Understand cost segregation and how the benefits can be a tax-saving strategy.
Cost segregation is a commonly used strategic tax planning tool that allows companies and individuals who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. Under the new law, any building components with a tax recovery period of 20 years or less, are eligible for 100% bonus depreciation. Historically, bonus depreciation only applied to newly constructed property, but now it's available for any acquired property. Further, cost segregation principles and techniques can apply to a variety of tax or accounting matters in ways that most taxpayers or preparers have not thought of. Understanding cost segregation and learning about the benefits will be a tax-saving strategy that all companies and individuals in the real estate industry may take advantage of.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Intro to Cost Segregation
- Provide a General Overview of Cost Segregation
- Depreciation and Tax Considerations Associated With Cost Segregation
- Unit of Property
Advanced Tax Planning Related to Cost Segregation
- The Interplay Between Estate Planning for Real Estate and Cost Segregation
- Effectively Utilizing the GAA Election to Preserve Deductions on Demolished Buildings
- How Cost Segregation Can Help Condominium Developers Reduce Gain on Sale of Units
- How Cost Segregation Techniques and Cost Estimation Principles May Be Applied for Other Accounting Purposes
- Cost Segregation Tax Law Developments and Changes
Bonus Depreciation and Qualified Improvement Property (QIP) Update
- Review of CARES Act Provisions
- Brief Refresher on Bonus Depreciation Criteria
- Applicability to Qualified Leasehold Improvements, Retail Improvements, and Restaurant Property
- Understand Qualified Improvement Property
- Discuss the Changes to QIP Because of the CARES Act
- Cover the Methods to Correct or Amend Prior Returns to Fix QIP
- Relevance of Prior Tax Law or TCJA Provisions That Still Affect Taxpayers
Identify Cost Segregation Opportunities
- Learn What Are the Qualifying Criteria of a Cost Segregation Project
- Overview of Tax Savings Opportunities and Issues
- How to Choose a Cost Segregation Provider
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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OnDemand Course
This course was last revised on May 26, 2022.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- MO CLE 2.0
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.7
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 101 Minutes.
- NV CLE 1.5
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Sumit Sharma
KBKG
- Principal of KBKG, New York office
- Specializes in cost segregation and fixed asset/depreciation services and tangible property regulations
- AccountingToday author, “Maximize Gains on Sale of Condos in Mixed-Use Developments” and “Condo Tax Basis Allocation Studies”
- New York State Society of CPAs, Westchester Chapter featured speaker, “Tangible Property Regulations and Cost Segregation”
- Pennsylvania Society of Tax & Accounting Professionals featured speaker, “Tax Reform Updates and Fixed Asset Tax Planning”
- Regular speaker on KBKG’s cost segregation webinars that are hosted to thousands of CPAs nationwide
- B.E. degree in engineering management, Stevens Institute of Technology
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