Qualified Improvement Property, Bonus & Tax Planning Post CARES Act (Completed)

Date: Monday, December 7, 2020
Instructor: Sumit Sharma
Begin Time:  8:00am Pacific Time
9:00am Mountain Time
10:00am Central Time
11:00am Eastern Time
CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC

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.

Topics Covered

  • 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

Learning Objectives

  • Recognize and apply how the CARES Act changes QIP, bonus depreciation, and cost segregation
  • Describe a refresher on bonus depreciation criteria

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Basic understanding of QIP and bonus deprecitation

Advance Preparation
None

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