PATH Act Improves Realty Tax Breaks, But…

05/05/2016News, Recent News

“As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight line depreciation only. However, for specially defined categories of realty improvements, taxpayers may be entitled to the hat-trick of tax breaks: expensing under Section 179 of part of the cost of the … 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

New Qualified Improvement Property Category in 2016

02/10/2016Tax Insight

Most tax professionals know by now that under The Protecting Americans from Tax Hikes (PATH) Act of 2015, the rules for eligibility as Qualified Leasehold Improvements (QLI), Qualified Restaurant Property, and Qualified Retail Property with a 15 year recovery period are now permanent. Additionally, the PATH Act has extended, modified, and will eventually phase out … 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

R&D Tax Credit Expanded for Small & Midsize Businesses

12/18/2015R&D Tax Credit, Tax Insight

Congress is spreading some cheer this holiday season in the form of tax breaks for both businesses and individuals. The Protecting Americans from Tax Hikes (“PATH”) Act of 2015 was passed by both the House and the Senate and is a groundbreaking $650 billion tax extender bill aimed at providing taxpayers certainty and opportunity into … Read More

Tax Extenders Imminent! Congress to Make Key Provisions Permanent and President is Expected to Sign Into Law

12/17/2015R&D Tax Credit, Tax Insight

Congress is embracing the holiday season by providing taxpayers a gift in the form of tax extenders. The Protecting Americans from Tax Hikes (PATH) Act of 2015 is a bipartisan agreement between both houses of Congress that permanently extends many popular business and individual incentives. President Obama is expected to sign into law in the … Read More