Cost Segregation Archives - Page 2 of 3

Nov 24, 2020 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 and Jobs Act (TCJA), both personal property and real property qualified for like-kind exchange treatment, but now only real property qualifies....

Mar 30, 2020 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....

Jan 31, 2020 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....

Dec 17, 2019 ICS Tax Welcomes Courtney Smith

ICS welcomes Courtney Smith as a Cost Segregation Engineer for our Twin Cities practice office....

Aug 2, 2019 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....

Apr 16, 2019 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....

Dec 6, 2018 Alex Bagne Represents the ASCSP at the 2018 AICPA Real Estate and Construction Conference

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)....

Sep 18, 2018 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....

Aug 8, 2018 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 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. ...

Jul 10, 2018 ICS Tax Welcomes Travis Cansler

ICS Tax welcomes Travis Cansler as Government Relations Specialist based out of Spring, Texas. Cansler will focus on business development, as well as creating and maintaining healthy working relationships with government building owners....

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