Who Can Perform a Cost Segregation Study?
When it comes to performing a cost segregation study, choosing the right provider is crucial. Not only will a reputable provider ensure accurate and reliable results, but they will also help you maximize your tax savings and comply with IRS regulations. Here are some key considerations to keep in mind when selecting a cost segregation study provider:
- Expertise and Experience:
Look for a provider that specializes in cost segregation studies and has a solid track record. An experienced provider will have the necessary knowledge and skills to identify and properly allocate costs to the appropriate asset categories.
- Industry Knowledge:
Different industries have unique depreciation rules and regulations. Make sure the provider you choose understands the specific requirements for your industry and can tailor the study accordingly.
- Professional Credentials:
One of the most noteworthy advancements in the Cost Segregation landscape was the introduction of industry standards by the American Society of Cost Segregation Professionals (ASCSP) in 2009. For the first time ever, the ASCSP established professional certifications, setting a high bar for expertise and ethical conduct in Cost Segregation studies.
- References and Testimonials:
Request references or testimonials from previous clients. Hearing about their experiences and results can give you valuable insights into the provider’s capabilities and customer satisfaction.
Before making a decision, it’s essential to ask potential providers a few important questions:
- How do you determine the cost segregation study methodology?
Understanding the provider’s approach and methodology will help you assess their expertise and ensure their methods align with your specific needs.
- Can you provide examples of successful cost segregation studies you have conducted in the past?
This question allows you to evaluate the provider’s experience and track record.
- What is your estimated timeline for completing the cost segregation study?
Knowing the expected timeline will help you plan and manage your tax strategy effectively.
Partnering with a trusted and experienced cost segregation specialist offers several benefits:
- Increased Tax Savings:
A reputable provider will identify more accelerated depreciation opportunities, resulting in higher tax savings for your business.
- Compliance with IRS Regulations:
By working with a knowledgeable provider, you can ensure that your cost segregation study meets all IRS regulations and guidelines.
- Expert Analysis:
A specialist will thoroughly analyze your property and construction costs to ensure accurate asset categorization and depreciation calculations.
Remember, choosing the right cost segregation provider is a crucial step towards optimizing your tax benefits and minimizing your tax liabilities. Take the time to thoroughly evaluate potential providers based on their expertise, experience, and industry knowledge to make an informed decision.
The Source Advisors Advantage
The Cost Segregation landscape has evolved significantly over that past two decades. Now more than ever, property owners and accounting firms are seeking to work with established specialists such as Source Advisors.
In an industry where expertise and specialization are paramount, Source Advisors is proud to have a team that includes 13 ASCSP Certified members. While this number may seem small at first glance, it becomes highly significant when you consider that there are fewer than 50 Certified members across the nation.
Source Advisors remains committed to providing top-notch Cost Segregation services, leveraging our extensive experience and ASCSP-certified expertise to maximize your tax benefits.