Real Estate Strategies

Will Changes to Qualified Improvement Property Get Me a Refund?

Question: I’m familiar with Qualified Improvement Property (QIP) and the technical correction made in 2020. What is everyone doing for returns when, if corrected, the client could benefit? Is it something you can amend the 2018 tax return for if you took a 179 expense instead of a bonus?

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Think Outside the Tax Box provides tax reduction strategies along with practical implementation advice in order to reduce your clients’ federal tax bill with ease.

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CURRENT EDITION

Beyond Borders: Essential Tax Planning Insights for Advising Foreign-Invested Partnerships

Dominique Molina, CPA MST CTS

Cross-border ventures can unlock exciting destinations for growth and investment, but they also come with some heavy-duty baggage — think IRS paperwork, withholding headaches, and estate tax landmines. If you’re a tax planner gearing up for this global expedition (especially if it’s your first trip), this guide is your passport to smoother travels.

Maximize Your Tax Deductions on Business Repairs

Kim Larsen

When you own business properties, they will occasionally require repairs; that’s just a fact of business ownership. So, whether you need to make repairs on your place of business or your rental buildings, keep these simple truths in mind: You can either increase your net worth with tax-favored repairs, or you can decrease your net worth with tax-impaired improvements. Which would you prefer?

The Rise of Post-Cognitive Tax: Unlocking Enterprise Potential: How Post-Cognitive Accountants Transform Business Tax Forms into Strategic Masterpieces

Garret Wasny, MA, CMC, CITP/FITP

In the transformative landscape of 2027, the role of the accountant has transcended traditional boundaries. With Artificial Intelligence (AI) shouldering the burden of routine calculations and compliance checks, the Post-Cognitive Accountant emerges as a strategic visionary. No longer confined to the mechanics of number crunching, these professionals reimagine business tax forms—such as the Form 1120 for corporations—into dynamic portals that unlock untapped enterprise potential. Let’s embark on an exploratory journey through a corporate tax return, revealing how each line item becomes a gateway to innovation, growth, and holistic success.