Clients, Colleagues, and Friends, It feels like everything has changed. Work is different, school is different, life is different. We want to assure you that while so many things are different, our dedication to your success is still the same. Our first priority is the health and safety of every link in the “Capstan chain,” […]
Rev. Proc. 2020-25: You Asked, the IRS Answered
Clarification on the CARES Act continues to enlighten us on an almost daily basis. Qualified Improvement Property (QIP) placed-in-service after 12/31/2017 is now considered to have a recovery period of 15-year and is bonus-eligible. Taxpayers may retroactively change the depreciation of QIP under Section 168 and, for a limited time, may also choose to opt-into […]
Rev. Proc. 2020-22 Permits Revocation of Elections-Out-of-163(j) and Allows for New Late Elections-Out-of-163(j)
On Friday April 10th, the IRS released Rev. Proc 2022-22, which permits revocations of elections-out-of-163(j) made on 2018 or 2019 tax returns and allows late elections-out-of-163(j) back to 2018, if a taxpayer chooses. It also allows BBA partnerships to file amended returns to make the corrections. This is a tremendous win for taxpayers. Click here […]
BBA Partnerships Can File Amended Returns: Receive CARES Act Benefits
In these uncertain and unprecedented times dealing with the international pandemic COVID-19, one thing that we are seeing for certain are rapid changes and updates. In many cases, guidance given just the day before is quickly out of date. On April 7th, Capstan released a blog entitled “How to Implement QIP under the CARES Act: […]
How to Implement QIP under the CARES Act: Amended Return or Form 3115?
You’ve probably heard the news – the long-awaited technical correction of Qualified Improvement Property (QIP) status has arrived via the CARES Act. The legislation assigns QIP placed-in-service on or after 1/1/2018 a recovery period of 15-years, making it eligible for bonus depreciation. Under the Tax Cuts and Jobs Act, bonus rates are set at 100% […]
CARES Act Ushers in Much Needed Relief – And Fixes the QIP “Glitch”
On Friday March 27th the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law. This $2 trillion dollar stimulus bill will provide relief to individuals, businesses, and state and local governments, and will bolster an economy gravely shaken by the unprecedented impact of the Coronavirus. This Act contains several provisions […]
Revisiting 2018 Projects for Additional Deductions
You might have heard that the so-called “Energy Incentives” were recently reestablished. This change in legislation may qualify you for an additional tax deduction on certain 2018 projects. The President signed the Further Consolidated Appropriations Act into law on 12/20/2019. This broad legislation includes theextension of the Section 179D and 45L programs. This extension is […]
Masterpiece in the Air: A Luxury Treehouse Designed by Pete Nelson
In nearly 20 years as a Cost Segregation Professional, Capstan’s Ziv Carmel thought he’d seen it all. He was wrong. This fall, Ziv journeyed to scenic Norway, Maine, to explore The Woods Maine, a high-end custom treehouse that combines bespoke and bucolic with remarkable results. The Woods Maine is a privately-owned Luxury Treehouse designed by […]
EPAct/179D and 45L Extended Retroactively Through 2020
The President signed the tax extender package; Further Consolidated Appropriations Act into law on Friday December 20th, 2019. This legislation reestablishes the Section 179D and 45L programs retroactively back to 1/1/2018 and extends them forward through 12/31/2020. We’ve long been hoping to see the extension of EPAct 179D and 45L, as these incentives can be […]
Article — Compare and Contrast 1031 Exchanges and Opportunity Zones
Capstan’s Bruce Johnson takes a close look at 1031 Exchanges and Qualified Opportunity Zones in the Fall 2019 issue of NAIOP’s Developer Magazine. Both have merits and limitations, and the wise investor might find utility in each strategy at different stages of life. In a concise but informative read, Bruce highlights some of the most […]