Most taxpayers will have had recent discussions with their tax and other financial advisors as the recent corporate and personal tax filing deadlines approached and are now more familiar with key relevant changes of the Tax Cuts and Jobs Act of 2017 (TCJA). Now is the time for individuals and corporate entities alike to begin to develop their tax compliance and management strategies. For commercial real estate owners and investors, there are several advantageous features to consider. Cost segregation studies will continue to be key in identifying and substantiating preferred tax treatments.
In summary, there are significant potential tax savings, utilizing both cost segregation studies and the tangible property regulations. The ability to perform look-back studies as well as to potentially reclassify renovations that were previously capitalized to a repair expense can be facilitated without the need to amend previously filed tax returns.
Additional resource:CBIZ Eye on Washington Tax Updates connects you with timely analysis, articles, webinars and tax-related issues in the news.
Larry Rosenblum is a Managing Director in the CBIZ MHM Boca Raton office and CBIZ national Cost Segregation practice leader. For additional information regarding tax reform, cost segregation studies and other tax matters, feel free to connect with him at email@example.com or (561) 922-3006.