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What is Qualified Leasehold Improvement Property Bonus depreciation is one method of accelerated depreciation, often called a “special depreciation allowance,” by the IRS. The IRS defines qualified Improvement Property (QIP) as any improvement made by the taxpayer to an interior portion of a nonresidential real property building. Such modification is placed in service after the...
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Common Cost Segregation Questions: Depreciation. The concept of depreciation is crucial to your cost segregation strategy. Even if your property isn’t decreasing in value, you could qualify for a deduction. Q. How does cost segregation affect depreciation to help lower my business’s property taxes? A. The concept of depreciation is crucial to your cost segregation...
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By combining a Cost Segregation Study with an Opportunity Zone Fund investment, you have the potential to lower your tax burden considerably. Find out How! Investors who want to defer and reduce capital gains are finding success with opportunity zone funds. What is a Qualified Opportunity Zone? Qualified Opportunity Zones are areas that the IRS...
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Some companies will try to save money by having cost segregation studies performed in-house by company employees rather than a professional in the industry. Unfortunately, this comes with a significant drawback—In-house studies are often viewed with more scrutiny by the IRS Boddie-Noell Enterprises, Inc. v. the United States[1] In 1996 Boddie-Noel Enterprises, Inc. sued the...
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If you’re a property manager, your responsibilities range from: ·       Handling Lease Agreements ·       Rent Collection ·       On-site Maintenance ·       Financial Services ·       And more! With all that you do, how can you add value to the services you provide?...
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The Tax Cuts & Jobs Act of 2017 (TCJA) was the most extensive overhaul of the tax code in three decades. Along with creating a single corporate tax rate of 21%, several other changes affect businesses. Changes to Bonus Depreciation Rules Previously, bonus depreciation was only allowed for “original use” property. The new rules enable...
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Tax laws often change as quickly as the economy does to temper the extreme swings of the economic pendulum. That’s why when the COVID-19 pandemic turned the entire worldwide economy upside down; the CARES Act included provisions to help businesses that were hit hard recoup some of their losses at tax time. The 5-year NOL...
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The effects of COVID-19 on businesses have been staggering, particularly in sectors such as hospitality, dining, and entertainment. It seems that no company has been untouched by the pandemic. So, on March 27, 2020, the CARES Act was enacted to buffer the financial hits that companies and their employees were taking.  As part of the...
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No one ever said that tax laws were simple. On the contrary, they can be especially complicated when you are trying to determine whether costs are deductible or must be capitalized. For decades, conflicting case law and administrative rulings on specific situations without formal guidance made tangible property regulations even more challenging to navigate. Then,...
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