow webinar guidance to correct schedules confidently for clients

Summary

The NATP webinar tackles the common problem of missed or incorrect depreciation entries when onboarding new clients, offering a step‑by‑step roadmap for tax professionals to rectify the issue.

Presenters explain when a taxpayer can file Form 1040X to amend the return instead of immediately pursuing the more complex Form 3115 change‑in‑account election, highlighting significant time and cost savings. They also walk through the mechanics of calculating a Section 481(a) adjustment, covering both positive and negative outcomes.

A key takeaway quoted in the session is, “You will know exactly how to approach a messy depreciation schedule and move forward confidently.” Real‑world examples illustrate how a simple 1040X filing can resolve errors that would otherwise trigger a lengthy 3115 process.

By applying these techniques, practitioners can streamline compliance, reduce client exposure to penalties, and strengthen advisory relationships, ultimately delivering more efficient and reliable tax services.

Original Description

Whether you have a new client or an existing client who did not inform you of an asset purchased, missed depreciation is likely an issue you will encounter in your practice. One of the most common occurrences of miscalculated or missed depreciation is on rental properties. This webinar shows how to properly calculate depreciation, how to correct miscalculated or missed depreciation on rental properties and other business assets, and how to calculate the related §481(a) adjustment. Additionally, we will address the completion of Form 3115, Application for Change in Accounting Method, using commonly encountered examples.

Live webinar: https://www.natptax.com/events-education/catalog/correcting-missed-depreciation-webinar-may-5-2026/

On-demand webinar: https://www.natptax.com/events-education/catalog/2026-correcting-missed-depreciation-on-demand-webinar/