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IRS audits
2022 is the Final Year to Get 100% Bonus Depreciation. On January 1, 2023, the bonus depreciation rate will be changed to 80%, after that it will be phased out by 20% each year. The Tax Cuts & Jobs Act of 2017 (TCJA) was the most extensive tax code overhaul in three decades. Among the...
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Should I worry if I am audited? Like other tax records, cost segregation studies are subject to IRS audits.  Therefore, it is essential to start with an engineered cost segregation study. Some people worry that having a cost segregation study will trigger an audit, but that isn’t the case. And often, your cost segregation study...
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Some companies will try to save money by having cost segregation studies performed in-house by company employees rather than a professional in the industry. Unfortunately, this comes with a significant drawback—In-house studies are often viewed with more scrutiny by the IRS Boddie-Noell Enterprises, Inc. v. the United States[1] In 1996 Boddie-Noel Enterprises, Inc. sued the...
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