KBKG Tax Insight: Partial Dispositions & Deduction of Demolition Costs
Subsequent to the acquisition of a property, taxpayers often incur capital expenditures related to property renovations and improvements. As this work occurs, the existing components are often removed or disposed of. IRC Section 1.168(i)-8(d)(2) allows taxpayers to realize a gain or loss by making an election to partially dispose the adjusted basis of the aforementioned … Read More
Tax Deadline is Approaching – Now’s the Time to Request Your Cost Segregation Studies
Are you or your clients interested in performing a cost segregation study before the upcoming September 15 tax deadline? KBKG is committed to timely work. Since the months leading up to a tax deadline is our busiest time of year, we encourage you to start the process now to avoid any delays in filing your … Read More
KBKG Tax Insight: CARES Act Offers Overlooked Opportunities for Refunds – First Check Cross Border Prices
As featured in Accounting Today Some multinational companies can generate additional carryback tax loss relief through transfer pricing planning. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, US corporations can now elect to carryback losses incurred in 2020 for a five-year period (2015 to 2019).[1] The Act was implemented to provide badly-needed cashflow … Read More
KBKG Tax Insight: Senate Finance Committee Discusses Potential for New Coronavirus Bill that Would Allow Accelerated Federal Tax Breaks
As the Coronavirus pandemic continues to impact the country and economy, the Senate Finance Committee is continuing to discuss ways to help American businesses weather the storm. According to insiders, the potential proposal, which could be as large as $1 Trillion in relief funds, will include a provision that would remove limitations on businesses that … Read More
KBKG Tax Insight: Concurrent IRS Form 3115 Template (DCN 244 & 7)
On April 17, 2020, the IRS released Rev. Proc. 2020-25 outlining how to implement the Qualified Improvement Property (QIP) changes that were part of the CARES Act of 2020 using Form 3115, Change in Accounting Method. Section 6.03(4)(b), states that a taxpayer making a change 244 to correct QIP and changed related to depreciation recovery … Read More
KBKG Tax Insight: Proposed 1031 Regs Should Not Materially Impact Cost Segregation Benefits
Last week, the IRS issued proposed regs that define what real property is for purposes of 1031 exchanges. This became necessary due to changes in the Tax Cuts and Jobs Act (TCJA) that no longer allows personal property from being eligible for 1031 exchange. To address complications due to the inherent personal property included in … Read More
KBKG Tax Insight: Operating Internationally? You May Pay More Than Your Fair Share of Taxes After COVID-19
Even in a pandemic, multinationals may be surprised to receive a tax bill for their overseas operations, but there may be a silver lining. Ben Franklin is widely credited with the quote, “In this world, nothing can be said to be certain, except death and taxes.” With a pandemic, some companies with cross-border operations expect … Read More
KBKG Tax Insight: Form 3115 Template for Qualified Improvement Property (QIP) Changes
On April 17, 2020, the IRS released Rev. Proc. 2020-25 outlining how to implement the Qualified Improvement Property (QIP) changes that were part of the CARES Act of 2020 and modify certain elections under Section 168 using Form 3115, Change in Accounting Method. KBKG authored a comprehensive overview of the new procedures that can be … Read More
