New COVID-19 law makes favorable changes to “qualified improvement property”

(CARES ACT), Business Deductions, Business Income Tax, Coronavirus Aid (CARES Act), Deductions, Depreciation, Internal Revenue Service (IRS), Qualified Improvement Property (QIP) /

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December […]

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