Qualified Restaurant Property Tax Reform

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Restaurant Depreciation National Restaurant Association

(6 days ago) When tax reform passed at the end of 2017, Congress combined restaurant and retail depreciation into one category called “qualified improvement property.” Congress intended to assign the new category a 15-year depreciation period, which was current law for restaurant and retail depreciation before tax reform

https://www.restaurant.org/advocacy/issues/restaurant-depreciation

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INSIGHTS FROM THE BDO RESTAURANT PRACTICE TAX …

(7 days ago) includes qualified leasehold improvement property, qualified restaurant property and qualified retail property. See sidebar on next page. Summary of Changes for 2018 and beyond: u For property placed in service in tax years beginning after Dec. 31, 2017, the maximum amount a taxpayer may expense under Code Sec. 179 is increased to $1 million.

https://www.bdo.com/getattachment/Blogs/Restaurants/April-2018/Tax-Reform-Pass-Through-Planning/RES-Tax-Reform_Insight_-4-18_WEB.pdf.aspx

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Restaurant Tax Update: Qualified Improvement Property (QIP

(3 days ago) There is something called qualified improvement property (QIP) tax treatment which allows businesses to immediately write off investments to interior improvements. QIP includes any improvement to a building’s interior. Under prior guidance, improvements to qualified leasehold property, qualified restaurant property and qualified retail

https://kahnlitwin.com/blogs/tax-blog/restaurant-tax-update-qualified-improvement-property-qip-changes-under-tcja

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Tax Reform: Pass-Through Planning & Bonus Depreciation

(1 days ago) In a recent tax reform post, we discussed the expected implications of reform for the restaurant industry. Since then, we’ve had a chance to see the impact that some of the provisions will have on restaurant owners, and received clarity regarding the 2017 bonus depreciation rules relevant to Qualified Restaurant Property.

https://www.bdo.com/blogs/restaurants/april-2018/tax-reform-pass-through-planning

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New rules and limitations for depreciation - IRS tax forms

(7 days ago) But, the new law changes the alternative depreciation system recovery period for residential rental property from 40 years to 30 years. Qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property are no longer separately defined and no longer have a 15-year recovery period under the new law.

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

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How Restaurants Can Utilize Bonus - Anders CPA

(5 days ago) Under tax reform, the maximum amount a taxpayer can expense increased to $1,000,000 with a phase-out limitation of $2,500,000. Qualifying Property Qualified real property now includes QIP and certain improvements such as:

https://anderscpa.com/how-restaurants-can-utilize-bonus-depreciation-and-section-179/

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Bar / Restaurant Industry & IRS Depreciation Changes

(3 days ago) Tax Cuts and Jobs Act 2017. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. The TCJA eliminated the separate asset categories for qualified leasehold improvements, qualified restaurant property, and qualified retail improvement property – effectively lumping all these separate classes into one QIP category.

https://www.jccscpa.com/bar-restaurant-industry-irs-depreciation-changes/

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A Short History of the New Jersey Property Tax

(5 days ago) ALTERNATIVES TO THE PROPERTY TAX—LOCAL OPTION TAXES On October 12, 2006, the Legislature’s Joint Committee on Constitutional Reform and Citizens Property Tax Constitutional Convention heard testimony presented by Judy A. Zelio of the National Conference of …

https://www.njlm.org/DocumentCenter/View/481/A-Short-History-of-the-New-Jersey-Property-Tax-PDF

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Tax Reform Provides New 20% Deduction

(6 days ago) Tax Reform Provides New 20% Deduction Tax Reform Provides New 20% Deduction If you operate your business as a partnership or S corporation and you have the qualified business income and defined taxable income numbers above, you qualify for the same $30,000 deduction. The same is true if your income comes from a rental property, real estate

http://paramounttaxgroup.com/tax_reform_provides_new_20_deduction/

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Tax Legislation Introduced to Correct the Drafting Error

(5 days ago) Highlights of the Tax Reform Provisions. Prior to the tax reform of 2017, the Internal Revenue Code had separate definitions for qualified leasehold property, qualified restaurant property, qualified retail improvement property – all 15-year properties. In addition, the PATH Act of 2015 created a new category of real property, QIP, that was

https://www.wgcpas.com/tax-legislation-introduced-to-correct-the-drafting-error-for-qualified-improvement-property/

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The Precarious Fate of Qualified Improvement Property

(6 days ago) The Precarious Fate of Qualified Improvement Property (article) In what is likely a legislative error, depreciation of qualified improvement property is uncertain under the new tax reform law. Given the Sept. 27, 2017 effective date for bonus depreciation, this issue will have an immediate impact on 2017 tax returns filed this year.

https://www.cbiz.com/insights/articles/article-details/the-precarious-fate-of-qualified-improvement-property-article

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Qualified Restaurant Property Bonus Depreciation

(4 days ago) Buildings and building improvements that are “qualified restaurant property” are eligible for favorable tax treatment that doesn’t apply to most other buildings or building improvements. On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes Act of …

https://www.krostcpas.com/restaurant-newsletter/qualified-restaurant-property-and-depreciation

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CARES Act Expands Bonus Depreciation to Qualified

(7 days ago) by JD Lewis Background On December 22, 2017 the President signed into law the Tax Cuts and Jobs Act, commonly known as the TCJA. The TCJA modified Section 168 of the Internal Revenue Code to remove three existing property classifications: qualified leasehold, qualified restaurant, and qualified retail improvement property in an effort to consolidate much […]

https://www.elliottdavis.com/cares-act-expands-bonus-depreciation-qualified-improvement-property/

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Tax Legislation Introduced to Correct the Drafting Error

(8 days ago) Highlights of the Tax Reform Provisions Prior to the tax reform of 2017, the Internal Revenue Code had separate definitions for qualified leasehold property, qualified restaurant property, qualified retail improvement property – all 15-year properties. In addition, the PATH Act of 2015 created a new category of real property, QIP, that was

https://weisscpa.com/news/tax-legislation-introduced-to-correct-the-drafting-error-for-qualified-improvement-property/

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Depreciation Tax changes will Impact Restaurants, Real

(Just Now) The new tax reform signed into law by President Tump made significant changes to the way businesses will depreciate. their assets for qualified improvement property in an attempt to help simplify this tax rule. Here’s an overview the many changes to depreciation rules as a result of the Tax Cuts and Jobs Act.

https://tehcpa.net/depreciation-changes/how-new-depreciation-tax-law-changes-will-impact-restaurant-real-estate-retail-businesses/

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