KBKG Tax Insight: Concurrent IRS Form 3115 Template (DCN 244 & 7)

06/17/2020

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: Qualified Improvement Property (QIP) Guidance from the IRS

04/07/2020

For the most up-to-date information on Qualified Improvement Property, see our latest post. In response to our previous release last week, Qualified Improvement Property (QIP) Technical Correction in CARES Act, KBKG has received several inquiries related to the changes in QIP law. Since that post, we have also learned more through discussions with high ranking … Read More

New Qualified Improvement Property Category in 2016

09/18/2017

For the most up-to-date information on Qualified Improvement Property, see our latest post. Many tax professionals are still unclear about the newest classification of building improvements eligible for bonus depreciation when placed in service on or after January 1, 2016. That’s understandable considering there has been over a dozen additions or changes to rules relating … 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