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CSSI: CARES Act, Bonus Depreciation & NOL Carryback for RE Owners (FREE)

Description

We are happy to offer this complimentary program to our members. Nonmembers will be charged a fee to register.

Join us for this free one-hour CPE webinar from COCPA Silver Partner, Cost Segregation Services Inc. (CSSI). This session will cover how the CARES Act removes limitations on the Net Operating Loss (NOL) rules, fixes the QIP error, and expands Section 179. 

Additionally, this session will cover how you can create an abundance of deductions for your clients. It will include much needed strategies for large and small real estate portfolio owners and their 2020 filings. Even if you have filed their taxes already, you will learn how to easily take advantage of these benefits before the end of 2021.  

Learning Objectives
  1. Carrybacks, changes to the definition of Qualified Improvement Property (QIP), and changes to the Section 461 loss limitations.
  2. To explain what Qualified Improvement Property is, how it qualifies for 100% Bonus Deprecation, and how to capture the benefits to projects put in service in 2018, 2019, and 2020.
  3. To identify which clients and what types of properties could benefit from a Cost Segregation Study
  4. Using Bonus Depreciation, Partial Asset Disposition, Section 179 Expensing, and Cost Segregation to potentially create a NOL and a refund or substantially reduce taxable income and reduce tax payments for 2020.
  5. To define filing details to capture these benefits for clients.
Major Topics
  • How Tax Pros can generate cash flow for commercial building owners by using accelerated depreciation to create Net Operating Losses (NOL) to apply against past tax payments which reduces current tax payments and may create a tax refund.
  • Clients with large and small real estate portfolios are creating paper tax deductions that offset tax liabilities.
  • How to use the CARES Act Net Operating Loss (NOL) suspension creates refunds for past year’s tax payments.
  • Qualified Improvement Property (QIP) fix now allows nearly 100% write off of internal remodels & leasehold property projects.
  • Tenant Improvements and Energy Retrofits like LED upgrades are 1st year write offs.
  • Bonus Depreciation from TCJA allows 1st Year write offs.
  • Cost Segregation identifies property eligible for Bonus Depreciation and makes Expense vs. Capital decisions easier.
Provider
Colorado Society of CPAs
Course Level
Basic
CPE Field of Study
Tax
1
Who Should Attend

Tax Preparers with Clients that own commercial property Recently acquired or renovated interior of a property over last 3 years. Built out or renovated lease hold space especially in last 3 years. Have clients that owe taxes and trying to minimize payment thru the use of accelerated depreciation on commercial property.

Instructor(s)
David Deshotels
Prerequisites

None.

Advanced Preparation

None.

Location
ONLINE ONLY
Event Information
When
May 27, 2021
12:00 pm - 1:00 pm MDT
Location
ONLINE ONLY
Total CPE Credits
1
Format
Webcast

MEMBER


$ (% off)
Complimentary

NON-MEMBER


$ (% off)
$10.00
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CSSI: CARES Act, Bonus Depreciation & NOL Carryback for RE Owners (FREE)


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