• Revenue Procedures 2012-19 and 2012-20
    By : Categories : Tax Insight

    On March 7, 2012, the Internal Revenue Service (IRS) released two Revenue Procedures 2012-19 and 2012-20 as guidance for taxpayers to make changes to accounting methods in regards to the temporary regulations, “Repair Regulations,” which were released on December 23 of 2011. These two revenue procedures are effective for taxable years beginning on or after…

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  • Tax Alert: IRS takes a stand on Cost Segregation for Apartment Buildings
    By : Categories : Cost Segregation,Tax Insight

    Author: Gian Pazzia, CCSP Summary:In the recently released AmeriSouth XXXII., Tax Court Memo 2012-67, the IRS makes its first meaningful strike in its attempt to marginalize the benefits of cost segregation studies for residential rental property. For many taxpayers and CPAs, this is a complete surprise. However, KBKG clients have been warned for over a year…

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  • Decision in Peco Foods, Inc. v. Commissioner May Affect Your Ability to Perform a Cost Segregation Study
    By : Categories : Cost Segregation,Tax Insight

    Author: Gian Pazzia, CCSP & Lou Guerrero, MBT While the law regarding the binding nature of an asset allocation agreement under IRC Section 1060 is well established, KBKG notes the specific facts and circumstances of the Peco Foods case in making our recommendations below. Regarding the terms of a purchase agreement that includes real estate,…

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  • Release of the new Temp Regs. Under 263(a)
    By : Categories : Tax Insight

    The biggest news that came out over the last month was the long awaited Temporary Regs under 263(a). This clarified the rules related to whether a building expenditure is a capital improvement or can be a repair expense. However, one of the most significant rules that has changed under these Regs is in regards to…

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  • Tax Insight – New election MUST be filed in 2010 to claim 100% bonus depreciation
    By : Categories : Tax Insight

    Author: Gian Pazzia, CCSP, Principal As we get closer to the tax deadline, we want to remind you that it may be extremely beneficial to use the new election introduced in Rec. Proc. 2011-26 that allows a taxpayer to claim 100% bonus depreciation on certain assets where they would otherwise be limited to 50% bonus….

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  • IRS issues Final Regulations on Election and Calculation of the R&D Alternative Simplified Credit
    By : Categories : Tax Insight

    Author: Bruce L. Stubbs, JD, LL.M. Director / Practice Leader, Research & Development Tax Credit Services Background The Alternative Simplified Credit (ASC) calculation was added by the Tax Relief and Health Care Act of 2006 and is available for tax years ending after December 31, 2006. The ASC allows a tax credit of up to…

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  • Tax Relief Act (H.R. 4853) Overview
    By : Categories : Tax Insight

    Author: Gian Pazzia, CCSP Summary of H.R. 4853 Benefits 100% Bonus Depreciation & Extension of 50% Bonus– Temporary 100% bonus depreciation deduction for qualifying property placed in service between 9/9/10 and 12/31/11. 50% Bonus Depreciation provisions have also been extended through the end of 2012 (2013 for certain property).   15-Year Life for Qualified Real…

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  • Alternative & Renewable Energy Tax News Alert
    By : Categories : Tax Insight

    Senate begins consideration of tax “extenders” package including one-year extension of Treasury grant program On Thursday evening, the Senate began consideration of a bill (H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010), that includes two-year extensions of Bush-era tax cuts for all taxpayers, changes to the estate tax, and…

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  • Green Buildings Are Green in More Ways Than One
    By : Categories : Tax Insight

    by BY MICHAEL COHN. Accounting Today. November 22, 2010 Full article: http://www.accountingtoday.com/debits_credits/Green-Buildings-56385-1.html The trend toward energy efficient building construction is saving on not only energy costs, but also on taxes for building owners and developers. Gian Pazzia, a shareholder in tax credit specialist KBKG Inc., told an audience at the Accounting Today Growth & Profitability…

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  • Tax Incentives Available for Green Building Construction
    By : Categories : Tax Insight

    Several lucrative federal tax incentives have been extended and enhanced for energy efficient design, construction, and improvement of buildings and homes. Companies that developed properties without necessarily trying to “go green” are often pleasantly surprised to discover that they qualify for these credits and deductions. The types of taxpayers that are likely to benefit from…

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