CPA! The Practicing. Money'Doesn't'Grow'on'Trees'
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1 The Practicing CPA! The!News!Letter!of!the!AICPA!Private!Companies!Practice!Section!!! MoneyDoesntGrowonTrees But$could$it$be$hidden$in$the$walls?$ $ Whatwouldyousayifsomeoneofferedyouadollarinexchangeforadime?To skeptics,thatwouldsoundtoogoodtobetrue.yetsomecpafirmsprovideaservice thatcanhelpclientstoreturnasmuchasonedollarintaxsavingsforeverytencents spentontheservice.thisservice,knownascostsegregation,bringssignificanttax savings,recognizedbytheinternalrevenueservice(irs),tobuildingowners interestedinretainingcash. Eventheskepticsareconvinced Itisgenerallyunderstoodthatcarpetingandcabinetsareclassifiedaspersonalproperty forfederalincometaxpurposesinordertocapturethecashhflowbenefitsassociated withshorterdepreciablelives.typically,thisamountstolessthan3ofabuildings componentcosts.atthesametime,theremainderofthefacilityisassigneda depreciablelifeof39.5years(27.5yearsformultifamilyfacilities).acomprehensiveand appropriatelydocumentedcostsegregationanalysismaximizesabuildingstaxbenefits byidentifying,classifying,andsegregatingamuchlargerpercentageofabuildings assetsforaccelerateddepreciationforfederalincometaxpurposes.thiscanmean three,five,sometimestwentytimesmoresavingsthanthe3foundincabinetsand carpeting. AcostHsegregationspecialistlooksformanyitemswhenworkingtoidentifytaxsavings inabuilding.questionsthatsuchaspecialistwouldaskinclude: l!istheremorethanonepowersourceinyouroffice? l!dothewallsinyourofficepenetratetheceilingtiles,andaretheyloadbearing? l!isthedecorativepanelinginyourreceptionareaandconferenceroomglued, nailed,orhungonthewall? l!isyourcoolingsystemoversizedinordertocoolyourdatahprocessingroom?
2 Doyouhaveakitchen? Ayesanswertoanyofthesequestionsindicatestheneedforcostsegregation.A costsegregation specialistcanperformanonintrusiveyetdetailedengineeringstudyofa buildingswalls,flooring,andceilingstanditsplumbing,electrical,lighting, telecommunications,heating,andcoolingsystems.forthemaximumbenefittothe client,theprofessionalsprefertoworkfrombuildingplansandcostdocumentsrather thanstrictlyrelyingonabuildingtour. Planningahead PlanningaheadmakesthefacilitywalkHthroughmuchlesstimeintensiveandisabetter waytoidentifythemaximumnumberofbuildingcomponentsintoshorthterm depreciable categories.comprehensivedocumentationmeanslessrelianceonnationalcost manualstoarriveatthecostsofthebuildingcomponents.together,planningahead andgooddocumentationprovidealowerfeeforservicebecausethecosthsegregation professionalwontneedtospendasmuchtimeontheassignment.thattranslatesto addedsavingsfortheclient. Theassetsaregroupedunderseveralassetdepreciationrange(ADR)classifications, including: l!officefurniture,fixtures,andequipment l!informationsystems l!landimprovements l!manufactureofelectroniccomponents,products,andsystems l!distributivetradesandservices l!personalpropertywithnoclasslife ThecostHsegregationprofessionalsthenidentifywhichcomponentsofeachsystem that, accordingtofederaltaxlaw,canbeassignedacceleratedtaxlivesoffive,seven,or fifteenyearsratherthanthestraighthline39.5years(27.5yearsformultifamilyfacilities). Thesesavingsdroprightdowntothebottomline. Althougheverysituationisdifferent,thechartonthispageisanexampleoftypical savingstoexpectfromacosthsegregationstudydependingonthetypeoffacility.
