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Principal Elements of a Quality Cost Segregation Study and Report

Principal Elements of a Quality Cost Segregation Study and Report

Principal Elements of a Quality Cost Segregation Study and Report

May 15, 2019 Posted by Brian Lefever Resources

Elements of a Quality Cost Segregation Study

There is no such thing as a simple “formula” for a cost segregation study. However, understanding the principal elements of a quality cost segregation study and report is especially important so that you can successfully execute a study.

Fortunately, there is guidance out there. It’s called the IRS Cost Segregation Audit Techniques Guide (ATG). The purpose of the ATG is to provide guidance and steer IRS Auditors and taxpayers in the right direction of what would be considered a “quality” cost segregation study and report. “Quality” to the eyes of the IRS, is a report and study that is efficient and expedited during audit.

The ATG highlights the top elements that encompass a quality study and report.

The purpose of the ATG is to provide guidance and steer IRS Auditors and taxpayers towards a quality cost segregation study.

Summary of what a quality cost segregation study and report entails:

  • The study is prepared by a person(s) with knowledge of construction and tax law
  • The methodology used is described along with the steps taken to classify assets and determine costs
  • Proof of documents used to classify assets and determine costs
  • Consistency across the board with data and costs
  • Extensive legal analysis to support property classifications
  • Reconciling total allocated costs to total actual costs for accuracy
  • Reclassification of § 1245 Property and § 1250 Property
  • An executive summary and/or letter
  • Report describing the rationale of the study
  • Breakdown, exhibit, and methodology used for all costs

The takeaway here: if your cost segregation study includes the above elements, you can expect that your study will have an efficient and successful outcome if it is audited.

For more information on how Titan Echo leverages these elements in a study:

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About Brian Lefever

As VP of Operations - Brian is responsible for continuous product development for Titan Echo. Proudly engineering a simple and cost effective solution for CPAs to provide Cost Segregation benefits to their clients.

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