Today more than ever, CPAs are in need of a good, quality cost segregation firm. The reasons are many…
- Added value benefit to suite of services
- Support the new IRS Repair & Maintenance Regulations Requirements
- Support the new IRS Repair & Capitalization Regulations Requirements
- Provide engineering documentation for demolition of assets
- Minimize income tax burden by accelerating depreciation on qualified assets
- Cost segregation increases debt-service coverage, potentially reducing loan interest rate
- Real estate transfer taxes are reduced when cost segregation is applied pre-closing
- Cost segregation provides substantial evidence of asset values for P&C losses
- Client retention due to increased menu of services not offered by other CPAs
- Client acquisition due to increased menu of services not offered by other CPAs
Cost segregation firms that are engineering-based make excellent partner firms to CPA firms. We are not in competition, rather we serve the same clientele. It makes sense in today’s competitive environment for the CPA to team with a quality engineering firm.
What should the CPA look for in partnering with a cost segregation firm?
- Do they use accounting based approach, engineering based, or combination?
- What is their construction experience?
- What is their cost segregation experience?
- What is their estimating experience?
- What degree of project complexity have they encountered?
- What is their IRS audit track record?
- Do they have a working knowledge of the Cost Segregation Audit Techniques Guide?
- Do they have bonus depreciation, QLI & QRP knowledge and experience?
The CPA is a trusted partner to most commercial property owners. Since the CPA has a fiduciary responsibility to the client, it makes sense to use all available tools. Cost segregation is one of them best suited to reducing the income tax burden. When the CPA is proactive in sharing such a tax-savings tool, they increase their client’s confidence in them. Additionally, the CPA would have an engineering partner for quick consultation on CRE matters.
In all aspects the CPA becomes the hero to their client. Why not reach out to a quality cost segregation engineering firm today? Your clients will be glad you did. You, as their CPA, will too!
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