If you own a business, you know that many of the assets you buy won’t last forever. In fact, they lose value almost the minute after you buy them.
That’s why CSG Strategic Tax Consultants (CSG) focuses on a thorough review of your company’s fixed assets – i.e. signage, computers, vehicles, etc. – and earmarks those with shorter, depreciable lives.
Our objective is to maximize tax depreciation deductions and increase cash flow.
Because federal depreciation rules have drastically changed over the last 30 years, assets have a greater potential to be misclassified on a company’s depreciation schedule. Misclassifications also can be caused by changes in case law, use of “book” lives for tax purposes, or the lack of in-depth knowledge necessary to determine correct lives.
CSG’s analysis digs deep, uncovering missed depreciation deductions and ensuring that these deductions are captured and taken into account on your company’s current tax return. CSG’s fixed asset review encompasses all fixed assets that a company owns, including: real property, machinery, furniture, fixtures, equipment, and leasehold improvements.
CSG’s CPAs and engineers have over 40 combined years of public accounting and industry experience. The result of our fixed asset review is an analysis that includes: supporting case law, all required IRS documentation per guidelines including technical memos, and a detailed schedule of assets. CSG will also prepare and sign the required Form 3115 “Change in Accounting Method” which is required for a company to deduct the missed depreciation in the current year.
Have YOU reviewed your depreciation schedule recently? If you would like to gain a better understanding of what we can do to help you maximize the tax benefits from your fixed assets, please contact us today.