Revenue Procedures 2012-19 and 2012-20

03/30/2012Tax Insight

On March 7, 2012, the Internal Revenue Service (IRS) released two Revenue Procedures 2012-19 and 2012-20 as guidance for taxpayers to make changes to accounting methods in regards to the temporary regulations, “Repair Regulations,” which were released on December 23 of 2011. These two revenue procedures are effective for taxable years beginning on or after … Read More

Decision in Peco Foods, Inc. v. Commissioner May Affect Your Ability to Perform a Cost Segregation Study

02/28/2012Cost Segregation, Tax Insight

While the law regarding the binding nature of an asset allocation agreement under IRC Section 1060 is well established, KBKG notes the specific facts and circumstances of the Peco Foods case in making our recommendations below. Regarding the terms of a purchase agreement that includes real estate, taxpayers and their advisors should ensure that any … Read More

Release of the new Temp Regs. Under 263(a)

01/30/2012Tax Insight

The biggest news that came out over the last month was the long awaited Temporary Regs under 263(a). This clarified the rules related to whether a building expenditure is a capital improvement or can be a repair expense. However, one of the most significant rules that has changed under these Regs is in regards to … Read More

Tax Relief Act (H.R. 4853) Overview

01/10/2011Tax Insight

Summary of H.R. 4853 Benefits 100% Bonus Depreciation & Extension of 50% Bonus– Temporary 100% bonus depreciation deduction for qualifying property placed in service between 9/9/10 and 12/31/11. 50% Bonus Depreciation provisions have also been extended through the end of 2012 (2013 for certain property).   15-Year Life for Qualified Real Property – 2-year extension … Read More

Alternative & Renewable Energy Tax News Alert

12/10/2010Tax Insight

Senate begins consideration of tax “extenders” package including one-year extension of Treasury grant program On Thursday evening, the Senate began consideration of a bill (H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010), that includes two-year extensions of Bush-era tax cuts for all taxpayers, changes to the estate tax, and … Read More

Green Buildings Are Green in More Ways Than One

11/22/2010Tax Insight

The trend toward energy efficient building construction is saving on not only energy costs, but also on taxes for building owners and developers. Gian Pazzia, a shareholder in tax credit specialist KBKG Inc., told an audience at the Accounting Today Growth & Profitability Summit in Orlando last week about the expanding array of tax incentives … Read More

Tax Incentives Available for Green Building Construction

03/31/2010Tax Insight

Several lucrative federal tax incentives have been extended and enhanced for energy efficient design, construction, and improvement of buildings and homes. Companies that developed properties without necessarily trying to “go green” are often pleasantly surprised to discover that they qualify for these credits and deductions. The types of taxpayers that are likely to benefit from … Read More