(855) Marcum1 | FOLLOW US           
Marcum LLP
  • EVENTS
  • OFFICES
  • CAREERS
  • SUBSCRIBE  
  • 中文
Marcum LLP
News

As Seen In

 

In This Edition

Long Island Business News

Peter Buell, Tax & Business Services Partner, Quoted in Long Island Business News Article "Don't Wait to Update Office Space, Equipment"

Featured: Peter Buell, Partner, Tax & Business

Share:

Excerpt:

If you're thinking of making improvements to your office space, restaurant or store, this is the year to do it – again.

The recent fiscal cliff deal extended the 15-year depreciation rule for qualified improvements through the end of 2013 and added retroactive benefits for improvements made in 2012. The rule had expired at the end of 2011.

Typically these improvements would have to be depreciated over 39 years.

Accountants say it's a bit like deja vu all over again.

"Toward the end of 2011, when the 15-year rule was expiring, clients that were planning to make improvements accelerated the work so they would get it done by the end of the year," said Peter Buell, a partner who focuses on real estate for Marcum, an accounting firm with offices in Melville. "If there's no clarity for 2014, we can expect to see more activity toward the end of this year."

But tenants that are looking to upgrade their space might be incentivized to move on it before the tax break goes away, Buell said.

"Typically, when tenants move to another space within the building, the landlord will gut it and build to the tenant's specifications," he said.

Of the landlord and tenant, whoever pays for the build-out and "owns" the improvements gets the tax break.

Given that the purpose of the 15-year rule is to give companies an incentive to spend money now, Buell is baffled by one piece of it.

"What makes no sense to me is, why go retroactive to 2012?" he said.

Click here to read the full article on www.LIBN.com >>
(Subscription Required)

 
Featured
Peter Buell

Partner
Tax & Business
New York, NY
 
 
HAVE A QUESTION? ASK MARCUM
 
STAY IN TOUCH.

SIGN UP TODAY FOR MARCUM'S NEWSLETTERS.

ABOUT MARCUM LLP

Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China and Ireland.

Learn More

CONNECT WITH US
               
OFFICES

Headquarters
750 3rd Avenue, 11th Floor
New York, NY 10017

Find an Office

(855) MARCUM1
info@marcumllp.com

FOUNDATION

Marcum Foundation

AFFILIATIONS

Leading Edge Alliance

DOWNLOAD THE MARCUM ON THE GO APP

© 2016 Marcum LLP. All Rights Reserved.
Privacy | Legal | Sitemap