Section 168(k) Bonus Depreciation Regulations: Claiming 100% First-Year Depreciation Deduction
Identifying Qualified Property, Interplay with Section 179, Percentage Deductible
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and compliance professionals with a thorough and practical guide to the IRS regulations on bonus depreciation for new and used property. The panel will outline the bonus depreciation provisions, detail depreciation calculation methods, and discuss how to report this tax-saving deduction.
- Tax reform law Section 168(k) bonus depreciation provisions
- Qualifying property
- Percentage deductible by year
- Section 179 vs. 168(k) deductions
- Calculating the depreciation deduction
- Electing out
- State treatment of bonus depreciation
- Planning opportunities and risks
The panel will discuss these and other priority topics:
- What rules determine whether property qualifies for the 100 percent first-year depreciation deduction under Section 168(k)?
- What is considered qualified improvement property and eligible for the 100 percent deduction?
- What percentage bonus depreciation is allowed for purchases in varying years?
- When should a taxpayer elect out of bonus depreciation treatment?
- When is Section 179 a better alternative to bonus depreciation?
Mr. McGuire's client work concentrates on depreciation law, fixed assets and cost segregation. Before founding the... | Read More
Mr. McGuire's client work concentrates on depreciation law, fixed assets and cost segregation. Before founding the firm, he worked in consulting and management roles with Big Four firms.Close
Sumit Sharma, CCSP, ASA
As a Principal, Mr. Sharma specializes in Cost Segregation and Fixed Assets in the northeast regional market. He joined... | Read More
As a Principal, Mr. Sharma specializes in Cost Segregation and Fixed Assets in the northeast regional market. He joined KBKG as a Senior Manager in 2015. Based in New York City, Mr. Sharma has over 17 years of experience conducting fixed asset depreciation reviews, purchase price allocations, cost segregation studies, Section 179D energy efficient analyses, repairs/maintenance cost analyses, and pre-construction tax consulting services.
Prior to joining KBKG in 2015, Mr. Sharma worked for six years as a tax manager with PricewaterhouseCoopers in New York City with their Tax Projects Delivery Group providing similar value-add tax credits and incentive consulting services. Prior to PwC, his experience also included five years at a boutique consulting firm in New Jersey where he was engaged in various tax fixed asset and cost segregation consulting projects including fair market valuation studies and machinery & equipment appraisals.
Mr. Sharma’s technical knowledge spans various specialty tax projects and his experience includes a diverse mix of clients in all industries. Throughout his career, he has been responsible for project management, client deliverables, client relationships, business development efforts, recruitment, staff leadership/training, and continued education presentations.Close