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Video instructions and help with filling out and completing Who Form 4797 Tangible

Instructions and Help about Who Form 4797 Tangible

Good morning and afternoon everyone welcome to our webinar the final tangible property repair regulations and fixed asset review opportunities for 2022 and beyond now just a little bit about our company KB kg was established in 1999 we have offices across the US including Illinois Pennsylvania Arizona Ohio where a percentage child is located New York Texas and Pasadena California where I am located we prturnkey tech solutions to CPAs and businesses our engineers and tax experts have performed thousands of tax projects resulting in hundreds of millions of dollars in benefits for our clients our team is a diverse mix of tax specialists attorneys and engineers from various disciplines this combination of talent allows us to be the best at what we do and maximize results to our clients KB kg is a preferred provider for thousands of CPAs across the country and now I'm going to turn it over to our presenter John so we can tell you a little bit about himself thanks so much Allison yes good to be here today real quick just explain Who I am director here at Kb kg in the fixed assets and cost segregation practice I'm also a member of the accounting methods and credit services group which basically were specializing in completing all of the change forms 31:15 as it relates to fixed assets repairs or maybe if you're just doing a look-back study on a cost segregation a couple of degrees here Ohio schools being a theme hi Wesley and then hi University where I got my MBA I hold my LEED Green Associate credential and then finally I'm a certified member of ASC SP which is American Society of cost segregation professionals so we're going to talk about what I'll refer to as the old tangible property ranks not the new tangible property rights they released back in 2022 so this is something that many people obviously know about and certainly had conformed at this point but in an effort to freshen it up I did want to talk about some recent developments some of which include and were released in the path act which is protecting Americans against tax hikes in 2022 retro actively reinstated some of the tax extenders most notably for our purposes and kind of what we're talking about today is 50 50 percent bonus depreciation and then it actually phases down it's 40 percent in 2022 and finally 30 percent in 2022 that's kind of a welcome change because we'd always wait to the end of the year see if bonus was going to come back or bonuses extended so at least we can do a little bit of planning now and have those those systems developed at the beginning of the year to understand how much bonus we really are going to get section 179 increase increased expensing expensing amounts for small businesses which have been now been made permanent the $500,000 level so just there's a dollar-for-dollar phase-out so you know at the at 2 million dollars and above so you know 2.5 million dollars you're totally phased out of that but again kind of a nice welcome change that those now have been made permanent other opportunities under the path Act is qualified improvement property now you all may be very familiar with qualified leasehold improvements this is different and I'll explain how so qualified improvement property sets forth criteria making it available for a broader set of taxpayers than the old qualified leasehold improvements and the reason for that most notably is that they removed a couple of qualifications there's no three-year old and then no lease requirement so those were the big things that kind of kicked some landlords out of qualified leasehold improvements maybe it was a new property that they were just doing the fit-outs and maybe they were even doing fit-outs for their own businesses they would obviously been kicked out of qualified leasehold improve property but qualified to improvement properties they will they will get that treatment now it's qualified the improvement property is recovered over 39 years but still against bonus and it's eligible for bonus so over the next several years we still have 50 40 or 30% bonus that's going to be significant even though it's long like property you still will see a getting bonus just a heads up they're obviously bonus is an allowable deduction in the first year for short life property which is to find us you know ending 20 years or less so you will see on the depreciation schedules 39 years long life property getting bonus treatment so it probably relates to qualified improvement property other tax planning strategies under the path act you may all know now that R&D tax credit has been made permanent for about 15 to 16 years those experts in that field waited into the end of the year to see if that was going to get extended every single year waiting around to see if they were going to have a job as a specialist now they have a little bit more comfort and now it's becoming much more popular that it is permanent so R&D tax credits we we assume is going to have a huge uptick in our business line just because of it being thrust to the front of everybody's mind section 179 D energy-efficient deductions for was extended for 2022 for commercial buildings and then 45 L was also extended through 2022 and that is a credit for multifamily or residential units so the ones that main ID be a dollar eighty per square foot deduction for commercial buildings of course and what we're talking about is if they're building or doing anything that is energy-efficient you might want to take a look at this also for the 45 L if you've got a home builder or a gentleman company that's putting in multifamily units those add up pretty quickly and.

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