Top Tax Reform Considerations for the Hospitality Industry
It’s a glitch! No, seriously—that’s a thing. Under the Tax Cuts and Jobs Act, the “retail glitch” or “real estate glitch” inadvertently excluded qualified improvement property from the new 100 percent bonus depreciation provision. For example, if you’re a restaurant and remodeling under the assumption that you’ll be able to use bonus depreciation and write off the cost of certain improvements, you might find yourself at odds with the IRS.
Watch this video to learn more about these topics:
- When should I look at opportunity zones, and what are the benefits?
- How do I take advantage of the qualified business deduction on my personal return?
Want more industry insight? We’ve got you covered. Visit our Hospitality Accounting & Consulting page for helpful resources.