A Fixed Asset Review (FAR) is the process of examining and evaluating an organization’s fixed assets to ensure accurate tax reporting, proper management, and efficient utilization.
Fixed Asset Reviews allows companies to correct past tax depreciation schedules and current year expenditures to increase depreciation expense deductions, achieve compliance, and set a precedent for managing depreciation schedules going forward. While fixed asset reviews are not a new concept, the opportunities afforded to taxpayers by the Tangible Property Regulations, PATH Act, Tax Cuts and Jobs Act and CARES Act are highly complex and difficult to apply.
