KBKG Tax Insight: Bonus Depreciation for Gas Stations with Convenience Stores
Acquiring or constructing a gas station with a convenience store (“C-store”) can be a lucrative addition to a real estate portfolio. Current rules allow investors to immediately write off all the improvements if certain requirements are met, and the property is placed in service after September 27, 2017. This went into effect after the Tax … Read More
KBKG Tax Insight: Form 3115 May be Used for Changing to ADS Depreciation for Residential Rental Property
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
KBKG Tax Insight: The American Rescue Plan Extends Employee Retention Tax Credits
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
![[PRESS RELEASE] KBKG Welcomes Two New Directors to Atlanta-Based Operation](https://www.kbkg.com/wp-content/uploads/Press-Release-–-KBKG-Welcomes-Two-New-Directors-to-Atlanta-Based-Operation.jpg "[PRESS RELEASE] KBKG Welcomes Two New Directors to Atlanta-Based Operation")
[PRESS RELEASE] KBKG Welcomes Two New Directors to Atlanta-Based Operation
Atlanta, Georgia – Nationwide tax specialty firm KBKG hired two new Directors, Amar Patel and Ian Williams, as part of their Southeast practice. Both Directors join KBKG with over 25 years of combined experience in Cost Segregation and Research & Development Tax Credits, two key services offered by the firm to CPAs and businesses. As … Read More
![[PRESS RELEASE] KBKG Welcomes Three New Principals to Their Cost Segregation and Research & Development Tax Credit Services](https://www.kbkg.com/wp-content/uploads/KBKG-Welcomes-Three-New-Principals-to-Their-Cost-Segregation-and-Research-Development-Tax-Credit-Services.jpg "[PRESS RELEASE] KBKG Welcomes Three New Principals to Their Cost Segregation and Research & Development Tax Credit Services")
[PRESS RELEASE] KBKG Welcomes Three New Principals to Their Cost Segregation and Research & Development Tax Credit Services
PASADENA, CA, – Nationwide tax specialty firm KBKG promoted Eddie Price to Principal of Cost Segregation Services, as well as Paul McVoy and Jonathan Tucker to Principals of Research & Development Tax Credit Services. Eddie Price leads KBKG’s Cost Segregation practice and oversees KBKG’s Southern region and its Texas-based operations. He is a Certified Cost … Read More
The Differences Between LB&I and SB/SE Research Credit Adjustments
Let’s assume a scenario where you filed for the credit for increasing research (“R&D credit”) and the Internal Revenue Service (“IRS”) selected your return for examination/audit. At the conclusion of the audit, the IRS has two basic options: a “no change” or a “disallowance.” As much as everyone would like to receive a “no change,” … Read More
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