Recent IRS Guidance for Qualified Improvement Property: IRC Sec. 168(k) Bonus Depreciation, Form 3115

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, November 4, 2020

Recorded event now available

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Program Materials

This webinar will provide tax professionals and businesses guidance on navigating recent IRS rules for qualified improvement property (QIP). The panel will discuss critical challenges for taxpayers in light of Rev. Proc. 2020-25, options and implications of certain IRC Sec. 168(k) elections, filing Form 3115, and electing out of bonus depreciation. The panel will also discuss key state tax issues and the impact of IRC Section 163(j) limitations.

Description

The recent 2017 Tax Cuts and Jobs Act overlooked QIP. Practitioners and business owners presumed this property would be eligible for the shorter 15-year life and 100 percent bonus depreciation. Fortunately, the CARES Act corrected this oversight and made the changes retroactively effective on Jan. 1, 2018. Certain businesses can benefit significantly by amending prior year returns or filing Form 3115, Application for Change in Accounting Method.

Revenue procedure 2020-25 outlines methods to take advantage of this relief. Considerations vary, and these adjustments are time sensitive. Understanding when to utilize this current relief, when and how to elect out of bonus depreciation, when retroactive revocation of prior year bonus elections might be desirable, and how to accurately complete Form 3115 are only a few of many challenges.

Listen as our panel of depreciation experts explains the methods outlined in Revenue Procedure 2020-25, the effect of this relief on cost-segregation studies, 163(j) deductions, and state income tax, as well as the steps to take to implement this welcomed relief.

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Outline

  1. Qualified improvement property (QIP): background
  2. Revenue Procedure 2020-25
  3. Form 3115, Application for Change in Accounting Method
  4. Electing out of bonus depreciation
  5. Changing prior bonus depreciation elections, depreciation lives, and methods

Benefits

The panel will review these and other critical issues:

  • Which businesses benefit from retroactive application of QIP life?
  • How does a business apply for relief under Revenue Procedure 2020-25?
  • When is it best to elect out of bonus depreciation?
  • How can Form 3115 be used to generate cash?

Faculty

Hanning, John
John W. Hanning, CCSP, MBA

Principal
KBKG

Mr. Hanning is a Fixed Assets/Cost Segregation/Accounting Methods Principal. His responsibilities include servicing...  |  Read More

Pazzia, Gian
Gian P. Pazzia, CCSP

Principal
KBKG

Mr. Pazzia oversees the firm’s Cost Segregation group nationally. He is also a subject matter expert for 263(a)...  |  Read More

Zettell, Mark
Mark Zettell, PE

Tax Managing Director
BDO USA

Mark Zettell is a professional engineer with 30 years of experience in cost segregation services, green energy tax...  |  Read More

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