3 Startearly CostHsegregationstudiesshouldbeinitiatedasearlyintheconstructionoracquisition processaspossibletoobtainmaximumsavings.considerthesethreepoints: 1.IfacostHsegregationspecialistisgiventheopportunitytospend60minuteswith thearchitectbeforethedesignofabuildingbegins,heorshecanshowthe architecthowtomakealargerpercentageofthebuildingscomponentsqualify forshorthtermdepreciation,therebyincreasingthetaxsavingstothebuilding owner. 2.SpecialHorderbuildingcomponents,suchasgranitecountertopsforreception desks,chandeliers,windowcoverings,andothercomponents,usuallyare invoicedatahighercostthancanbesubstantiatedfromcosthestimatingguides. ProofofthesecostsisrequiredinordertoreportthehighervaluetotheIRS. Thus,ifacostHsegregationspecialistisgrantedaccesstotheconstructionchief beforetheprojectbreaksground,heorshewillrequestthatthecostoffiveto10 itemsbesetasideforreportingpurposes,whichavoidsthedifficultyoftracking downcostdocumentslateronintheconstructionprocess. 3.IfacostHsegregationstudycanbeperformedbeforetheacquisitionofabuilding, personalpropertycanbeseparatedfromthebuildingcosts.thetwocostscan thenbebrokenoutinthesalesagreement,andtherealpropertytransfertax basiscanbereduced.asaresult,significantcostsavingscanberealizedonce theprojectortheacquisitioniscomplete. Adjustingthepropertystaxposition Otherquestionsmayarise.Forexample,whataboutthosebuildingsthathavebeenina portfolioforafewyears?cantheystillcontributetaxsavingstotheowner?theanswer is,yes,attimes.iftwoormoreyearsoftaxreturnshavebeenfiledontheproperty,the CPAcanfileanIRSForm3115,ChangeofAccountingMethod.TheCPAthenfilesa Section481AdjustmenttoadjustthepropertysfederaltaxpositionfromthestraightHline 40Hyeardepreciationtothenewaccelerateddepreciationmappedoutina costsegregation study. ShortHtermdepreciableitemsarethenputthroughacorrectionscheduleandthe overpaymentintaxisreturnedtothepropertyownerinequalincrementsoverthenext fouryears.forexample,ifthebuildinghasbeeninaportfolioforfiveyears,allthe "fiveyear components"shouldhavebeenfullydepreciated,butinsteadonly5/40were
4 depreciated.theownermaynowrecoupthe35/40remaininglifespreadoverthenext fouryears."sevenhyearcomponents"inthisscenariohavebeen5/40depreciatedbut shouldhavebeen5/7depreciated. Providingaconstructionallowance AnothercostHsegregationsavingstechniqueisforabuildingownertoprovidea constructionallowancetotenantsfortenantbuildouts(improvements).thebuilding ownerchargesthe tenantmorerentbecausetheownerisprovidinganimprovedspaceandtheowner capturesthefederaltaxdepreciationbenefitfromtheimprovementsanda costsegregation analysis. OncethecostHsegregationstudyiscomplete,theresultsaremethodicallyreorganized intothreeotherusefulreports: 1.Propertytax 2.FixedHassetanddeferredHtaxliabilityandassetmanagement 3.Insurablevalue Imaginefindingoutthatyourpropertyvalueislowerthanwhattheassessorhas recordedandthatyouhavebeenoverpayingyourpropertytaxes!theownercan fileforarestatementandifapplicable,arefund.atthesametime,theownercan makesurethefacilityisinsuredforasmuchasisactuallyappropriate.for example,parkinglotsandsidewalksdontburn,sowhyincludetheminafire insurancepolicy? Agoodrelationshipwithanestablished,experiencedcostHsegregationprovideris importantsothat,iftheirsinquiresaboutacosthsegregationstudythreeormoreyears
5 downtheline,theprovideriswillingandabletostandbehindthework AResourceforCostSegregationStudies TheInternalRevenueServicehasissuedaCostSegregationAuditTechniquesGuide, whichwasrevisedasofjanuary14,2005.theguidestableofcontentsisavailableat theirswebsitehttp:// Webpage,eachchaptercanbeaccessedbythelinksprovidedinthetableofcontents. Thechapterscover: 1.LegalFramework 2.PrincipalElementsofaQualityCost SegregationStudyandReport 3.ReviewandExaminationofaCost SegregationStudy 4.Appendix 1)UniformCapitalization 2)ChangeinAccountingMethod 3)DepreciationOverview 4)RelevantCourtCases 5)StatisticalSampling 6)ConstructionProcess 7)InformationDocumentRequests 5.IndustrySpecificGuidance 1)Casinos 2)Restaurants 3)RetailIndustries AgoodcostHsegregationstudyisbasedonwellHfoundedinterpretationsoftheInternal RevenueCodesections,applicablecourtcases,andrevenuerulings.Thecost segregationprofessionalshouldbeabletodemonstratetherelationshipoftheanalysis torelevantlaws,rulings,andprecedentsassupportforthepositionsrecommendedin qualifyingcomponentsasaccelerateddepreciableproperty. William$J.$Barnes,$CPA,$CFP,$CDFA$MST,$is$currently$the$Senior$Tax$Compliance$ Officer$at$Groen,$Kluka$&$Company$Troy,$Michigan.$In$addition,$Ralph$Consola,$Vice$ President$of$Marshall$&$Stevens,$contributed$to$this$article.!
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