A Comprehensive Fixed Asset Review is a powerful tax planning strategy that evaluates a taxpayer’s entire depreciation schedule to find a multitude of opportunities to accelerate deductions and vastly improve cash flow. While this strategy includes reviewing assets for missed cost segregation studies, for taxpayers with numerous assets, this is a vastly superior planning idea since it reviews all assets for a multitude of opportunities, including:
Our fixed asset analysis technology was designed in-house and is exclusive to ICS Tax. It has been used to complete hundreds of successful projects for manufacturers, financial institutions, telecommunication companies, retailers, property investors and numerous other taxpayers operating in a wide variety of industries.
Sample reports from of our proprietary software:
ICS identified over $5M of accelerated tax deductions for a yearbook and class ring manufacturer. Significant opportunities include treating HVAC equipment installed to keep printing equipment from overheating as personal property rather than real property, identifying repair expenses that were capitalized, and claiming energy efficiency tax incentives.
Our team of specialists is highly experienced in performing Comprehensive Fixed Asset Reviews and have done so for both small businesses as well as Fortune 500 companies. Our proprietary software can upload assets from any depreciation system, quickly review asset depreciable lives, methods and conventions using automated analysis tools, and identify potential opportunities. Our software has a power depreciation system that compares how depreciation is currently calculated to our preliminary analysis. We calculate the additional deduction and additional cash for the current year, the net present value of benefits, and the §481(a) adjustment used on the Form 3115, Application for Change in Accounting Method.
We do this preliminary analysis completely free with no obligation.
If engaged to perform the study, we will perform necessary site visits, review construction documents, conduct interviews, analyze invoices, and do all necessary steps to confirm and document our positions on identified opportunities. We can draft necessary Form 3115s and with our proprietary software, assist in making changes in the fixed asset system. If the study is audited, we provide free audit support.