Maximizing Depreciation: Cost Segregation, QIP, Bonus Depreciation, Filing Refund Claims
Recording of a 110-minute CPE webinar with Q&A
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.
Outline
- Depreciation update
- Refresher
- QIP and the CARES Act
- Bonus depreciation
- Net operating losses
- Cost segregation
- Advantages
- Operation
- 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
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
Mr. Cook has over 20 years of experience in the tax specialty service industry. He is a Principal of KBKG’s Fixed Asset Review Practice. Mr. Cook is a certified member of the American Society of Cost Segregation professionals, a group that he has been a part of since 2008. Throughout his career, he has completed cost segregation analyses on thousands of properties ranging from office space leasehold improvements to multi-billion dollar industrial complexes and hotel and resort projects. Mr. Cook has worked with many Fortune 500 companies successfully representing his claims to both IRS and Financial Auditors.
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Sumit Sharma, CCSP, ASA
Principal
KBKG
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.
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