COVID-19 Update: Beginning May 18, we will begin cautiously reopening Beaird Harris. Read More.
If you have any questions, please reach out to your primary Beaird Harris contact or call (972) 503-1040.

Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.

Depreciation Changes Under the CARES Act – Qualified Improvement Property (QIP)

April 1, 2020

For the last two years, the tax community has been pushing for a technical correction to the recovery period for certain Leasehold Improvements (“LHI”) qualifying as Qualified Improvement Property (“QIP”).  The Tax Cuts & Jobs Act (“TCJA”) inadvertently increased the period for writing off the cost of QIP from 15 years to 39 years.  The CARES Act remedied this error by reducing the recovery period back to 15 years, which makes QIP eligible for 100% Bonus Depreciation, as well.  This provision is effective for QIP placed in service after December 31, 2017.

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