Avoid missing tax depreciation benefits or creating costly tax compliance issues by properly addressing the tax challenges of your company’s fixed assets—which often compose a significant portion of the balance sheet.
Tax depreciation has become more complex due to tax-specific framework guidance for expensing and capitalizing costs, ever-changing tax depreciation laws, and the inability of antiquated enterprise resource planning (ERP) systems and software to incorporate current depreciation rules.
Explore solutions for your business with:
Identify opportunities to apply fixed-asset changes that can help provide immediate tax savings through accelerated tax methods for depreciation, repair and maintenance expenses, and other items.
An analysis can also help identify various compliance issues, and tax changes may be applied to assets placed in service in prior periods without amending tax returns.
Assessing the specific needs of your business, our professionals will guide you through each step of the process.
To visualize potential benefits, consider an analysis of assets placed in service during the last five tax years that reveals:
Through this analysis and corresponding accounting method change filing, the company can report an adjustment to catch-up on the missed depreciation and repair expenses on its current tax return, lowering its current tax liability.
Meet your fixed asset and depreciation reporting compliance needs with crafted solutions to account for fixed assets for federal, state, and other reporting needs throughout the year.
Fixed asset accounting can help your company in many areas:
To address your accounting needs, our professionals will:
Industries that can find fixed asset tax analysis and accounting services especially beneficial include:
Well-versed in tax law and deeply immersed in 30+ industries, our professionals understand how fixed assets are utilized in daily operations—allowing us to classify costs for recovery and to identify additional opportunities related to your capital expenditures such as cost segregation, fixed asset analyses, energy incentives, and more.
Specializing in various accounting method changes, our professionals understand how to identify the information needed to select an appropriate method for your business—working seamlessly with tax preparers to implement results onto federal and state tax returns.
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