On Monday the American Institute of CPAs (AICPA) formally requested guidance regarding several areas of the Tax Cuts and Jobs Act (TCJA). Tax Executive Committee chair Annette Nellen made a total of eight recommendations, all of which may be explored in this document.
Regular readers of this blog may be particularly interested in the seventh recommendation, which simply states: “Clarify that Qualified Improvement Property is treated as 15-year property.” The great QIP “whoops” does desperately require clarification, as professionals continue to struggle with the potentially significant implications of QIP class life on Bonus depreciation. For more details, see our earlier blog on the subject — and watch this space for timely updates.