Bonus Depreciation and §754 Step-ups to Partnership Assets
March 29, 2022
Bonus Depreciation and §754 Step-ups to Partnership Assets By: John Conner Bonus depreciation, now set
Category: Industry Insight
“IRS Updates “Automatic Consent” Revenue Procedure (Rev. Proc. 2022-14)
March 29, 2022
“IRS Updates “Automatic Consent” Revenue Procedure (Rev. Proc. 2022-14) By: John Conner The IRS has
New IRS Audit Effort Focuses on Partnership Loss Limitation Rules
March 15, 2022
New IRS Audit Effort Focuses on Partnership Loss Limitation Rules By: John Conner The IRS
Surcharge on High-income Individuals, Estates, and Trusts:
November 23, 2021
By: John Conner A new Code §1A would impose a tax on “modified AGI” over
Delays Ahead for Senate’s Consideration of Build Back Better Bill
November 9, 2021
By: John Conner The Senate Finance Committee has released its portion of the Build Back
Section 179 Deduction
September 24, 2021
Section 179 Deduction By: Robert Taylor The section 179 deduction allows eligible taxpayers to fully
Tax Relief for Victims of Hurricane Ida in New York and New Jersey
September 5, 2021
Victims of Hurricane Ida in New York and New Jersey Have Until 1/3/22 to File
IRS Commissioner Provides Overview of Key Areas Affecting Taxpayers
August 10, 2021
IRS Commissioner Provides Overview of Key Areas Affecting Taxpayers By: John Connor IRS Commissioner Charles
Tax Plan Changes to Beef Up Internal Revenue Service
July 20, 2021
Increased IRS Funding and New Reporting Requirements The budget includes $6 billion in discretionary spending
Did you know the CARES Act might allow for a refund for you if you own a building?
July 13, 2021
A Little-known CARES Act Provision By: Warren Dazzio Amidst all of the pandemic, a little-known
Tax Plan Includes Increased C Corp Rate
July 6, 2021
C Corp Tax Rate could increase to 28% Before the TCJA reduced the highest marginal
Contesting an IRS Audit Determination
June 29, 2021
IRS Audit in the Office of Appeals If a client is thinking about appealing an
Form 3115: Application for Change in Accounting Method
June 22, 2021
When and How to File a Form 3115 A Form 3115 is called the “Application
Taxpayer Certainty and Disaster Relief Act of 2020
June 15, 2021
The Disaster Relief Act of 2020 The Disaster Relief Act of 2020 added a temporary
Are you a Taxpayer with Excess APTC?
May 25, 2021
Repayment of 2020 Excess Advance Premium Tax Credit Suspended (IR 2021-84) The American Rescue Plan
Recovery Rebate Credit Letters
May 18, 2021
IRS Sending Out 2020 Recovery Rebate Credit Letters (IR 2021-76) The IRS is mailing letters
Grouping a Rental Activity with a Business Activity
May 11, 2021
Grouping of Activities By: Robert Taylor A typical ownership structure for an owner-occupied commercial building
Reduce Capital Gains from Sold Stocks with Cost Segregation
May 4, 2021
Cost Segregation may be the answer to capital gains on sold stocks By: David Deshotels
Final Carried Interest Regulations (TD 9945)
April 20, 2021
Final Carried Interest Regulations The IRS has issued final regulations under Code §1061, which requires
481a Adjustments
April 13, 2021
481a Adjustments A 481a adjustment is necessary when there is a change in method of
Qualified Residential Living Facility Safe Harbor for Sec. 163(j) Business Interest Deduction (Rev. Proc. 2021-9)
March 23, 2021
Qualified Residential Living Facilities The IRS is providing a “safe harbor” for “qualified residential living
How to Identify a “Quality Firm”
March 16, 2021
Here is what you should consider when looking for a quality firm to complete your
Maximizing Expense Deductions with 100% Bonus Depreciation and Section 179
March 9, 2021
Section 179 Recent Tax Laws provide incentives including 100% Bonus Depreciation and Section 179. As
IRS Sending Letters Related to Qualified Opportunity Funds (IR 2020-274)
February 23, 2021
IRS Sending Letters to Taxpayers About Qualified Opportunity Funds The IRS has started sending letters
IRS Issues Like-kind Exchange Final Regs (TD 9935)
February 16, 2021
Code Section 1031 The IRS has issued final regs to implement recent statutory changes to
How to Identify a Quality Cost Segregation Study?
