Description
Gain an understanding on changes to laws due to the CARES Act, and how taxpayers can generate cash now from accelerating tax deductions.
The CARES Act brought relief to taxpayers with the change in depreciable tax life of Qualified Improvement Property. This correction to provisions in the Tax Cuts and Jobs Act creates opportunities for immediate deductions for bonus depreciation for certain improvements to real property. Our presenter from the Cherry Bekaerts federal credits and accounting methods team will cover the changes in the law, the revenue procedures guidance for taxpayers implementing the change, and walk through examples of how taxpayers can generate cash now from accelerating tax deductions.
Date: 2020-07-20 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to identify immediate deductions for bonus depreciation for certain improvements to real property.
* You will be able to review the technical correction introduced by the CARES Act.
* You will be able to discuss how to apply the new law to multiple situations.
* You will be able to define Revenue Procedures 202022 and 202025.