The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act corrected the recovery period of qualified improvement property (QIP) to 15-years. This has tremendous implications and will play a large role in a modern comprehensive tax strategy. In this webinar, we will examine the historical treatment of qualified property categories and focus on the current status of QIP under the CARES Act. We will also explore other strategies that may be part of a comprehensive tax strategy and discuss a strategic hierarchy for employing those strategies most successfully. Relevant revenue procedures and several real-life case studies will be reviewed.

Learning Objectives:

• Recall the history of qualified property categories


• Determine the implications of the CARES Act’s correction of QIP recovery period


• Identify how to incorporate retroactive CARES Act changes into past returns


• Determine the value of QIP as an indicator of a Section 179-eligible property


• Recognize how strategies like Section 179 expensing, bonus depreciation, the tangible property regulations (TPRs), and energy incentives all contribute to a comprehensive tax strategy


• Identify bonus and Section 179


• Identify tax strategies in a strategic manner to maximize savings