KBKG Tax Insight: Impact of Final Regulations and New Proposed Regulations for Additional First Year Depreciation Deduction

09/20/2019

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 still a few issues left to be resolved. The IRS and Treasury Department … Read More

KBKG Tax Insight: Final Regulations and New Proposed Regulations for Additional First-Year Depreciation Deduction

09/17/2019

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 Treasury denied 15-year treatment with the explanation which stated that, in order to … Read More

KBKG Tax Insight: The Impact of TCJA on Cost Segregation & Like-Kind Exchange

04/02/2019

Reproduced with permission from Daily Tax Report, 62 DTR 12, 4/2/19. Copyright _ 2019 by The Bureau of National Affairs, Inc. (800-372-1033) https://news.bloombergtax.com/daily-tax-report/insight-tax-insight-the-impact-of-tcja-on-cost-segregation-and-like-kind-exchange Like-kind exchange has been a popular tax deferral tool for decades. Under IRC 1031, a taxpayer can defer tax on gain from the sale of a business or investment property if it … Read More

Tax Insight: Senate and House Updates on Tax Extenders for 2018-2019

03/07/2019

Senate Update Last Thursday, February 28, 2019, Senate Finance Committee Chairman Chuck Grassley (R. Iowa) and Ranking Member Ron Wyden (D. Oregon) introduced bipartisan legislation to retroactively extend tax extenders for 2018 and 2019 while also providing disaster tax relief benefits to those affected by major disasters in 2018. “Congress needs to get out of … Read More

Tax Insight: Tax Extender Update from Senator Chuck Grassley

02/22/2019

On Thursday, February 14, 2019, Senate Finance Committee Chairman Chuck Grassley (R. Iowa) addressed tax policy and various provisions that KBKG and the Real Estate Roundtable have been monitoring closely. In his speech, Senator Grassley expressed his commitment to pursue tax extenders and rejection of press reports suggesting that some provisions may no longer be … Read More

KBKG Tax Insight: R&D Tax Credits – Protective 280C(c)(3) Elections

02/07/2019

Calculating and documenting the Internal Revenue Code Section 41 Credit for Increasing Research Activities (“Research Credit” or “R&D Credit”) is an intricate and often burdensome undertaking. This process is complicated during the throes of busy season. Fortunately, the Internal Revenue Service (“IRS”) has afforded taxpayers additional time to claim a R&D credit via making a … Read More

KBKG Tax Insight: Updates to “Qualified Improvement Property”

11/09/2018

With the 2017 tax year behind us, tax professionals are laser focused on the various new rules presented by the recent Tax Cuts and Jobs Act (TCJA) effective for the 2018 tax year. One of the most significant changes related to real estate improvements is the new eligibility criteria for qualified improvement property (QIP). The … Read More