|VALUABLE PARTNER SUPPORTING THE FUNERAL HOME INDUSTRY
The benefit is derived through accelerated depreciation and the inherent expensing benefits available from the 2014 Tangible Property Regulations (TPR or Repair Regs). Now with the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES Act, there are further enhanced benefits and cost segregation companies are going to be even more in demand to provide source documents that help deliver these benefits.
Greg and John have personally assisted more than 150 funeral homes in 34 states. As members of the AL and TN Funeral Directors Associations since 2012, The Independent Funeral Group since 2013, and having exhibited at NFDA since 2013, CSSI became a Preferred Partner for Selected Independent Funeral Homes in 2017.
Cost Segregation has always been a valuable tool but became even more valuable with the passage of the Repair Regulations - Tangible Property Regulations (TPR), which became effective on Jan 1, 2014 and was the most sweeping Tax Code change since 1986. The regulation impacted every owner of depreciable property – essentially it dictates whether an owner gets to expense or has to capitalize expenditures. It is totally different from the past. A funeral home owner should have two goals. The first is compliance, the second is to benefit from expensing as much as authorized.
Because of the TPR complexities, nuances, and a lack of definitive guidelines, CSSI recognized that many building owners were not going to become compliant and take advantage of the tax savings without assistance from calculation specialists that can quantify the various components of a commercial building. With the more recent TCJA and CARES Act provisions, never have more accelerated deductions been available due to Section 179, Bonus Depreciation, Qualified Improvement Property, and the benefits available from the Tangible Property Regulations. And Cost Segregation became even more valuable again as we identify and quantify components eligible for all these.
If you own your building, you can send your Tax Asset Detail depreciation schedule and receive a free quantitative review. If you are anticipating renovations or building a new facility, you can call CSSI to discuss options to proactively plan to your firm's tax advantage.
Now is the ideal time to think about taxes and CSSI in collaboration with your own tax professional can help your firm navigate the tax law and find the greatest benefit for you.
Click this link to request a free analysis.