Post-CARES Act: What to know about Qualified Improvement Property (QIP)

Background: Since the Tax Cuts and Jobs Act (TCJA) was enacted near the end of 2017, there has been confusion amongst both tax preparers and property owners alike on the tax issues involved in making nonresidential property improvements. The intention of the act (TCJA) was to combine leasehold improvement property, retail improvement property, and restaurant…

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