Take Retroactive 100% Bonus Depreciation
On Qualified Improvement Property

Recently, the IRS released favorable guidance allowing partnerships to file amended tax returns to take advantage of tax breaks in years for which they already filed, such as 2018 and 2019. Previously, partnerships were barred from amending the form unless the Treasury Department or the partnership’s representative filed an Administrative Adjustment Request.

With the passing of the CARES Act, Congress addressed the much anticipated “restaurant/retail glitch” associated with the 2017 Tax Cuts and Jobs Act. The recovery period for Qualified Improvement Property (QIP) is now reduced from 39 years to 15 years, thus making it eligible for 100% bonus depreciation through 2022. For more information, and to learn how to take advantage of the recently enacted technical correction to the rules for QIP, visit us online.

Accounting For PPP Loans & Forgiveness

As the government continues to implement and propose new measures to help companies manage the economic consequences of the COVID-19 pandemic, questions have been raised as to how such assistance should be accounted for. 

Paycheck Protection Program: Round 2

The Senate approved a $480 billion relief package which will authorize the Paycheck Protection Program (PPP) to spend an additional $310 billion, including $60 billion for lending facilities to reach small businesses that are minority-owned and in rural areas.

CARES Act Payroll Tax Deferral

Employers that have received a PPP loan, but whose loan has not yet been forgiven, may utilize the Payroll Tax Deferral until such time as the lender issues a decision to forgive all, or a portion of, the PPP loan. Learn more and view FAQs by clicking here.

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