IRS provides 1 year extension to claim missed repair deductions on 2015 returns

06/03/2016News, Recent News, Repair Regulations, Tax Insight

The recently released Rev. Proc. 2016-29 details new procedures for automatic accounting method changes, as discussed in a previous KBKG Tax Insight, and effectively provides a one year extension for taxpayers to implement many portions of the Tangible Property Regulations (TPR). Taxpayers are generally not permitted to make an automatic method change if they made … Read More

Research Tax Credit Opportunities for Architects and Engineers

05/17/2016News, R&D Tax Credit, Recent News, Tax Insight

Architecture and engineering firms may want to take another look at the often forgotten Research & Development (R&D) Tax Credit. Many may be eligible for federal and state research credits without realizing it. Historically, the R&D Tax Credit was geared to only benefit large companies; mostly in the manufacturing, software, high-tech and pharmaceutical industries. However, … Read More

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

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