by Dave McGuireMay 2, 2024

Leverage depreciation planning to mitigate tax legislation uncertainty

In his latest piece in Accounting Today, Dave McGuire discusses leveraging depreciation planning to mitigate tax legislation uncertainty.

CPAs and their clients have been dealing with uncertainty surrounding Section 174 legislation for the last few years. Under the Tax Cuts and Jobs Act of 2017, research expenditures under Section 174 were required to be amortized over five years starting in 2022. This ruling negatively impacted taxpayers in manufacturing, engineering and other industries. Due to the punitive nature of this provision, few tax experts or legislators ever expected this to come to reality. Unfortunately, as of today, the federal government has not been able to fix this provision.

Read the full article.

David McGuire is a leading expert on cost segregation, fixed assets and depreciation law and a co-founder of McGuire Sponsel. McGuire continues to grow McGuire Sponsel’s national presence in cost segregation and depreciation.

He is the primary resource for alliance firms in regards to how tax law affects depreciation. His knowledge in determining asset costs and classifications has held up against IRS scrutiny and has built the firm into a trusted industry resource.