McGuire on the Wire Episode 52

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

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.

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).

In this episode, Justin Gephart discusses the state of the practice, and what challenges we expect to help our clients with next year.

McGuire Sponsel was contacted by a CPA firm to conduct a 45L study for newly constructed single family townhomes in West Lafayette, IN.

Cost Segregation studies are widely known to be a valuable tax planning tool for when property owners are acquiring, constructing or renovating a property. However, there are also other times that cost segregation studies can provide value that may be overlooked, such as when a step-up-in basis occurs.

McGuire Sponsel conducted a 179D study to confirm a new elementary school’s eligibility for the Energy Efficient Commercial Building Deduction.

In this episode, Dave McGuire shares his technical expertise on depreciation, how it impacts business decisions, and how CPAs can navigate the changing economic environment.

McGuire Sponsel conducted a Cost Segregation study for a distributor of fruits, vegetables, and plants.

Stories such as COVID, ransomware attacks, and the Champlain Towers attack have dominated the news – and CPAs should be paying attention. These types of events are increasingly relevant to our clients, and being aware of the impact on their businesses and industries is critical to remaining a trusted partner.