Rev. Proc. 2016-29: New Procedures for Automatic Accounting Method Changes

05/11/2016Cost Segregation, News, Tax Insight

The IRS recently released Rev. Proc. 2016-29, which lists automatic method changes and provides procedures for making them. Form 3115’s filed on or after May 5, 2016 must follow the updated rules. Background. Taxpayers make accounting method changes for numerous reasons, such as claiming missed depreciation from a Cost Segregation study, reclassifying capital expenditures as … Read More

Using Cost Segregation with Estate Planning

03/31/2016Cost Segregation, News, Tax Insight

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

Retail/Restaurant Industry Safe Harbor Under Tangible Property Regulations

01/13/2016Cost Segregation, News, Repair Regulations, Tax Insight

The IRS recently issued Revenue Procedure 2015-56 providing a safe harbor for certain taxpayers operating retail or restaurant establishments for determining whether expenditures incurred to “remodel” or “refresh” their property can be expensed under the Tangible Property Regulations released in 2013. Generally, the safe harbor benefits those enhancing the physical appearance and layout of their … Read More

IRS Releases Retail & Restaurant Safe Harbor Related to Tangible Property Regulations

11/20/2015Cost Segregation, Tax Insight

On November 20, 2015, the IRS released Revenue Procedure 2015-56, providing certain “qualified taxpayers” engaged in the trade or business of operating a retail establishment or a restaurant a safe harbor accounting method for costs incurred related to remodeling and refreshing of their “qualified buildings.” “Qualified taxpayers” include those conducting activities within NAICS codes 44 … Read More

John Hanning Joins KBKG’s Columbus, OH office

04/03/2015Cost Segregation, News

KBKG is pleased to announce the addition of John Hanning, SCSP, to our growing team in Ohio. John is an expert in the Tangible Property Repair Regulations, Cost Segregation, Construction Tax Planning, and Fixed Asset Depreciation Reviews. Prior to joining, John worked in KPMG’s Accounting Methods and Credit Services Group where he focused on getting … Read More

Eddie Price joins KBKG as Cost Segregation Director

06/26/2013Cost Segregation, News

We are pleased to announce that we recently hired Eddie Price as the Director of our Cost Segregation department. Eddie has over 30 years of cost segregation experience dating back to the Investment Tax Credit period. He is a Certified member of the American Society of Cost Segregation Professionals and currently serving as the Secretary … Read More