IRC Section 1245 Definition: A portion of the Internal Revenue Code states that depreciable property that has been sold at a price in excess of it’s depreciated or salvage value may qualify for favorable capital-gains tax treatment.To find out more, go to… Source: Section 1245 Definition | Investopedia
What is accelerated depreciation? Well, in layman’s terms, it is the depreciation of fixed assets at a faster rate early in their useful lives. Accelerated depreciation reduces the amount of taxable income in the early stages of asset life. The result is, tax liabilities are deferred. The net effect of accelerated depreciation is the company…
CPA is ecstatic with cost segregation results for her office! We have worked with Chandler & Knowles, CPAs, for many years and recently completed a cost segregation study on their corporate offices in Flower Mound, Texas. After providing the CPAs with our free benchmark estimate, our analysis showed about $20,000 in federal income tax credit.…
Cost segregation and the IRS are likened to your hand fitting into your glove…snugly. Cost segregation actually came about as a result of Hospital Corporation of America suing the IRS…and winning! The Supreme Court of the United States heard arguments from opposing counsel and ruled that there are building components qualifying for shorter depreciation periods…5-years,…
Ranch buying in the Rockies (Rocky Mountain West) and building it into your dream property is a wonderful experience. Knowing a few things up front can make creating your vision even more enjoyable. I have found that many of my clients are surprised by the cost to build on a ranch, so I would like…
Qualified Commercial Property Can cost segregation help list and sell more commercial property? Yes! Commercial property owners can employ cost segregation as a tool to help sell their properties. By offering the property with an engineered cost segregation study they do these things: 1) Give the buyer a MACRS-established property that… Meets the new Repair…
BoomerJacks in Bedford BoomerJacks uses cost segregation for huge income tax refund! Last fall we had the privilege of meeting with the owners of DFW favorite, BoomerJacks restaurants. Well known in the Dallas/Fort Worth area, BoomerJacks are known for their amazing wings and chicken fingers. On this fine, fall day, we met with Brent and…
CPAs & Cost Segregation Firms…really, a marriage made in heaven! 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…
Affordable Care Act – How Obamacare Affects You Beginning April 1, 2014, the Individual Shared Responsibility provision (aka the Individual Mandate, aka Obamacare) of the Affordable Care Act calls for each applicable individual to either buy minimum essential health coverage or pay a penalty when filing their federal tax return. However, many of those who…
Section 752 introduces new proposed regulations. On January 30, 2014, the Treasury Department issued proposed regulations under Section 752 of the Internal Revenue Code addressing partnership liabilities and under Section 707 of the Code relating to disguised sales of property. The proposed section 752 regulations provide new guidance on classifying and allocating partnership liabilities. The…
If you own Commercial Property, including leasehold improvements or rental houses, that was damaged or destroyed by the recent natural disasters, we can help you maximize your Federal tax benefits, saving you tens of thousands of dollars. You must act now before rebuilding. FREE consultation and benefit analysis. It’s your money, why wait.
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A member of our Disaster Recovery Team will contact you within 48 hours to initiate your tax credit.
