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  • KBKG Tax Insight: Qualified Improvement Property (QIP) Technical Correction in CARES Act
    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 bonus depreciation. With the passing of the CARES Act, the recovery period for QIP is reduced from 39 years to 15 years thus making it eligible for 100 percent bonus depreciation through 2022. This change is retroactive to January 1, 2018. The KBKG Qualified Improvement Reference Chart has been updated accordingly. KBKG Insight: Additional procedural guidance is expected to clarify whether an automatic accounting method change (i.e. Form 3115) can be used to retroactively claim missed QIP deductions. Taxpayers are … Read More

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