A fixed asset review evaluates a company’s federal tax depreciation schedule over the last 20 years and assigns the appropriate tax lives to misclassified assets. While a cost segregation study focuses on buildings, a fixed asset review encompasses all fixed assets a company owns, including:
• property
• machinery
• furniture
• fixtures
• equipment.
Assets could be misclassified due to changes in case law, use of “book” lives for tax purposes or lack of the in-depth knowledge necessary to determine correct lives.
Benefits
A Gladstone Strategies and Solutions fixed asset review provides numerous benefits, including:
• Immediate results
• Increased cash flow due to accelerating deductions
• Precise reporting of book-tax differences
• Accurate tax fillings.