IRS Issued Final Regulations on Sec. 1031 Like-Kind Exchanges, Provides Definition of Real Property, Addresses Taxpayer’s Receipt of Personal Property Incidental to Real Property
The IRS released final regulations providing guidance under IRC Sec. 1031 to implement recent changes for like-kind exchanges. Sec. 1031 allows for the deferral of gain recognition on the sale of business property if the relinquished property is replaced with a similar type of property. Prior to the Tax Cuts...
Additional Tax Benefits for Real Estate Investors under the Coronavirus Aid, Relief, and Economic Security (CARES) Act
As part of a $2 trillion dollar relief package, two provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act benefit many real estate owners...
An Unfortunate Article, Clarifying Misconceptions in the Cost Segregation Industry
The primary mission of American Society of Cost Segregation Professionals (ASCSP) is to create quality standards for the cost segregation industry. As part of this role, it identifies and clarifies misconceptions. The ASCSP published an article that corrects several errors in a recent publication by the Forbes Finance Council...
Why Qualified Opportunity Funds Should Consider Cost Segregation
Alex Bagne, the President of ICS Tax, LLC as well as a former President of the American Society of Cost Segregation Professionals (ASCSP), co-authored an article on the interplay between Qualified Opportunity Funds and Cost Segregation for the ASCSP Summer 2019 Quarterly Newsletter...
The Interplay of Cost Segregation with the Historic Tax Credit
Alex Bagne, the President of both ICS Tax, LLC as well as the President of the American Society of Cost Segregation Professionals (ASCSP), co-authored an article on the interplay between Cost Segregation and the Historic Tax Credit for the ASCSP Spring 2019 Quarterly Newsletter...
Journal of Taxation Article Highlights the Need to Hire Competent Cost Segregation Professionals
The September 2018 edition of the Journal of Taxation discusses the practice of cost segregation with a focus on IRS Chief Counsel Advice (CCA) 201805001. This CCA memorandum reasons that the preparers of overly aggressive cost segregation studies may be subject to penalties...
IRS Issues Proposed Regulations on 100% Bonus Depreciation
The U.S. Treasury Department and the IRS has issued proposed regulations (REG-104397-18) providing guidance on Section 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA). The TCJA increased the allowable first-year depreciation deduction for qualified property from 50% to 100% for property acquired...
Tax Reform is Here: What You Must Know About Accounting Methods
Simply put, accounting methods are how income and expenses are reported for tax purposes. Changing a taxpayer’s accounting method may seem as easy as switching a setting in QuickBooks, but it’s actually a complex process that requires knowledgeable, experienced professionals to help organizations deal with the required IRS formalities...
ICS Tax President Alex Bagne Interviewed by Forbes Magazine
Peter Reilly of Forbes Magazine recently interviewed Alex Bagne, the President of both ICS Tax, LLC as well as the American Society of Cost Segregation Professionals (ASCSP). It provides great insight into the cost segregation industry as well as highlights the need to hire a competent Cost Segregation provider...