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KBKG Tax Insight: Partial Dispositions & Deduction of Demolition Costs
Subsequent to the acquisition of a property, taxpayers often incur capital expenditures related to property renovations and improvements. As this work occurs, the existing components are often removed or disposed of. IRC Section 1.168(i)-8(d)(2) allows taxpayers to realize a gain or loss by making an election to partially dispose the adjusted basis of the aforementioned … Read More
KBKG Tax Insight: Senate Finance Committee Discusses Potential for New Coronavirus Bill that Would Allow Accelerated Federal Tax Breaks
As the Coronavirus pandemic continues to impact the country and economy, the Senate Finance Committee is continuing to discuss ways to help American businesses weather the storm. According to insiders, the potential proposal, which could be as large as $1 Trillion in relief funds, will include a provision that would remove limitations on businesses that … Read More
KBKG Tax Insight: Concurrent IRS Form 3115 Template (DCN 244 & 7)
On April 17, 2020, the IRS released Rev. Proc. 2020-25 outlining how to implement the Qualified Improvement Property (QIP) changes that were part of the CARES Act of 2020 using Form 3115, Change in Accounting Method. Section 6.03(4)(b), states that a taxpayer making a change 244 to correct QIP and changed related to depreciation recovery … Read More
KBKG Tax Insight: New and Improved Changes to Research and Development (R&D) Tax Credit: Furthering the American Recovery from the Coronavirus
Senator Chris Coons of Delaware recently introduced legislation (S. 3593) called “Furthering Our Recovery With American Research & Development Act” (“FORWARD”), which makes changes to and expands Internal Revenue Code Section 41: Credit for Increasing Research Activities (“IRC 41”). Applying these modifications to the existing law could allow companies that invest in the research and … Read More
KBKG Tax Insight – Net Operating Loss Rules Amended in CARES Act Provides Tax Planning Opportunities
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
Changes and Extension of the Virginia R&D Tax Credit
The Commonwealth of Virginia made key changes and extended the income tax credit for conducting qualified research and development in Virginia. Key changes include: A three (3) year extension of the credit from tax years beginning before January 1, 2022 to tax years beginning before January 1, 2025 Beginning January 1, 2021, an increase in … Read More
KBKG Tax Insight: Qualified Improvement Property (QIP) Technical Correction in CARES Act
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
KBKG Tax Insight: Architectural Firms Can and Do Qualify for the Research and Development Tax Credit
Who says architectural firms can’t qualify for the research and development (R&D) tax credit? Not the United States Tax Court (USTC). The USTC recently granted summary judgment in favor of an architectural firm that claimed the R&D tax credit. At the heart of this judgment was whether Populous Holdings, Inc. (Populous) incurred contract research expenditures … Read More
KBKG is Exhibiting at the AICPA Construction & Real Estate Conference
John W. Hanning will be attending the AICPA Construction & Real Estate Conference in Nashville, TN from December 5th to 6th. As the current President of ASCSP, John’s primary role while attending is to further the mission of creating public and industry awareness for the Societies technical standards; certification process, educational programs, and governing code … Read More
KBKG is Exhibiting at the AICPA Construction & Real Estate Conference
Our Director, William Long and Regional Director Chad Niehaus will be representing KBKG at the AICPA Construction & Real Estate Conference from December 5th to 6th. Chad Niehaus is part of our Southeast team. William Long is part of our New York team. At KBKG, we are passionate about helping business owners and accounting professionals … Read More
Winston Shurtz, CCSP – Newest Certified Member of the ASCSP
Winston Shurtz, Senior Engineer in KBKG’s Cost Segregation Consulting practice in the Southeast, recently passed the ASCSP Certified exam. The identification of Certified Cost Segregation Professional (CCSP) is the highest credential in the cost segregation industry. Winston is the 8th member within our firm with the CCSP designation. “We are extremely proud of Winston for … Read More
KBKG Tax Insight: Final Regulations and New Proposed Regulations for Additional First-Year Depreciation Deduction
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
![[PRESS RELEASE] Jonathan Tucker Joins KBKG as Director of Research & Development Tax Credits](https://www.kbkg.com/wp-content/uploads/PRESS-RELEASE-Jonathan-Tucker-Joins-KBKG-as-Director-of-Research-Development-Tax-Credits-SITE.jpg "[PRESS RELEASE] Jonathan Tucker Joins KBKG as Director of Research & Development Tax Credits")
[PRESS RELEASE] Jonathan Tucker Joins KBKG as Director of Research & Development Tax Credits
We recently added Research & Development Tax Credits Director Jonathan Tucker to our Southeast office‘s team of experts. Jon brings over 15 years of experience providing federal business tax advisory services to clients in various industries including technology, manufacturing, transportation, healthcare, retail and consumer products, hospitality, media and entertainment, financial and other professional services industries. … Read More
John W. Hanning, CCSP, MBA, of KBKG Elected President of ASCSP
KBKG congratulates John W. Hanning, CCSP, MBA on his recent election as President (2019 – 2021) of the American Society of Cost Segregation Professionals (ASCSP) Board of Directors. “I’m honored to have been elected by my peers at the American Society of Cost Segregation Professionals (ASCSP). The commitment to ethics and professionalism that ASCSP upholds … Read More