The Mann Report published a column by Tax Partner Stephen Gilman, about the treatment of qualified improvement property under the CARES Act of 2020.
The Mann Report
By Stephen Gilman, Partner, Tax & Business Services
The CARES Act corrected this error retroactively to January 1, 2018, redefining QIP as 15- year property, eligible for bonus depreciation. As a result, there is now an opportunity for property owners to save tax dollars by either amending their 2018 and 2019 tax returns or by filing an automatic consent form 3115 to catch up on tax depreciation.
Coronavirus Resource Center
Have more questions about the impact of the coronavirus on your business? Visit Marcum’s Coronavirus Resource Center for up-to-date information.