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....
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....
Alex Bagne, President of ICS Tax, LLC as well as the President of the American Society of Cost Segregation Professionals (ASCSP), had the honor of representing the ASCSP at the 2018 Real Estate and Construction Conference hosted by the American Institute of Certified Public Accountants (AICPA)....
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....
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 and placed in service after Sept. 27, 2017. This will get phased down by 20% per year beginning after Dec. 22, 2022. The biggest change that arose from tax reform was the ability to now take bonus depreciation on used property by waiving the original-use requirement. ...
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....