On May 8, 2017, the U.S. Tax Court released Summary Opinion 2017-31 to conclude that a county assessor’s allocation to land and improvement values were more reliable than the taxpayers proposed values. The tax court noted they could not find any authority that suggests a taxpayer is qualified to allocate the value of the property … Read More
Cost Segregation
KBKG Tax Insight: IRS Takes Controversial Position on Building Placed in Service Dates
Internal Revenue Service in Action on Action on Decision 2017-02 announced that it will continue to litigate the issue surrounding placed in service dates for certain buildings that have received their certificate of occupancy but aren’t ready and available for their “specifically assigned function.” In the case of a retail building, the IRS appears to … Read More
KBKG Tax Insight: IRS Updates Cost Segregation Audit Techniques Guide
The Internal Revenue Service (IRS) released a relatively substantial update to their Cost Segregation Audit Techniques Guide (ATG) in order to incorporate various tax and legal developments since it was first released. Originally published in 2004, the Cost Segregation Audit Techniques Guide assists IRS examiners during audits by providing an understanding of technical information, examination … Read More
Use the Residential Cost Segregator® for April 15 returns — Accelerate Deductions in Minutes
It is not too late to accelerate cost segregation deductions on smaller residential properties using the Residential Cost Segregator®. The software was designed for tax preparers and only takes 15 minutes! Just email the client an online questionnaire for details about their building, then let the software do the rest. For only $399, KBKG’s easy-to-use … Read More
KBKG Tax Insight: Online Cost Segregation Savings Calculator Provides Instant Estimated Tax Projection for any Building
KBKG’s complimentary online cost segregation tax savings calculator provides instant, estimated tax projections and is easy to use. Just enter the building details and instantly receive a summary detailing the additional depreciation deductions each year generated by a cost segregation study. “KBKG’s free Cost Segregation Calculator is quick and easy when I need a high-level … Read More
KBKG Tax Insight: Gian Pazzia Discusses Cutting Edge Cost Segregation Software
Recently, the Tax Resolution Institute invited KBKG subject matter expert, Gian Pazzia, to present a live discussion on KBKG’s new cutting edge software, the Residential Cost Segregator®. Watch the video for an overview on the topic and to learn how tax preparers can use the software to accelerate deductions on smaller residential properties, which was … Read More
Cost Segregation Software for Smaller Residential Properties
Cost Segregation is now cost effective for smaller properties using KBKG’s online software designed for tax preparers and building owners. The Residential Cost Segregator® shatters previous conceptions that cost segregation should only be recommended for larger properties with a depreciable basis over $750,000. With the software, tax preparers can generate retirement deductions and faster depreciation … Read More
KBKG Tax Insight: Using Cost Segregation with Estate Planning
When a client dies, a critical estate planning area for tax professionals involves managing the step-up in basis on inherited assets for estate and income tax purposes. The general rule for real estate is that when a property is inherited, any gains built up during the decedent’s life are not recognized. The beneficiary also receives … Read More
KBKG Launches New Residential Cost Segregation Software
Press Release: Pasadena, California, December 1, 2016 – KBKG, a nationwide tax solutions firm headquartered in Pasadena, California, recently launched the Residential Cost Segregator™, an innovative cost segregation software which allows tax preparers and building owners to generate detailed cost segregation reports on smaller residential properties. The Residential Cost Segregator™ shatters previous conceptions that … Read More
KBKG Tax Insight: New 2016 Qualified Improvement Property Criteria
The new Qualified Improvement Property category put into effect in 2016 by the PATH Act will have a broad impact on almost all real estate owners for the near future by increasing the likelihood real property capital expenditures are eligible for bonus depreciation. Qualified Improvement Property (QIP) is defined as any improvement to an interior … Read More