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
For the most up-to-date information on Qualified Improvement Property, see our latest post. In response to our previous release last week, Qualified Improvement Property (QIP) Technical Correction in CARES Act, KBKG has received several inquiries related to the changes in QIP law. Since that post, we have also learned more through discussions with high ranking … Read More
For the most up-to-date information on Qualified Improvement Property, see our latest post. With the passage of the CARES Act on Friday, March 27, 2020, Congress addressed the much anticipated “Retail Glitch” associated with the 2017 Tax Cuts and Jobs Act (TCJA). This rule previously prevented investments in qualified improvement property (QIP) from qualifying for … Read More
As featured in AICPA The Tax Advisor When a property is acquired in a Sec. 1031 like-kind exchange, tax preparers should consider several facts before deciding how to best depreciate the carryover basis from a relinquished property. When a cost segregation study is also considered on the newly acquired property, additional analysis is recommended before … Read More
As featured in Accounting Today As a result of the disposition regulations that were finalized in 2014, taxpayers are able to claim a partial disposition of a building component and recognize a loss on their tax return in the year of disposition. The partial disposition election is one of five issues targeted by the IRS … Read More
Are you or your clients interested in performing a cost segregation study before the upcoming March 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 is pleased to announce the addition of Business Development Regional Director Todd French to KBKG’s Midwest Regional office, who is relocating from the KBKG Texas office after serving the Dallas-Ft. Worth Community. Todd French began his finance career 15 years ago as a banker for a large regional bank where he was trained to … Read More
As a follow up to the KBKG Tax Insight article, Impact of Final Regulations and New Proposed Regulations for Additional First Year Depreciation Deduction, released last week providing a summary of the new final proposed regulations for additional first year depreciation deduction, we now dive deeper into the impact of floor plan financing indebtedness upon … Read More
For the most up-to-date information on Qualified Improvement Property, see our latest post. On September 13, 2019, the IRS and Treasury Department released the much-anticipated final regulations that provide guidance regarding additional first year bonus depreciation deductions under section 168(k) of the Internal Revenue Code (REG-104397-18). While the final regulations clarified some questions, there are … Read More
For the most up-to-date information on Qualified Improvement Property, see our latest post. On September 13, 2019, the IRS and Treasury finalized first-year bonus regulations (REG-104397-18). In tandem, they issued additional proposed regs (REG-106808-19) for bonus nuances. Here are a few highlights: Final Regulations: Qualified Improvement Property (QIP) – 2018 and beyond: The IRS and … Read More