Many companies are unaware they have additional cash flow sitting around their business – sometimes literally. This is where a fixed asset depreciation analysis and review can be incredibly beneficial. While cost segregation focuses only on a building or facility as a whole, fixed assets include things like fixtures, equipment, furniture, machinery, vehicles, and land.
Frequently, these assets are misclassified due to routine changes in tax codes and regulations, adjustments for the age of the asset, and just a general lack of understanding what qualifies. Engineered Tax Services can step in and help you find the savings you already have in-house but unrecognized.
By participating in a fixed asset analysis and review, most companies will uncover significant cash flow that could be utilized through accelerated deductions on their tangible assets. The professional staff of ETS use their expert knowledge of accounting and engineering to seek out and identify the maximum deductions and savings available. We also determine the remaining useful life of the asset for classification purposes and budgeting as well as identify the asset’s salvage value.
The ETS fixed asset depreciation analysis and review takes a comprehensive look at your company’s assets and includes the following:
· Recommendation for appropriate depreciation vs. capitalization
· Revised depreciation schedules
· Comprehensive review by our licensed team of engineering and accounting professionals
· Form 3115 where applicable