Maximizing Depreciation: Cost Segregation, QIP, Bonus Depreciation, Filing Refund Claims

A live 110-minute CPE webinar with interactive Q&A

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Wednesday, February 22, 2023

1:00pm-2:50pm EST, 10:00am-11:50am PST

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This webinar will explain qualified improvement property (QIP) depreciation, bonus depreciation, and utilizing cost segregation post regulation changes introduced in the CARES Act. The panelist will discuss how taxpayers can accelerate and correct missed depreciation opportunities and how cost segregation can be used to generate significant deductions and tax refunds.

Description

Cost segregation can be used to generate federal and state income tax refunds by deferring depreciation on business asset purchases. Evaluating depreciable lives and separating assets into component pieces can provide immediate cash refunds for companies. Nonresidential real property is depreciated over 39 years and residential rental property is depreciated over 27.5. To the degree portions can be expensed or the depreciable lives shortened, taxpayers can adjust these lives and file refund claims.

Before considering a cost segregation study, business advisers need to understand the latest depreciation developments. Among these, the CARES Act authorized a 15-year life for QIP which also makes it eligible for bonus depreciation. For 2022 bonus depreciation remains at 100 percent but will be reduced to 80 percent in 2023. In addition to understanding the benefits of cost segregation and the intricacies of current depreciation rules, practitioners need to know how to properly claim the benefits of cost segregation studies and depreciation adjustments.

Listen as Lester Cook, CCSP, Principal at KBKG, explains techniques for maximizing depreciation, cost segregation studies, and claiming additional deductions that are unearthed.

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Outline

  1. Depreciation update
    1. Refresher
    2. QIP and the CARES Act
    3. Bonus depreciation
  2. Net operating losses
  3. Cost segregation
    1. Advantages
    2. Operation
    3. Claiming the benefits

Benefits

The panelist will cover these and other critical issues:

  • Changes to QIP under the CARES Act
  • Clients who are ideal candidates for cost segregation studies
  • Claiming benefits of depreciation changes
  • Property components with often overlooked shorter lives

Faculty

Cook, Lester
Lester Cook, CCSP
Principal
KBKG

Mr. Cook has over 20 years of experience in the tax specialty service industry. He is a Principal of KBKG’s Fixed...  |  Read More

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