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December 2007
Depreciation News You Can Use
A monthly newsletter to better serve the business community.
 
Quick Tip
"The cost of resurfacing or applying sealcoat on a parking lot is a current expense. (Toledo Home Federal Savings and Loan Assn., DC Ohio, 62-1 USTC ¶9366, 203 FSupp 491; W.K. Coors, 60 TC 368, Dec. 32,003 (Acq.))" 2007 U.S. Master Depreciation Guide, CCH, Chicago, IL, 2006, p28
Ask The Experts
Q: I am a CPA and have performed cost segregation for my clients. Why would I need to hire a "cost segregation" company?

A: The IRS requires that a cost segregation study be performed by "qualified" individuals or firms, such as those employing "personnel competent in design, construction, auditing, and estimating procedures relating to building construction." This unique skill set is necessary to maximize depreciation deductions and savings to your clients while following the requirements outlined by the IRS.

To submit a question, please email:
newsletter@crscostseg.com
Technical Update
Eli ManningPassive losses; NOT always passive
It is quite common for a taxpayer's business to lease space from a related entity. One common example is when a medical practice leases space from a partnership consisting of the medical practices' doctors.

In many instances, the losses generated by the rental activity are considered passive losses. However, with proper planning, the losses from the rental activity can be considered non-passive and be applied to offset the income of the taxpayer's business and its individual partners.
CRS In Your Neighborhood

CRS is proud to announce that we will again be supporting the local NJSCPA chapters by exhibiting at the upcoming 2007/2008 NJSCPA Chapter Tax Seminars:
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 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 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
Phone: (732) 548-3855
Fax: (732) 549-8844
 Jerry Kootman
 
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