Hi, my name is Anthony Price from Casey Neilon and today is April 6. We’re going to be doing a series of short video clips, to help you keep up to date on the actions that are being taken in Washington DC to help all of us financially through one of the most challenging times in our nation’s history. These clips will let you know what relief is out there to help you, your family, and your employer.
Recently the President signed into law the CARES Act a $2 trillion stimulus package.
One of the key benefits of the stimulus package is a fix that CPAs have been asking for since the Tax Cuts and Jobs Act was passed into law in 2017.
Under the CARES Act, qualified improvement property is treated as 15-year property rather than 39-year property, and this allows us to apply 100% bonus depreciation. This change is retroactive to 2018.
Qualified improvement property is any improvement to the interior portion of a commercial building other than elevators, escalators, structural framework or enlargements.This new provision related to qualified improvement property can substantially help taxpayers reduce taxes, increase liquidity and may generate carryback claims to tax years with higher tax rates.
Stay tuned for clips from my co-workers to help you learn about the other ways this stimulus package can help you.