How should CPAs deal with the lack of a technical correction to the QIP drafting error in the TCJA?

On this week’s episode Dave explains the 179D deduction and why after being in limbo for the past 2 years building owners are looking at the deduction for tax planning purposes.

On Thursday December 19th the Senate passed a long awaited bill on Tax Extenders.

TJ and Dave discuss 12 year anniversary In this episode TJ and Dave discuss McGuire Sponsel’s 12 year anniversary and look back on how much the firm has grown over the years.

McGuire Sponsel was recently referred to a boat manufacturer by a CPA firm in Tennessee.

McGuire Sponsel was referred, by a local CPA, to complete a cost segregation study for an automotive performance shop.

McGuire Sponsel completed a study for a Construction Office just North of Dallas, Texas.

McGuire Sponsel completed a study for an Eye Care facility in Holland, Michigan.

Host: Dave McGuire and Kyle Riddle
Specialty tax services such as Research Tax Credits, Cost Segregation Studies, and IC-DISC can be extremely beneficial to taxpayers. These tax planning opportunities can yield significant results. At the same time it is important to limit confusion when implementing these studies. These areas of confusion can relate to the addback of the R&D tax credit, the filing of a 3115 for cost segregation studies, or the effect of 1245 recapture on a cost segregation study. It is critical that these areas are understood to ensure positive results at the end of a study. In this CPE session we will discuss:

  • The addback of the R&D tax credit, and when the 280C election can be made
  • How filling of a 3115 works, and when errors can occur
  • The effect of 1245 recapture on Cost Segregation benefits

 

November 15th – Using Specialty Tax Services to Grow Your Firm

Host: TJ Sponsel and Justin Gephart
Whether you are an up-and-coming manager or you are a seasoned partner, growing your firm is all about serving your current clients and demonstrating the value you can bring to prospective clients. Learn how McGuire Sponsel is a powerful partner in growing your firm as TJ and Justin discuss the following:

  • Establishing a consultative mindset to Tax & Audit
  • Identifying and presenting opportunities
  • Current market/industry trends

 

As featured in Accounting Today:

By now, almost everyone in the CPA profession knows about the Qualified Improvement Property drafting error in the Tax Cuts and Jobs Act of 2017. In an effort to reduce redundancy in the Tax Code, the law inadvertently removed QIP from bonus eligible property. This was a mistake and a technical correction was expected. However, none was ever made…

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