by Justin GephartJune 27, 2019

Relieving Staff Constraints through Fixed Asset Management

Finding and retaining top talent is a challenge that continues to affect the public accounting industry. As more accounting professionals make the switch from public accounting to work in the private sector, this problem will continue to rise. Many of our alliance partners are feeling the pressure to keep a high standard of service, but with limited resources. This not only puts pressure on remaining practice management leaders but also on being able to provide valuable client consultation.

We specifically see this in the oversight of fixed assets. Internal tax departments have become increasingly burdened with maintaining numerous asset ledgers, reports, and reconciliations. With the issuance of the Tangible Property Regulations, PATH Act and Tax Cuts and Jobs Act in recent years, Fixed Asset Management has become more complex and requires a refined focus to maximize deductions for clients.

Many discussions with firms across the country indicate a strong desire to free up their staff from fixed asset detail in order to increase interactions and proactive consulting opportunities with clients. As an all-encompassing specialty tax extension to CPA firms and their clients, McGuire Sponsel would like to provide the same high standard of service for Fixed Asset Management.

McGuire Sponsel’s Fixed Asset Management Practice provides an opportunity to remove this burden felt by CPA firms and internal tax departments. Our team performs the comprehensive management of capital expenditures for all tax and book purposes. This includes the processing of current year additions, disposals, and transfers of all fixed assets such as buildings, building improvements, leasehold improvements, land improvements, and fixed equipment.

McGuire Sponsel’s assistance with long-lived property decisions can identify areas that will increase cash flow through accelerated depreciation deductions and write-offs as a result of partially disposed assets. Our experts not only maximize the available benefit but also reduce the burden experienced by internal tax departments. Please reach out to our Fixed Asset experts for any inquiries or questions regarding Fixed Asset Management.