In these unprecedented times, everyone is looking to improve cash flow. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes several provisions that allow taxpayers to revisit projects completed in earlier, more profitable years, and generate even more value. In this webinar, we will explore these opportunities to “turn back the clock,” including the retroactive correction of QIP’s recovery period and the option to revoke electing-out of the business interest limitation. We will also review other strategies that are crucial parts of a comprehensive tax plan in 2020 and will discuss a strategic hierarchy for employing those strategies most successfully. Relevant Rev. Procs. and multiple real-life case studies will be reviewed.
• Understand the crucial provisions of the PATH Act, TCJA, and CARES Act.
• Explain the implications of the CARES Act’s correction of QIP recovery period.
• Explain how strategies like Section 179 Expensing, Bonus Depreciation, the Tangible Property Regulations (TPRs) and Energy Incentives all contribute to a modern comprehensive tax strategy.
• Understand the significance of the business deduction limitation and why taxpayers may choose to revisit that election under Section 163(j).
• Recognize how previously completed projects may be leveraged for additional value.
• Use various tax strategies in a strategic manner to maximize cash flow.
History of Recent Relevant Legislation
The Evolution of Qualified Property Categories and QIP
Bonus Depreciation under the TCJA
Section 179 Expensing
Tangible Property Regulations
Revisiting Previous 163(j) Elections
Strategic Hierarchy of Tax Strategies
Recommended CPE: 2.0 Credits
Program Level: Beginner/Intermediate
Prerequisites: General Background in Accounting, Depreciation and Cost Segregation
Advanced Preparation: None
Field of Study: Taxes