Since our last Tax in Ten discussing Qualified Improvement Property, the government has released additional updates. Initially it was assumed that when the CARES Act fixed the “retail glitch” put into play during the Tax Cuts & Jobs Act, taxpayers would be able to amend their 2018 tax return to receive depreciation deductions. However, it is becoming clear this may not be a possibility, and tax relief will be available on a go forward basis for 2019 and after. Tune into our latest episode of Tax in Ten for all the details.
For questions on the changes to Qualified Improvement Property please reach out to a member of our COVID-19 Task Force at [email protected] or visit our COVID-19 Resource Center.
