Is it legitimate?
Will it cause me to be audited by the IRS?
A CSS is neither a loophole nor an abusive tax shelter that puts an audit bull's eye on the taxpayer’s chest. Both case law and IRS pronouncements validate the proper use of a CSS. The risk to the taxpayer of being punished with penalties (the fraud penalty, the accuracy penalty or the gross undervaluation penalty) are greatly reduced by the fact that the IRS has issued detailed CSS audit guidelines —strictly adhering to them should provide the taxpayer a shield he can use should an overly aggressive IRS agent question a CSS.
In a 1997 tax court case, Hospital Corporation of America, the taxpayer successfully defended a CSS used to differentiate real and personal property. Subsequent to the ruling of the court, the IRS acquiesced to the use of a properly prepared CSS to re-determine depreciation from previous years. Later rulings and court cases have further affirmed and defined the technical methods, standards, and legal requirements for a CSS to meet IRS approval.
In the past, only the larger corporations, with their technical staffs and tax experts, could perform a CSS upon acquiring their properties. Only in the last few years have specialized firms arose that can bring the benefits of a CSS to individuals and smaller firms in a cost effective manner.
Why have I not heard of this before?
Confidentiality will be maintained for all proprietary client information, data, records, methods, practices, plans, and any other client details that we encounter while performing work.
On your request, we will provide you with a written confidentiality agreement from each person involved in your project prior to commencing the CSS work product.
What about the confidentiality of my information?
What is a free analysis?
The free savings analysis is a preliminary evaluation made available to eligible commercial property owners and qualified leaseholders, in order to determine the scope of the project, an estimate of the associated expenses to perform the Cost Segregation Study, and most importantly your potential for tax savings.
We should be able to provide this preliminary analysis within six weeks after we have received all the necessary information from you.
What can I expect with your study?
Click here to add text.GS cost segregation studies are performed by building and tax professionals with both the academic credentials and the depth of experience required for a study's acceptance by the IRS.
The first step is a preliminary evaluation made available, without charge, to eligible commercial property owners and qualified leaseholders, in order to determine the scope of the project, an estimate of the associated expenses to perform the Cost Segregation Study, and most importantly your potential for tax savings.
We should be able to provide this preliminary analysis within four weeks after we have received all the necessary information from you. Based on the findings, and with our mutual agreement, we continue working toward a proposal for the production of the Cost Segregation Study.
We then go into greater detail, collect additional information from you, and further analyze all data sufficient to prepare a final proposal, which includes a services agreement and engagement letter. The client services agreement and engagement letter provide, among other detail, our mutual responsibilities, the terms and conditions, the fixed fee schedule, any anticipated variable expenses, and the necessary authorization's to commence the study. With an authorized agreement, we begin work to produce the CSS.
A CSS study is a factually intensive analysis of properties and depreciation asset classifications, using applicable statutes, regulations, IRS pronouncements and judicial precedents. There are a multitude of factors determining each study. This being the case, each study is unique and cannot be used to determine the outcome of any other study. Typical cost "examples" are available to the public, from numerous sources, and are based on the experience of multiple firms, who have performed studies for several years, and for diverse property types. Your project may not be a typical "average" project.
You have our personal commitment to perform with the highest ethical and professional standards, and to generate work products of quality and integrity.
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