by Kevin Jerry | Jan 11, 2023 | Cost Segregation, Cost Segregation Firm
Behind the Scenes of a Cost Segregation Firm Nothing is as frustrating as contracting with a cost segregation firm to help you reduce taxes and then waiting for six, eight, or even twelve weeks to complete the study. While waiting, your CPA tells you your taxes have...
by Kevin Jerry | Dec 29, 2022 | Safe Harbors, The Tangible Property Regulations
De minimis Safe Harbor: An Administrative Convenience for the Service and the Taxpayer The Tangible Property Regulations under §263a provide three safe harbors designed to help small and large taxpayers avoid the Regulations’ complex and sometimes confusing...
by Kevin Jerry | Dec 19, 2022 | Bonus Depreciation, Tax Cuts and Jobs Act
Gas stations and convenience store (c-store) properties that qualify as a ‘retail motor fuel outlet’ can be depreciated over fifteen years. The standard depreciation life for a commercial property is 39 years. However, the Tax Cuts and Jobs Act passed in...
by Kevin Jerry | Nov 23, 2022 | The Tangible Property Regulations
What you should know about the Tangible Property Regulations 1. What exactly are the tangible property regulations? §162 of the Internal Revenue Code allows you to deduct all the standard and necessary expenses you experience during the taxable year. This includes the...
by Kevin Jerry | Nov 16, 2022 | 3115s, 481a, Cost Segregation, Method Change, The Tangible Property Regulations
When a tax method change occurs, whether it is from cost segregation, the Tangible Property Regulations, or any other tax method changes (for which the cutoff method cannot be used), a 481a adjustment must be used. Suppose income for any taxable year is under a...
