Tag: Tax Savings

IRS Notice 2017-6 Creates Window of Opportunity to Unlock Tax Savings for Some Taxpayers

The IRS issued Notice 2017-6 to extend the time to make certain changes to comply with the tangible property regulations. This includes making accounting method changes for repair and maintenance expenses, depreciation, and certain property dispositions. This extension may present a significant opportunity to unlock tax savings for taxpayers who previously made accounting method changes

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SAVINGS UNDER THE TANGIBLE PROPERTY REPAIR REGULATIONS

The Final Tangible Property Repair Regulations are here to stay and provide significant benefits to taxpayers. Under these “TPR’s,” taxpayers must account for their annual expenses relating to: Materials & Supplies Repairs & Maintenance Routine Maintenance Improvements to Tangible property Depreciable Assets The Final Repair Regulations affect your day-to-day accounting processes which is why it

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tax savings

Cost Segregation for Tax Savings

Cost Segregation Services are IRS-sanctioned techniques allowing businesses to accelerate depreciation on their facilities. In short, Cost Segregation Services and Cost Segregation Studies can substantially reduce income taxes by increasing depreciation allowances. However this process is a little more complicated than simply deciding to reallocate assets or claim a shorter depreciation period and then running the

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