News & Analysis as of

Bonus Depreciation

Kohrman Jackson & Krantz LLP

Scrutiny on Personal Use of Business Jets Intensifies: IRS to Conduct Audits

Initially, tracking systems were employed to monitor the private jet usage of celebrities like Taylor Swift. Now, similar scrutiny will extend to executives who utilize business aircraft for personal purposes while claiming...more

Ballard Spahr LLP

Selected Business Provisions of the Proposed Tax Relief for American Families and Workers Act of 2024

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On January 31, 2024, the United States House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (TRAFW Act), which is now under consideration in the Senate. The TRAFW Act, in addition to...more

DarrowEverett LLP

How Bonus Depreciation Can Be A Timely Tool in Real Estate Deals

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So, you’re a real estate investor accustomed to tax mitigation strategies and you are starting to think about your next big project. With that comes so many streams of thought — location, timing, interest rates, partnerships,...more

Eversheds Sutherland (US) LLP

Proposed bill aims to postpone TCJA limits on business incentives

Businesses have entered 2024 facing the challenge of forecasting future tax obligations and preparing tax filings in a time of uncertainty, not the least of which is created by Congressional indecision on the future of a...more

Eversheds Sutherland (US) LLP

Christmas comes early for taxpayer seeking to include construction service costs as part of bonus depreciation eligible investment...

In FAA 20234801F (FAA), the IRS determined that construction service costs relating to a third party turn-key contract were considered to be incurred upon transfer of the tangible property to the taxpayer, without taking into...more

Woods Rogers

Following the Government’s Playbook: Tax Incentives for CRE Investments 

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Investing in commercial real estate can offer various tax incentives that can help investors reduce their tax liability and enhance the overall profitability of their investments. Below is a non-exhaustive summary of key tax...more

White and Williams LLP

FOURTH QUARTER ALERT: 100% Bonus Depreciation Deduction Expires December 31, 2022

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As we move into the final quarter of 2022, it is critical to take note of an expiring tax benefit in the Tax Cuts and Jobs Act (TCJA). Passed in 2017, it allows for 100% bonus depreciation on a wide variety of capital assets...more

Holland & Knight LLP

Phasedown of Bonus Depreciation for Aircraft Begins in 2023

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This Holland & Knight alert explains the phasedown of bonus depreciation for aircraft beginning in 2023. Through 2022, bonus depreciation has been allowed for 100 percent of the cost of qualifying property (which generally...more

Freeman Law

Tax Court in Brief: Lord v. Comm’r—Marijuana and COGS

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The Tax Court in Brief – February 28th-March 4th, 2022 Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. ...more

Gould + Ratner LLP

Pending Changes to Illinois Tax Laws Include SALT Workaround

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Illinois lawmakers have approved legislation that is both good news and bad news for Illinois taxpayers. The good news is that, if approved by Gov. Pritzker, Illinois taxpayers will be able to take advantage of a workaround...more

Jackson Walker

Tax Planning for a Biden Presidency

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This past November, we outlined selected tax law changes that President-elect Joe Biden has proposed, both in speaking engagements and on his campaign website, some or all of which could be enacted in 2021 or future years. ...more

Jackson Walker

Tax Planning for a Biden Presidency

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With Biden as the projected President-Elect (subject to pending federal litigation and the Electoral College vote), tax planning for late 2020, 2021, and beyond is top of mind for many businesses and individuals....more

Bracewell LLP

IRS and Treasury Department Release Last Set of Final Regulations on Bonus Depreciation

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On September 21, 2020, the IRS and Treasury Department released the last set of final regulations (the 2020 Final Regulations) under the bonus depreciation rules of Section 168(k) of the Internal Revenue Code (the Code). ...more

Lowndes

IRS and Treasury Finalize Last Set of Bonus Depreciation Regulations

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One of the key tax benefits for investors and owners of real estate such a senior living facilities is depreciation.  The 2017 Tax Cuts and Jobs Act expanded on this benefit, allowing for 100% bonus depreciation for assets...more

McGlinchey Stafford

IRS Proposes New Like-Kind Exchange Regulations

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The 2017 Tax Cut and Jobs Act (TCJA) limited like-kind exchanges occurring after 2017 to “real property held for productive use in a trade or business or investment if such real property is exchanged for real property of a...more

Goulston & Storrs PC

IRS Releases Rev. Proc. 2020-25: Qualified Improvement Property (QIP) Guidance

Goulston & Storrs PC on

Summary - Revenue Procedure 2020-25, issued on April 17, 2020, clarifies the process by which taxpayers are able to claim depreciation deductions including 100% “bonus depreciation” for the cost of certain leasehold and...more

Ballard Spahr LLP

IRS Provides Procedures for Taking Retroactive Bonus Depreciation on QIP

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The IRS issued Rev. Proc. 2020-25 providing much-anticipated guidance for how taxpayers may take advantage of the retroactive change in the tax rules allowing for expensing of Qualified Improvement Property (QIP)....more

Snell & Wilmer

Bonus Depreciation Finally Available for Qualified Improvement Property Placed in Service After 2017

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If you’re reading this Legal Alert, then you may be one of the many business owners, real estate professionals, restauranteurs, or retailers who were disappointed at how the tax law changes enacted in the Tax Cuts and Jobs...more

Eversheds Sutherland (US) LLP

Choose your own adventure: IRS releases Rev. Proc. 2020-25 providing taxpayers with options to utilize the CARES Act’s QIP...

On April 17, 2020, the IRS released Rev. Proc. 2020-25, which provides procedural guidance to secure bonus depreciation with respect to qualified improvement property (QIP) made by the CARES Act. Due to a scrivener’s error in...more

Allen Matkins

Refunds Now Available for Partnerships, LLCs, and Real Property Businesses That Made Improvements to Nonresidential Property in...

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Tax refunds are now available for certain improvements to nonresidential property (including office, restaurant, and retail improvements) that were placed in service in 2018 or 2019, even if the property is held by a...more

McDermott Will & Emery

The CARES Act's Changes to Section 163(j): Partnership, International, and US State Tax Implications

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) relaxes the section 163(j) business interest expense limitation for tax years beginning in both 2019 and 2020. Intended to help taxpayers incurring...more

Lowndes

Made Any Improvements to Your Non-Residential Building Lately? CARES Act May Provide You a Big Benefit

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law last week, contains an important fix to the 2017 Tax Cuts and Jobs Act that could provide a real financial benefit to...more

Allen Matkins

CARES Act Fixes Retail and Restaurant Tax Glitch - Refunds Might Now Be Available for 2018 and 2019 Tax Years

Allen Matkins on

Real estate companies may be eligible for more favorable tax depreciation of qualified improvement property (QIP) as the result of the CARES Act that President Trump signed into law on March 27, 2020. QIP generally includes...more

Pillsbury Winthrop Shaw Pittman LLP

New Coronavirus Legislation Fixes Real Estate Glitch from 2017 Tax Act

The CARES Act provides much needed relief to real estate owners, restaurants and retail companies. The CARES Act is a retroactive amendment to the bonus depreciation rules, which should allow taxpayers to claim 100% bonus...more

Katten Muchin Rosenman LLP

The CARES Act Stimulus Bill: Tax Changes to Improve Liquidity for Businesses, Assist Employers and Stimulate the Economy

On March 27, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act or CARES Act, and the President signed the bill into law. The CARES Act provides for $2 trillion in economic stimulus and...more

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