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Lisa Haffer and David DesRoches

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Minimizing Tax Liability without QIP Guidance

Posted by Lisa Haffer and David DesRoches on Thu, Apr 4, 2019

Restaurant owners who invested in interior improvements in 2018 may be surprised when they receive their 2018 tax returns and see higher than expected tax liabilities. This is a result of an inadvertent drafting error in the Tax Cuts and Jobs Act (TCJA) relating to the depreciation of restaurant improvements.

Before the TCJA, the tax law provided rules for multiple categories of restaurant property assets, many of which were eligible for favorable tax depreciation benefits. To simplify the rules, tax reform consolidated the categories applicable to interior improvements into the single category of Qualified Improvement Property (QIP).

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Topics: McDonald's management, 2017 Federal Tax Reform, Restaurants

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