Back on June 17, 2021, Governor J.B. Pritzker signed into law SB2017, the state’s FY 2022 budget legislation. Among many other noteworthy items within that piece of legislation, Illinois officially decouples from federal bonus depreciation for tax years ending on or after December 31, 2021. Historically, the State of Illinois has decoupled from bonus depreciation … Read More
Michigan taxpayers may soon be able to significantly reduce their Michigan state tax liability due to a bill introduced by Rep. Matt Hall. House Bill 5601 provides a state research and development tax credit equal to 15% of the qualified research expenditures (QREs) incurred by Michigan companies within the state. The QREs incurred must meet … Read More
As featured in the Small Business Tax Savings Podcast Recently, Mike Jesowshek, CPA, Founder of JETRO & Associates, interviewed our Cost Segregation Principal, Lester Cook. Topics discussed include cost segregation, how a cost segregation study is performed, the benefits of a cost segregation study, and more. A Cost Segregation Study dissects the construction cost or … Read More
Paul McVoy, Sumit Sharma, and David Zarin will be speaking on the PICPA Tax Con Webcast. The Tax Conference brings together tax professionals in public or private accounting. If you’re attending the webcast, please come join our session. Our experts will be presenting on credits and incentives. They will discuss: Research & Development Tax Credit … Read More
Lester Cook, Alex Martin, and Michael Maroney will be speaking at the ICPAS SUMMIT21 along with our Regional Director, Kyle Ernsberger who will be exhibiting at booth 3. The Tax Conference brings together tax professionals in public or private accounting. If you’re at the conference, please come join our sessions or visit our booth. Our Principal Lester Cook, CCSP, will … Read More
Lester Cook, Todd French, and Kyle Ernsberger from our Midwest Office will be sponsoring the Building Owners and Managers Association of Chicago (BOMA) Golf Classic on Thursday, August 12th. They will be located at Course 3, Hole 4 (featured below) at the prestigious Cog Hill Golf and Country Club. There will be refreshments at our … Read More
The IRS on June 17, 2021 issued Revenue Procedure 2021-28, which provides procedures for taxpayers to change to the alternative depreciation system (“ADS”) for certain residential rental property placed in service prior to January 1, 2018, held by an electing Real Property Trade or Business (RPTOB). KBKG Insight: A RPTOB that made the election under … Read More
Governor Kim Reynolds recently signed into law Senate File 619 relating to a multitude of state and local tax issues. Included within this law is the retroactive applicability of Federal Bonus Depreciation rules for qualified assets placed into service on or after January 1, 2021. Additionally, the State of Iowa will remain decoupled from the … Read More
Community is at the core of KBKG, and our Midwest office exemplifies this core value with their involvement in local organizations. Our Midwest team is involved with local industry-based and CPA organizations. Involvement With BOMA Leading the way, our Principal Lester Cook sits on Chicago’s Building Owners and Managers Association (BOMA) Taxation Committee. The Taxation … Read More
KBKG Principal Lester Cook, CCSP will be virtually presenting Bonus Depreciation Update at MICPA’s Tax Professionals and the IRS: Successfully Working Together Conference. Taking place on June 9th from 3:10 PM – 4 PM Eastern time, this presentation will provide information on bonus depreciation and other related depreciation issues. Lester will clarify when bonus depreciation … Read More