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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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When you hire someone to perform a cost segregation study, make sure you are getting a quality report. Many firms advertise a detailed Cost Segregation study but are in fact, giving you only a Residual Study. Residual Studies lack proper detail and do not provide necessary information to write-off assets removed from service. On the...
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There are many benefits to a Cost Segregation Study. But, a poorly performed cost segregation study can haunt you for as long as you apply a depreciation deduction for the property to your tax return. If you own commercial property, a Cost Segregation Study will lead to tax savings that will make a tremendous difference...
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