The status of Qualified Improvement Property (QIP) under the Tax Cuts and Jobs Act (TCJA) has been a topic of contention for some time, and taxpayers have long been hoping for an update. Last Thursday we saw the first step in a journey towards the long-awaited Congressional technical correction. On 3/14/19, U.S. Senators Pat Toomey […]
The Big Questions: Maximizing Tax Savings in 2018
The Tax Cuts and Jobs Act has generated a great deal of opportunity for commercial real estate owners, but the TCJA isn’t the only game in town. There are tax savings strategies old and new in play for 2018; thoughtful and comprehensive tax planning is more important than ever. To ensure that no opportunity is […]
Bruce Johnson Featured on PICPA Podcast
Our own Bruce Johnson was featured on PICPA’s “CPA Conversations” podcast recently, discussing the key benefits of 179D deductions. You can access the podcast link here. Bruce explains the eligibility requirements, the application process, and the nitty-gritty of how benefits are actually calculated. If you prefer reading to listening, there’s a transcript provided below the […]
The IRS Issues Clarification on Business Interest Deduction Limitation Rules (Rev. Proc. 2018-31; IR-2018-257); Rev. Proc. 2019-08
On December 24, 2018, the IRS issued Rev. Proc. 2018-31; IR-2018-257 which clarifies several outstanding questions regarding the business interest deduction rules established by the Tax Cuts and Jobs Act (TCJA). These rules are in effect for the 2018 tax filing season and businesses that wish to deduct business interest must consider their implications. Specifically, […]
Terri Johnson Featured Panelist in Edward Jones’ All-Star Tax Series
Terri S. Johnson, CRE, is a featured panelist in The Edward Jones All-Star Tax Series again this year. These courses tap nationally recognized subject matter experts who present in tandem, resulting in stimulating panel discussion. The All Star Tax program, “Maximizing Depreciation and Expense Deductions After Tax Reform,” will go live on Wednesday, November 7th, […]
CRE’s Top Ten Issues Affecting Real Estate 2018-2019
Our own Terri S. Johnson is a member of the Counselors of Real Estate (CRE). Membership in this prestigious organization is extended only to the most trusted and experienced real estate professionals. As such, the worldwide CRE network consists of prominent, innovative analysts, each of whom has their finger on the pulse of a rapidly evolving […]
Terri Johnson authors a CREW Network blog with an in-depth look at tax reform
Our own Terri S. Johnson is a longtime member and past president of CREW Philadelphia, and they asked her to take a closer look at what tax reform may mean for commercial real estate in 2018 and beyond. Her in-depth examination of the most relevant provisions of the Tax Cuts and Jobs Act can be […]
Heating Up on the Hill: Congress Urges Clarification of QIP Status
On August 16th several members of the Senate Finance Committee wrote a plainly-worded missive to the Treasury Department, clearly stating their intentions regarding QIP and requesting a technical correction that would reflect their legislative intent. “Specifically, in eliminating the separate definitions of qualified leasehold improvement, qualified restaurant, and qualified retail improvement property and providing a […]
AICPA Requests Clarification of QIP Class Life from IRS and Treasury Department
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 […]
Good Things Come in Small Packages: Tax Reform Increases the Utility of Cost Segregation on Smaller Properties
Good Things Come in Small Packages: Tax Reform Increases the Utility of Cost Segregation on Smaller Properties Conventional wisdom has generally been that cost segregation studies are only worth performing on properties with a minimum depreciable basis of $1M. Most people figured that the savings accrued on a smaller study wouldn’t even cover the cost of […]