Presented by CEI Group

Month: April 2018

Leaks Playing Tricks?

Here at CEI we have years of service and have fixed hundreds (if not, thousands) of leaks all year round. We understand that when customers see water starting to drip from there ceilings they always assume it is the roof.

Well, we are here to tell you that it is not ALWAYS the roof!

Many times it is the roof, there are punctures or ware in the roof and the leak is the result. Yet, sometimes (and more commonly than you think) leaks from above your head might have nothing to do with your roof.

Other factors that could contribute to a leak could be

– Plumbing

– Duct Work

– HVAC

and these are only a few.

Regardless, of where the leak is coming from it is always important to get it checked out by a professional. Roofers will be able to identify if the roof is the source of the problem and point you in the right direction if it is not. Scheduling regular maintenance for your roof with prevent leaks in the future. CEI recommends getting your roof inspected every 6 months (Spring and Fall). This can help lengthen the life of your roof and prevent expensive damage.

Tax Cuts on Re-Roofing Projects!

The Tax Cuts and Jobs Act approved by Congress in December 2017 expands the definition of qualified real property eligible for full expensing under Section 179 of the tax code to include improvements to nonresidential roofs. Following is more information about Section 179 and the provision to add nonresidential roofs as qualifying property as of Jan. 1, 2018. This information will help you determine if your company is eligible for this preferential tax treatment of improvements to your nonresidential roof.
Section 179
Section 179 allows taxpayers to immediately expense the cost of qualifying property rather than recovering such costs over multiple years through depreciation. The Tax Cuts and Jobs Act significantly expands the expensing limits under Section 179, with the maximum amount a business may expense now set at $1 million and the phase-out threshold increasing to $2.5 million. These new limits are effective for qualifying property placed in service in taxable years beginning after Dec. 31, 2017, and the amounts will be indexed for inflation starting in 2019.
Addition of Roofs as Qualifying Property
The Tax Cuts and Jobs Act expands the definition of qualified real property eligible for Section 179. As of Jan. 1, 2018, qualifying a property for Section 179 includes “improvements to nonresidential real property placed in service after the date such property was first placed in service: roofs; heating, ventilation, and air-conditioning property; fire protection and alarm systems; and security systems.”
Given these changes to Section 179 by the new tax law, qualifying taxpayers may now elect to fully expense the cost of any improvements to nonresidential roofs beginning in 2018 and in future years. Essentially, any improvements to nonresidential roofs, including full reroofs of existing buildings, may now be expensed in the year of purchase by any taxpayer eligible to deduct expenses under Section 179.
Please contact us (or contact your tax professional) if you have questions regarding how your company can take advantage of this more favorable tax treatment for improvements to nonresidential roofs in 2018.

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