In this episode of McGuire on the Wire, Dave McGuire explains updates under the CARES Act to net operating loss (NOL) carrybacks and related tax planning opportunities. The CARES Act provides a five-year NOL carryback, which can help most taxpayers access significant refunds. Considering a cost segregation study and accessing additional depreciation deductions are especially important in an election year, as President-Elect Joe Biden may attempt tax policy changes in 2021. Dave also explains additional provisions from the IRS which could provide tax relief.

On the latest McGuire on the Wire episode, Dave McGuire talks about taxable grants and the laws that affect them. Dave specifically highlights how taxable grants have changed under the Tax Cuts and Jobs Act of 2017. Taxable grants can come from the government, utilities, or in other, similar forms. It’s important for businesses using these tools to consider the implications of how grants may impact taxable income.

In Forbes, Dave McGuire provides insight to the Section 118 change under the TCJA and how companies can adjust.

This week, the IRS issued final regulations (T.D. 9916) which provide guidance on how to handle bonus depreciation under code section 168(k). These regulations supplement the final regulations issued in 2019 (T.D. 9874). In addition to clarifying positions taken in the 2019 regulations, these regulations also defined Qualified Improvement Property (QIP) based on the changes included in the CARES Act of 2020.

In Forbes, Dave discusses which tax incentives have actually been useful in stimulating the economy.

In Accounting Today, Dave discusses the positive and negative implications that QIP has with the rapid changes to the Tax Code.

In Forbes, Dave discusses changes coming to commercial real estate due to the pandemic and tax deductions companies can use when rethinking office spaces.

Dave and Justin Gephart discuss depreciation law changes which create new tax planning opportunities and updates you may need to know within the CARES Act.

On this week’s episode, Dave discusses 1031 exchanges and how they work, as well as changes that occurred to 1031 exchanges after the Tax Cuts and Jobs Act of 2017.

In Forbes, Dave discusses the importance of securing a quality cost segregation study.

In this episode of McGuire on the Wire, Dave McGuire explains updates under the CARES Act to net operating loss (NOL) carrybacks and related tax planning opportunities. The CARES Act provides a five-year NOL carryback, which can help most taxpayers access significant refunds. Considering a cost segregation study and accessing additional depreciation deductions are especially important in an election year, as President-Elect Joe Biden may attempt tax policy changes in 2021. Dave also explains additional provisions from the IRS which could provide tax relief.

podcasts

McGuire on the Wire Episode 25

by Dave McGuire
November 30, 2020
00:00