This article is featured in Accounting Today and Tax Pro Today. On August 8th, 2018 the IRS published proposed regulations (REG-104397-18) that provide guidance regarding the additional first year depreciation deduction under section 168(k) of the Internal Revenue Code (Code). These proposed regulations reflect changes made to the Tax Cuts and Jobs Act (TCJA) to … Read More
Author: KBKG
Minimize Gains on Sale of Condos in Mixed-Use Developments. Condo Tax Basis Allocation Studies
Traditional cost accounting for mixed-use residential projects often does not properly allocate all construction costs to each section of the property. Consequently, there may be a significant understatement of cost basis for residential condominium units resulting in higher taxable gains upon sale. This is most common within vertical mixed-use developments where residential condos are stacked … Read More
KBKG Tax Insight: The Effects of Tax Reform on R&D and Orphan Drug Tax Credits
The Senate on December 2, 2017, passed its version of the Tax Cuts and Jobs Act (TCJA) by a vote of 51-49. This is another key step toward passage of this comprehensive tax legislation by year-end. However, the final Senate bill continues to differ from the tax bill passed by the House in mid-November. Although … Read More
KBKG Tax Insight: Maximizing the Value of the R&D Tax Credit – Pharmaceutical & Life Sciences Industry
It is no secret that many Pharmaceutical and Life Sciences companies (“Companies”) conduct research and development activities that qualify for numerous tax incentives, including the Research and Development (R&D) tax credit. Recent groundbreaking legislation created a level of certainty for tax planning purposes and also includes provisions geared towards providing significant benefits to small businesses … Read More
KBKG Video: Top 5 Things You Should Know About Cost Segregation
Are you a tax professional looking for an easy way to explain Cost Segregation to your clients? This 3-minute video helps building owners understand why they should consider Cost Segregation for their building and covers the top 5 things they need to know to get started. Cost Segregation is a commonly used strategic tax planning … Read More
KBKG Tax Insight: Florida Tax Relief Opportunities in the Wake of Hurricane Irma
The worst of Hurricane Irma that took place in early September is over, but those affected are left to deal with the destruction that was left in its wake. Survivors with losses due to the hurricane can take advantage of federal and state tax relief opportunities. The IRS has declared that the victims of Hurricane … Read More
KBKG Tax Insight: Georgia Tax Relief Opportunities in the Wake of Hurricane Irma
The worst of Hurricane Irma that took place in early September is over, but those affected are left to deal with the destruction that was left in its wake. Survivors with losses due to the hurricane can take advantage of federal and state tax relief opportunities. The IRS has declared that the victims of Hurricane … Read More
KBKG Tax Insight: Tax Relief Opportunities for Those Affected by the California Wildfires
The Governor of California, Jerry Brown, has declared a state of emergency in response to the deadly wildfires that have burned tens of thousands of acres and forced widespread evacuations. When a state of emergency has been declared taxpayers may deduct a disaster loss for any loss sustained. In addition, the Internal Revenue Service (IRS) … Read More
New Qualified Improvement Property Category in 2016
For the most up-to-date information on Qualified Improvement Property, see our latest post. 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 … Read More
KBKG Tax Insight: IRS Releases Tax Relief Opportunities for those Affected by Hurricane Harvey
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