McGuire Sponsel adds Property Tax to Fixed Asset Services Practice
Relationship Managers, Mike Hammel, MAcc, and Craig Wilhoit, sit down to overview tax planning, how we handle it, how we approach the market, and some of the trends we’re seeing today with recent tax legislation changes.
TJ Sponsel and David Seibel, EA, join the podcast this week to discuss the recent IRS guidance on Section 174 and overview our efforts to bring a resolution.
On July 20, 2023, the Internal Revenue Service (IRS) released Chief Counsel Advice Memorandum AM 2023-005, which provides further guidance for determining if an employer qualifies for the Employee Retention Credit (ERC) through a full or partial suspension of operations due to a supply chain disruption.
Dave McGuire and David Seibel, EA, discuss where Section 174 stands today and provide guidance on how to move forward.
Mike Hammel, MAcc, joins the podcast to discuss leveraging specialty tax services for government contracting.
In his latest piece in Accounting Today, Dave McGuire discusses the effect that reducing bonus depreciation has on cost segregation.
As we approach the midyear point for 2023, it is a good time to revisit where certain aspects of specialty tax stand. Between amortization requirements for 174, leveraging down of bonus depreciation, and all changes under the IRA for energy incentives, it is a complicated year for CPAs and your clients. In this webinar, we will review the major changes, discuss how these changes can be used as planning opportunities, and discuss legislative efforts to update and change these provisions.
On June 13, 2023 the House Ways and Means Committee voted to pass the “Build It in America Act.” This legislation, which passed along party lines 24-18, includes extensions to multiple expired business provisions, including the ability to deduct 174 expenses.
In his latest piece in Forbes, Dave McGuire discusses the Inflation Reduction Act of 2022 (IRA) signed into law by President Biden in August of 2022; the law created new credits and concepts, including prevailing wage and apprenticeship requirements. With the dust beginning to settle on the law and updated IRS regulations, it’s a good time to look at how businesses can access the incentives in this law.
Firm expands fixed asset services expertise with property tax services
“In recent years, firm leadership identified the need for property tax consulting services within our alliance network and client portfolio,” said Managing Shareholder TJ Sponsel. “Our Property Tax Services practice is built to complement the firm’s growing real estate clients as the team analyzes and identifies potential property tax savings opportunities.”
Property tax industry expert Ken Zdrok has joined the firm’s Fixed Asset practice to lead the service. The focus of the practice will leverage Zdrok’s wealth of knowledge and decades of experience in the field and will focus on real property tax appeals.
“I am excited to join McGuire Sponsel’s Fixed Asset Services practice,” said Zdrok. “I’m pleased to leverage my extensive property tax experience with a growing firm and look forward to being part of the firm’s practice leadership as we continue to be a dynamic resource to our alliance partners.”
To learn more about McGuire Sponsel’s Property Tax Services practice, join Dave McGuire and Ken Zdrok on Thursday, November 9th at 1pm ET for a webinar as they discuss Real Estate Tax Issues to Consider for 2024.
In this webinar we will discuss ways to lessen this risk by managing federal tax on real estate as well as local property tax issues. We will discuss how changing economic decisions can affect property tax valuations, as well as how changing use in real estate can affect depreciation deductions. To register, visit mcguiresponsel.com/propertytaxwebinar.