Qualified Improvement Property (QIP) is now a 15-year, bonus depreciation eligible property, after the CARES Act provided a technical correction from Tax Reform in December 2017.
The Internal Revenue Code Section 199A Qualified Business Income (QBI) Deduction allows a deduction equal to 20% of business income for owners of pass-through entities.
The Research and Development (R&D) Tax Credit is one of the best opportunities for businesses to reduce their tax liabilities, improve cash flow, and increase earnings-per-share. This tax credit was initially enacted in 1981 to incentivize companies to increase their investment in developing new or improved products or processes.
The COVID-19 pandemic has caused significant changes to the construction industry and has forced them to reevaluate many factors affecting their businesses. Making cash flow strategies a priority is something every construction or contractor company owner needs to keep in the forefront of their mind.