This class will give you updates on qualified improvement property (QIP), bonus depreciation and cost segregation post regulation changes introduced in the CARES Act. It will clarify the different changes to QIP over the past few years and discuss how taxpayers can correct and accelerate missed depreciation. Finally, we will discuss cost segregation updates and advance tax planning that can generate greater losses and save money on your tax bill.

Objectives:

• Review of CARES Act provisions
• Brief refresher on bonus depreciation criteria
• Applicability to qualified leasehold improvements, retail improvements, and restaurant property
• Understand qualified improvement property
• Discuss the changes to QIP as a result of CARES Act.
• Cover the methods to correct or amend prior returns to fix QIP
• Relevance of prior tax law or TCJA provisions that still affect taxpayers
• Net operation loss provisions as per CARES Act
• Advance tax planning to generate greater losses