KBKG Tax Insight: Iowa Now Conforms to IRC §168(k)

06/22/2021

Governor Kim Reynolds recently signed into law Senate File 619 relating to a multitude of state and local tax issues. Included within this law is the retroactive applicability of Federal Bonus Depreciation rules for qualified assets placed into service on or after January 1, 2021. Additionally, the State of Iowa will remain decoupled from the … Read More

Learn about Bonus Depreciation with Lester Cook, CCSP at MCIPA’s Tax Professionals and the IRS: Successfully Working Together Conference

06/03/2021

KBKG Principal Lester Cook, CCSP will be virtually presenting Bonus Depreciation Update at MICPA’s Tax Professionals and the IRS: Successfully Working Together Conference. Taking place on June 9th from 3:10 PM – 4 PM Eastern time, this presentation will provide information on bonus depreciation and other related depreciation issues. Lester will clarify when bonus depreciation … Read More

KBKG Tax Insight: IRS Releases Guidance on Bonus Depreciation

12/03/2020

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

Tax Tip for Small Businesses: The Benefit of Bonus Depreciation

05/08/2019

In recognition of Small Business Week, here’s a quick tax tip to fuel your business: Bonus depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the cost of an eligible asset instead of recovering the amount over the tax life of the asset. The Tax Cuts and Jobs … Read More

KBKG Tax Insight: How Tax Reform Bills Impact Real Estate

11/10/2017

The commercial real estate industry can expect significant changes in the event that tax reform is passed. Yesterday, the House Ways and Means Committee finished marking up and approved a tax reform bill introduced last week – the “Tax Cuts and Jobs Act” with the goal of voting on it before Thanksgiving. Simultaneously, the Senate … Read More

KBKG Tax Insight: New 2016 Qualified Improvement Property Criteria

11/02/2016

For the most up-to-date information on Qualified Improvement Property, see our latest post. The new Qualified Improvement Property category put into effect in 2016 by the PATH Act will have a broad impact on almost all real estate owners for the near future by increasing the likelihood real property capital expenditures are eligible for bonus … Read More

PATH Act Improves Realty Tax Breaks, But…

05/05/2016

“As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight line depreciation only.However, for specially defined categories of realty improvements, taxpayers may be entitled to the hat-trick of tax breaks: expensing under Section 179 of part of the cost of the improvements; … Read More