In his latest piece in Accounting Today, Dave McGuire discusses the changes resulting from the Inflation Reduction Act of 2022, including those affecting the 179D and 45L.

In his latest piece in Accounting Today, Dave McGuire discusses how businesses and professionals who plan for a recession will not only be able to weather these changes but also may be in a position to capitalize on opportunities as they present themselves.

In this webinar, Dave McGuire discusses how taxpayers can utilize depreciation and other timing issues to prepare for recessionary pressures.

Dave McGuire discusses the IRS Audit Technique Guide revisions and provides his thoughts on what practitioners need to pay close attention to in cost segregation moving forward.

Dave McGuire shares depreciation considerations for 2022 and how clients can make smart depreciation decisions to maximize value for their business.

Many real estate trends are dominating the market, including the growth of short-term rentals, a heated residential market, growth in industrial space, and an uncertain office environment. These trends combined with increasing inflation and interest rates makes planning for 2022 more complicated than ever.

MACRS consists of two separate systems for depreciation: the General Depreciation System (“GDS”) and the Alternative Depreciation System (“ADS”). GDS is far more common and well known compared to ADS. Although there are situations when a taxpayer may elect to use ADS, most taxpayers only use the alternative system when it’s mandatory. When ADS is required to be utilized, tax planning can become quite a challenge.

In his latest piece in Accounting Today, Dave McGuire discusses the recent demand for short-term rentals and how investors are increasingly attracted to these properties to generate passive income. However, investors and their CPAs need to be aware of the depreciation rules that apply to the short-term rental market.

Cost Segregation is an extremely valuable tax planning tool that provides significant savings to real estate owners by increasing cash flows through accelerating depreciation deductions, but widespread misconceptions around these variables often lead taxpayers to leave a large amount of money on the table. Read about five common cost segregation misconceptions that our experts regularly observe.

Property owners that plan to demolish a building in the foreseeable future are often surprised by the unfavorable tax consequences that result from the action. Fortunately, there are a few ways to work around these tax requirements, including the use of a general asset accounts (GAA).

Expanded 45L and 179D energy efficiency tax breaks have implications for real estate owners

By now, most people have heard of the changes resulting from the Inflation Reduction Act of 2022, including those affecting the 179D and 45L. But what do these changes mean in practice? Will the average taxpayer qualify for a larger deduction or credit, or will their eligibility drop?

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.