On June 12, the IRS issued proposed regulations that define what real property is for purposes of 1031 exchanges. This was in response to changes in the Tax Cuts and Jobs Act (TCJA) that no longer allows personal property from being eligible for 1031 exchange. In their current form, the proposed regulations may create significant … Read More
This letter was originally published by the ASCSP. Our Principals John W. Hanning, CCSP, MBA, Lester Cook,CCSP, and Malik Javed,CCSP, are board members of the ASCSP The American Society of Cost Segregation Professionals (ASCSP) wishes to commend the Treasury Department (Treasury) and the Internal Revenue Service (IRS) for the thoughtful effort clearly reflected in Proposed … Read More
Please note that we recently relocated several of our offices in California, including our headquarters in Pasadena. Please update your records with the new address and remit any outstanding payments to our new headquarters. Should you have questions, please reach out to your relationship manager for assistance. PASADENA HEADQUARTERS 225 South Lake Ave Ste 400 … Read More
The research and development tax credit is one of the most valuable credits leveraged by innovators and entrepreneurs since its inception in 1981. While the credit has been around for almost 40 years, renewed focus on research and development has created opportunities for even more businesses to take advantage. Curious to know more? Here are … Read More
The House of Representatives have advanced the Moving Forward Act, a $1.5 Trillion infrastructure proposal. The purpose of the plan is to focus more closely on ways to reduce emissions, develop public land, improve communities and transit systems, among other key features. The Moving Forward Act includes the new energy efficient home credit (45L) extending … Read More
As featured in Accounting Today The Internal Revenue Service (IRS) collected nearly $3.4 trillion through more than 160 million individual and business tax returns during Fiscal Year 2018. For all this revenue, approximately 991,000 returns were examined, representing less than one percent of all tax returns filed. The number of examinations conducted to uphold enforcement … Read More
Senator Chris Coons of Delaware recently introduced legislation (S. 3593) called “Furthering Our Recovery With American Research & Development Act” (“FORWARD”), which makes changes to and expands Internal Revenue Code Section 41: Credit for Increasing Research Activities (“IRC 41”). Applying these modifications to the existing law could allow companies that invest in the research and … Read More
For the most up-to-date information on Qualified Improvement Property, see our latest post. Under the new Coronavirus Aid, Relief, and Economic Security Act (CARES Act), net operating losses (NOLs) which are generated in 2018, 2019, or 2020 can now be carried back five years. The CARES Act also repeals the 80% income limitation for NOL … Read More
Our Director, William Long and Regional Director Chad Niehaus will be representing KBKG at the AICPA Construction & Real Estate Conference from December 5th to 6th. Chad Niehaus is part of our Southeast team. William Long is part of our New York team. At KBKG, we are passionate about helping business owners and accounting professionals … Read More
Lester Cook and Sasha Brenecki will be representing KBKG at the Lincoln Park Builders Club Real Estate Forum on November 21st, 2019. This Forum brings together Chicago’s top developers, owners, brokers and investors in Lincoln Park to discuss the market, source new business opportunities, and more. Lester Cook, Vincent Poczekaj, and Sasha Brenecki, are part … Read More