September 2020
Featured Article From Our Experts
CARES Act Fixes the Retail Glitch and Once Again Makes QIP Eligible for Bonus Depreciation

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided the long-awaited correction to the retail glitch contained in the Tax Cuts and Jobs Act. The new provisions can provide a significant acceleration of depreciation for certain qualifying improvements, which could help taxpayers reduce taxes, increase liquidity and may generate carryback claims to tax years with higher tax rates. In this article, we will review the changes to Qualified Improvement Property depreciation and how they may impact taxpayers. 
AMT Less “Toothy” But May Still Take a Bite
Although the Tax Cuts and Jobs Act took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption, high-income earners (and even some middle-income earners) should still watch out for its bite. This article discusses the basic rules and the role of itemized deductions. A sidebar warns investors that capital gains can trigger the AMT.

Review Your Estate Plan Following a Major Shock
Generally, it’s recommended that individuals review their estate plans at year’s end. However, with a life shock as monumental as the COVID-19 pandemic, it might be a good idea to get an earlier start. This article provides examples of potential revisions and discusses wills and powers of attorney.
College Savings Showdown: 529s vs. Roth IRAs
Many people assume that a 529 plan is the ideal college savings tool. But other vehicles can help parents save for college expenses — for example, the Roth IRA. This article compares key features of the two account types. 
Register for our Manufacturing Conference on October 22, 2020!
Join us for our Virtual Manufacturing Conference! This industry-focused conference is specifically designed to provide valuable insight and best practices to help manufacturers succeed. 
 

About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty plus years' history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients and it's also the most significant way we can contribute to their long-term success.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com