Cost Recovery Solutions, LLC
November 2007
Depreciation News You Can Use   
Cost Recovery Solutions, LLC unveils its monthly newsletter to better serve the business community.
Quick Tip
If any of your clients are currently constructing leasehold improvements that qualify for a 15-year recovery period (see November 2007 Technical Update), urge them to place the improvements in service before January 1, 2008 to take advantage of this provision.
Ask The Experts

Q: My client purchased a retail strip mall in 2003, but I don't want to file an amended return. Is cost segregation still a viable option for my client?

A: Yes. Your client does not need to file an amended return to claim catch-up depreciation. The IRS has ruled that this is an automatic change in method of accounting and only requires a Form 3115 to be filed with the return. The entire catch-up adjustment will be realized in the tax year of filing.


To submit a question, please email: newsletter@CRScostseg.com
Technical Update

Interior Fit OutThe Tax Relief and Health Care Act of 2006 extended the special statutory 15-year recovery period for qualified leasehold improvement property for two more years, to property placed in service before January 1, 2008. Prior to the passage of this Act, this provision was set to expire on January 1, 2006. Please contact your qualified cost segregation provider to assist you in determining the appropriate depreciation method and recovery periods.  
CRS In Your Neighborhood

CRS is proud to announce that we will again be supporting the local NJSCPA chapters by exhibiting at the following 2007/2008 NJSCPA Chapter Tax Seminars:

November 3, 2007 Essex Chapter
November 3, 2007 Hudson Chapter
November 3, 2007 Morris/Sussex Chapter
November 17, 2007 Bergen Chapter
November 17, 2007 Middlesex/Somerset Chapter
November 30, 2007 Mercer Chapter
December 1, 2007 Union Chapter
December 7, 2007 Southwest Jersey Chapter
January 5, 2008 Monmouth/Ocean Chapter

Be sure to stop by our table and enter the drawing for our giveaway. We look forward to meeting you. For more information or to register for any of the seminars, click here: http://njscpa.org/members/education/index.cfm
The CRS Advantage

Cost Recovery Solutions, LLC (CRS) is a specialized engineering/tax firm trained exclusively in the unique discipline of Cost Segregation. CRS has distinguished itself as an industry leader by providing their clients with a seamless integration of cost segregation into their business. We are the cost segregation provider many accounting firms employ as their cost segregation resource due to our unique qualifications which include:

  • Our tax director has lectured extensively on the topic of cost segregation including his recent presentation at the AICPA national Practitioner's Symposium
  • The IRS consulted CRS in developing their current Audit Techniques Guide on cost segregation
  • Our engineering director is one of a small group of accredited senior appraisers (ASA) in the the disciplines of both 'Cost Surveys' and 'Machinery and Equipment' from the American Society of Appraisers
Contact Us
For more information or a complimentary projection of benefits, please contact:

Jerry Kootman
Managing Tax Director
jerry@crscostseg.com

Cost Recovery Solutions, LLC
www.crscostseg.com
407 Main Street
Metuchen, NJ 08840
Ph:  (732) 548-3855
Fax:(732) 549-8844
 Jerry Kootman
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