The CARES Act brought relief to taxpayers with the change in depreciable tax life of Qualified Improvement Property. This correction to provisions in the Tax Cuts and Jobs Act creates opportunities for immediate deductions for bonus depreciation for certain improvements to real property.
Our presenters from the Firm’s Federal Credits and Accounting Methods team will cover the changes in the law, the Revenue Procedures guidance for taxpayers implementing the change, and walk through examples of how taxpayers can generate cash now from accelerating tax deductions.
Review the technical correction introduced by the CARES Act
Apply the new law to multiple example situations
Consider options in Revenue Procedures 2020-22 and 2020-25 to apply the new law
Coordinate the impact of the technical correction with Cost Segregation Studies and other Fixed Asset Review Services