Breast Cancer Awareness Month: KBKG Warrior Dori Eden Shares Her Story

10/13/2017

In support of Breast Cancer Awareness Month, we’d like to highlight the strength and courage of one of our very own: Dori Eden. Dori was diagnosed with breast cancer in April of 2017 after a 3D mammogram came back negative, and she insisted on an ultrasound that ultimately detected the mass. In a recent interview … Read More

New Tax Reform Proposal Makes Deductions More Valuable in 2017

10/06/2017

On Thursday, September 27, Republican leaders in Congress and the Trump administration released the Unified Framework for Fixing Our Broken Tax Code. Among the many ideas outlined within the plan is to reduce the corporate tax rate to 20% and provide a maximum tax rate of 25% for business income from flow through entities of … Read More

IRS Issues Guidance Around ASC 730 and the R&D Tax Credit

09/29/2017

According to a new guidance released by the IRS, the Large Business and International Division which serves corporations, subchapter S corporations, and partnerships with assets greater than $10 million are instructed to accept financial statements that comply with the GAAP standards as proof of Qualified Research Expenses (QREs). Ultimately, this new directive could lessen the formally … Read More

New Qualified Improvement Property Category in 2016

09/18/2017

Many tax professionals are still unclear about the newest classification of building improvements eligible for bonus depreciation when placed in service on or after January 1, 2016. That’s understandable considering there has been over a dozen additions or changes to rules relating to various qualified real property improvements since bonus depreciation was enacted. This newest … Read More

KBKG Tax Insight: IRS Releases Tax Relief Opportunities for those Affected by Hurricane Harvey

08/29/2017

Updated 10/12/17 to include Caldwell, Comal, Guadalupe, Jim Wells, Milam, and San Augustine counties. Updated 9/20/17 to include Burleson, Grimes, Madison and Washington Counties. Updated 9/19/17 to include Bexar, Dallas, Tarrant, and Travis Counties. Updated 9/5/17 to include Austin, Batrop, DeWitt, Gonzales, Karnes, Lavaca, Lee, Polk, Tyler and Walker Counties. Updated 8/30/17 to include Colorado, … Read More

KBKG Insight: Does a Cost Segregation Study Increase the Likelihood of Audit?

08/25/2017

One of the most common concerns that is raised regarding Cost Segregation Studies is whether it increases the likelihood of an IRS audit down the road. While it’s well documented that these studies are accepted by the IRS if performed properly, there isn’t much evidence suggesting the implementation of a cost segregation study on a … Read More

KBKG Tax Insight: Maximizing the Value of the Orphan Drug Tax Credit

07/19/2017

  The Pharmaceutical and Life Sciences industry currently faces a range of issues, including the rising costs of discovery and development, major losses of revenue due to patent expirations, and increased complexities due to demanding regulatory requirements. Moreover, developers of orphan drugs must overcome a host of additional challenges that make it difficult to recoup … Read More

KBKG Tax Insight: Illinois Reinstates the R&D Tax Credit

07/07/2017

On Thursday, July 6th, the Illinois state legislature successfully voted to override Republican Governor Bruce Rauner’s veto, giving the state its first operating budget in two years.  Included in the $36 billion spending plan is an extension of the state’s research and development tax credit through December 31, 2021.  The research and development (R&D) credit … Read More

KBKG Tax Insight: Guide to Expensing Roofing Costs

06/21/2017

Each year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be written off as a repair expense or capitalized. The most common, and often significant, item that is evaluated is roofing-related work. In many cases, only a portion of the roofing system is replaced, … Read More

KBKG Insight: Tax Court Rejects Taxpayer’s Land vs. Building Allocation

06/13/2017

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