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Simple Study Provides Long Term Tax Savings and Benefits for Property Owners

San Diego, CA (PRWeb) December 15, 2006 -- With tax season around the corner, commercial building owners and CPAs with commercial real estate clients still have enough time to take advantage of a cost segregation study. Doing so can potentially save them 10-15% of building costs within the first 5 years of ownership by reducing the company's current taxable income.

Cost segregation is an IRS-approved method of reclassifying components and improvements of a commercial building from real to personal property. This allows the assets to be depreciated on a 5, 7 or 15 year schedule instead of the traditional 27.5 or 39 year depreciation schedule of real property. All commercial buildings and tenant improvements in service after January 1986 are eligible for cost segregation savings.

"Cost segregation is one of the IRS's cash-flow secrets that commercial building owners and those with significant tenant improvement should be utilizing to realize tax savings. A recent announcement by International House of Pancakes on their third quarter earnings states how the company saw $8.5 million more in cash flow this year compared to 2005, primarily as a result of a cost segregation study. Unfortunately, most companies and CPAs remain unaware of the benefits of this underutilized tax-planning tool," said Thomas Nelson of Cost Segregation Services Inc. in San Diego.

In 1997, the US Tax Court ruled that the practice of segregating building costs for tax purposes was allowed. In 1999, the IRS issued a Legal Memorandum, which stated that reclassification of assets into shorter lives would not be contested by the IRS (ILM 199921045.TNT 104-65 April 1, 1999). The Memorandum advises IRS field agents to confirm that the classifications are based on a detailed cost segregation study performed by qualified experts with appropriate technical skills. In 2004, the IRS reaffirmed the use of cost segregation when they issued the Cost Segregation Audit Techniques Guide to assist their examiners in reviewing such studies.

For more information about cost segregation studies, call 619-294-8822.

About Cost Segregation Services Inc:
Cost Segregation Services Inc. performs engineered cost segregation studies as an essential tax saving tool for commercial property owners with property valued at $1 million or greater. The company was founded by industrial engineer/economist Jim Shreve, who designed the study based upon the Cost Segregation Audit Technique Guidelines written by the IRS.

Press Contact:
Kristina Velarde
Runaway Brandit Inc.
(619) 325-0235 x305
http://www.runawaybrandit.com

Company Contact:
Thomas Nelson
619-294-8822

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