February 9, 2021
Quality Cost Segregation Firm By: Tim Ibbotson The Service has emphasized “corroborating evidence” and “factually
Safe Harbor for Certain PPP Loan Participants (Rev. Proc. 2020-51)
January 26, 2021
PPP Safe Harbor The IRS has issued a safe harbor allowing a taxpayer to claim
Congress Acts on Expense Deductibility When a PPP Loan Is Forgiven
January 19, 2021
PPP Loan Normally, when a debt is cancelled or forgiven, Code §61(a)(11) dictates that the
How Cost Segregation Effects Recapture
January 12, 2021
How Cost Segregation Effects Recapture Recapture is one of the most common objections to getting
Does Cost Segregation Method Matter?
January 5, 2021
Cost Segregation Method The Audit Technique Guide states that accelerated depreciation is an “advantageous depreciation
IRS Clarifies Deadlines for Like-kind Exchanges
December 29, 2020
Notice 2020-23 In an answer to a question posted on its website, the IRS has
Failing to Satisfy One Requirement Invalidated Deduction for Conservation Easement
December 22, 2020
Conservation Easement A partnership conveyed a conservation easement to a charity. Under the terms of
Tenant Improvements in the Repair Regulations
December 15, 2020
Tenant Improvements in Repair Regualtions The words lessee and lessor in §1.162 and §1.263(a) (Tangible
Guidance on QIP Changes to Depreciation (Rev.Proc. 2020-25)
November 24, 2020
QIP Depreciation The IRS has issued guidance which allows a taxpayer to change its depreciation
IRS Launches Centralized Partnership Audit Website (IR 2020-199)
November 17, 2020
Centralized Partnership Audit Website The IRS has launched its Bipartisan Budget Act (BBA) Centralized Partnership
Cost Segregation Methods Are Not Created Equal
November 10, 2020
Cost Segregation Techniques By: Lee Shreve “How much does a cost segregation study cost?” is
Catch-up Depreciation
November 3, 2020
Catch-up Depreciation By: Robert Taylor, MBA If you have owned a commercial building for several
Appreciating Depreciation for Real Estate Brokers
September 29, 2020
Cost Segregation for Real Estate Brokers You can become a Tax Hero to your current
Cost Segregation and Estate Planning
September 15, 2020
Cost Segregation for Estate Planning Attorneys Cost segregation can be a very effective strategy for
The Real Estate Professional (REP) Designation
August 20, 2020
Understanding Real Estate Professional (REP) Designation One of the most misunderstood areas of real estate
Additional Final Regulations Issued on Section 199A Deduction and Suspended Loss Rules (T.D. 9899)
August 11, 2020
Additional Final Regulations on Section 199A The IRS has released “additional final regulations” on the
IRS Issues Final Regulations on Debt v. Equity
August 3, 2020
The Latest: Debt v. Equity Regulations In October 2016, the IRS issued proposed regulations on
Rentals with No Employees Eligible for PPP Loans
July 21, 2020
Real Estate Rental PPP Loan Would an LLC which only held real estate and had
The Opportunities of the Small Tax Payer Safe Harbor
July 11, 2020
Small Taxpayer Safe Harbor The Small Tax Payer Safe Harbor, along with the Routine Maintenance
Tax Cuts and Jobs Act Changes Including 100 Percent Bonus Depreciation
June 16, 2020
Tax Cuts & Jobs Act (TCJA) In December 2017, the Tax Cuts and Jobs Act
CARES Act Retroactively Fixes The TCJA Glitch
June 9, 2020
Section 163j Guidance Qualified improvement property (QIP) placed into service after 2017 (i.e., regardless of
Amendments Made to Excess Business Loss Limitation in the CARES Act
June 9, 2020
Excess Business Loss Limitation Previously, Code §461(l)(1) disallowed the deduction of “excess business losses” by
Temporary Modification of NOL Rules
May 20, 2020
NOL Carryback Previously, under Code §172(a), amount of NOL deduction equal to lesser of: Aggregate
The Least Used but Very Taxpayer-Friendly Option: Routine Maintenance Safe Harbor
May 15, 2020
Routine Maintenance Safe Harbor Written into the Final Tangible Property Regulations (263a) are a set
Maximizing Tax Savings Under the CARES Act Using Cost Segregation
April 21, 2020
Tax Savings Under CARES Act On March 27, 2020, the “CARES ACT,” a $2.2 trillion