This class will give you updates on qualified improvement property (QIP), bonus depreciation and cost segregation post regulation changes introduced in the CARES Act. It will clarify the different changes to QIP over the past few years and discuss how taxpayers can correct and accelerate missed depreciation. Finally, we will discuss cost segregation updates and advance tax planning that can generate greater losses and save money on your tax bill.
Publication Date: June 2020
Topics Covered
- Review of CARES Act provisions
- Brief refresher on bonus depreciation criteria
- Applicability to qualified leasehold improvements, retail improvements, and restaurant property
- Understand qualified improvement property
- Discuss the changes to QIP as a result of CARES Act.
- Cover the methods to correct or amend prior returns to fix QIP
- Relevance of prior tax law or TCJA provisions that still affect taxpayers
- Net operation loss provisions as per CARES Act
- Advance tax planning to generate greater losses
Learning Objectives
- Recognize and apply how the CARES Act changes QIP, bonus depreciation, and cost segregation
- Identify bonus depreciation criteria
- Identify the primary goal of cost segregation
- Differentiate types of property was recently added for purposes of bonus depreciation eligibility
- Identify opportunities to generate a loss
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Basic understanding of QIP and bonus deprecitation
Advance Preparation
None
Instructor
Sumit Sharma
Sumit Sharma is the Director for KBKG, specializing in Cost Segregation and Fixed Assets in the northeast regional market. He joined KBKG as a Senior Manager in 2015. Based in New Yor City, Sumit has over 12 years of experience conducting fixed asset deprecation 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, Sumit 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, Sumit’s 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.
Sumit’s technical knowledge spans across various specialty tax projects and his experience includes a diverse mix of clients in all industries. Throughout his career, Sumit has been responsible for project management, client deliverables, client relationships, business development efforts, recruitment, staff leadership/training, and continued education presentations.
Sumit was raised in New Jersey and continues to reside there with his family. He earned his Bachelor of Engineering degree in Engineering Management from the Stevens Institute of Technology in Hoboken, NJ and is an alumnus of the Chi Psi fraternity.