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
This course 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.
Outline
- Qualified improvement property (QIP): background
- Revenue Procedure 2020-25
- Form 3115, Application for Change in Accounting Method
- Electing out of bonus depreciation
- 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
John W. Hanning, CCSP, MBA
Principal
KBKG
Mr. Hanning is a Fixed Assets/Cost Segregation/Accounting Methods Principal. His responsibilities include servicing... | Read More
Mr. Hanning is a Fixed Assets/Cost Segregation/Accounting Methods Principal. His responsibilities include servicing capital intensive clients with value-added services relating to cost segregation, fixed asset reviews, repair & expense studies, and 263(a) compliance. Mr. Hanning provides nationwide solutions to our industry with a primary focus on the Midwest and Southeast regions. Prior to joining KBKG, he worked for KPMG managing large fixed asset projects in the Mid-American business unit which includes Detroit, Indianapolis, Cleveland, Columbus, Cincinnati, and Louisville. As a member of the Accounting Methods and Credit Services Group (AMCS) he specializes in Fixed Assets, Repairs & Maintenance, Construction Tax Planning and Cost Segregation Services. Over the past 15 years as a Fixed Assets specialist, Mr. Hanning was responsible for the business development efforts for fixed asset services including new client identification, proposals, and client deliverables. He has led and executed cost recovery studies on thousands of facilities, including healthcare, retail, manufacturing, commercial office, multi-family, power generation, and dealerships. He has performed inspections of machinery, equipment, buildings, & construction projects estimated construction costs using nationally recognized costing manuals, and analyzed technical specifications, construction drawings & construction invoices.
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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
Mr. Pazzia oversees the firm’s Cost Segregation group nationally. He is also a subject matter expert for 263(a) Repairs vs. Capitalization services. Mr. Pazzia is a recognized leader in the cost segregation field serving as a former President (2013-2015 term) of the American Society of Cost Segregation Professionals and holding a seat on their Board of Directors for a decade. Additionally, he was chair of their Technical Standards committee from 2009-2013. Mr. Pazzia led the ASCSP Technical Committee to publish the first set of standards that all cost segregation reports must follow in order to be stamped by a Certified Member (MQS Report Requirements Appendix MQS 2011-1 Issued October 21, 2010). He coordinated ASCSP’s remarks on numerous issues including comments to the IRS on the newly issued “Repair Regulations” (December of 2011) and was also the lead author for ASCSP’s official commentary on the AmeriSouth XXXII., vs. Commissioner case; and the Peco Foods vs. Commissioner case. As President of ASCSP, Mr. Pazzia has assisted the Internal Revenue Service by providing feedback on amendments to the IRS Cost Segregation Audit Techniques Guide prior to public release.
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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
Mark Zettell is a professional engineer with 30 years of experience in cost segregation services, green energy tax services, structural design and construction management. He performs construction cost segregation analyses of newly constructed or acquired facilities to increase cash flow through accelerated depreciation of construction costs and identification of allowable green energy tax incentives. Mr. Zettell experience includes analyses of various types of facilities including manufacturing, retail, banking, hotel and lodging, and power generation, as well as integrated data recovery centers. He also performs cost analyses for construction-related litigation.
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