On Thursday, March 11th, President Biden signed the American Rescue Plan Act (ARPA) into law. The historic $1.9 Trillion stimulus package expands COVID-19 relief for individuals, families, local governments, and businesses. Specifically, the plan includes updates to the Employee Retention Tax Credit (ERTC), which we have discussed in recent webinars. In this overview, we will … Read More
As featured in Accounting Today Calculating land and building values for tax purposes is a critical step toward maximizing your available tax deductions from depreciation. This is because the law says you can only depreciate items that wear down over time (i.e., the building and not the land). Since most real estate purchase agreements do … Read More
We got some great news this morning. The House has voted 219-212 to extend the Employee Retention Tax Credit through December 31, 2021, as part of the $1.9 Trillion COVID Relief bill. If it passes the Senate next week it will very likely be signed by the President shortly after. The Employee Retention Tax Credit … Read More
Companies performing qualified research and development activities in Illinois are one step closer to a much-improved state R&D credit. Historically, companies in Illinois must have experienced an increase in qualified research expenditures (QRE) over the previous three years to receive the state tax credit. Illinois State Representative Tony McCombie has introduced a bill for an … Read More
As featured in Accounting Today When Joe Biden was inaugurated last month, he assumed all the responsibilities of the American presidency, including tax policy decisions. With the advantage of a Democratic majority in both houses of Congress, his administration will probably pursue tax policy options to raise revenues to offset the deficit attributable to the … Read More
As featured in AICPA Tax Adviser – February 4, 2021 In November 2020, the IRS issued final regulations defining real property for Sec. 1031 like-kind exchanges (T.D. 9935). The new regulations were needed because the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, amended Sec. 1031 so personal property is no longer eligible for a … Read More
After months of negotiations, Congress will pass a $900 billion COVID-relief package along with a$1.4 trillion spending package that funds the government for the 2021 fiscal year. President Donald Trump is expected to sign and enact this bill. In addition to providing a second round of COVID relief, the spending bill includes tax relief for … 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
On November 6, 2020, the IRS released Revenue Procedure 2020-50 providing guidance on implementing the most recent bonus depreciation regulations. These regulations, issued in September 2020, addressed feedback and slightly revised provisions of the 2019 proposed bonus regulations. Since the Tax Cuts and Jobs Act bonus depreciation rules have changed over the iterations of proposed … Read More
“You Can’t Beat the Feeling . . . of a $3 billion-plus transfer pricing tax bill.” With apologies to the authors of the Coca-Cola’s 1988 marketing tagline, the IRS won a landmark transfer pricing tax court case against Coca-Cola on November 18, 2020. Coke now owes an additional $3 billion in taxes for 2007 through … Read More