Uncover Hidden Opportunities in Depreciation and Capital Expenditures
A Fixed Assets Review involves an in-depth assessment of your company’s fixed assets to identify potential savings and ensure compliance with tax regulations. This review focuses on areas like asset classification, depreciation schedules, and capital allowances, helping your business avoid overpaying on taxes while maximizing deductions.
Analyze commercial building components to enable faster depreciation for items like land improvements and personal property.
Identify assets like plumbing, electrical, and HVAC systems that qualify for rapid depreciation, which are often depreciated too slowly.
Retroactively reclassify certain capital expenditures as repair and maintenance costs, such as roofing and parking lot repairs, to increase deductions.
Identify and deduct the remaining basis of “ghost assets” (e.g., removed roofs or HVAC units) that are still on your records but no longer in use.
Claim up to $5,000 in tax credits per eligible unit for new or renovated residences meeting energy-efficient standards.
Deduct demolition costs for building improvements under TPRs, instead of capitalizing with new asset costs.
Maximize immediate deductions by applying bonus depreciation, allowing you to write off up to 100% of certain new asset costs.
Accelerate amortization for intangibles (e.g., expired non-compete agreements) that are often misclassified.
Ensure you’re leveraging every tax benefit on your fixed assets.
Shift assets into faster depreciation categories to reduce tax liabilities.
Free up working capital by optimizing asset tax treatment.
Avoid costly errors or penalties from misclassified assets.
Gather asset records, depreciation schedules, and other essential documentation.
Review and reclassify assets to align with current tax codes and regulations.
Pinpoint potential tax savings, including missed deductions and overpayments.
Assist in filing amended returns or updating future filings based on findings.
Gather asset records, depreciation schedules, and other essential documentation.
Review and reclassify assets to align with current tax codes and regulations.
Pinpoint potential tax savings, including missed deductions and overpayments.
Assist in filing amended returns or updating future filings based on findings.
Properly classify assets to lower your tax burden.
Reveal potential savings through detailed analysis.
Align asset records with ever-evolving tax regulations to avoid penalties.
Especially beneficial for industries like manufacturing, retail, and hospitality with large or complex asset portfolios.
Perfect for businesses undergoing growth, acquisitions, or major capital improvements.
A hotel chain with 40 locations partnered with Renaissance Advisory to conduct a Fixed Assets Review. We identified numerous assets that qualified for accelerated depreciation, saving the client $6.8M in taxes. These savings improved cash flow and enabled reinvestment in property upgrades and new developments.
A large manufacturer sought Renaissance Advisory’s expertise to optimize their asset management. Our review uncovered underutilized assets and significant cost recovery opportunities, ultimately saving the manufacturer $2.4M. The savings allowed for machinery upgrades and production efficiency improvements.
A hotel chain with 40 locations partnered with Renaissance Advisory to conduct a Fixed Assets Review. We identified numerous assets that qualified for accelerated depreciation, saving the client $6.8M in taxes. These savings improved cash flow and enabled reinvestment in property upgrades and new developments.
A large manufacturer sought Renaissance Advisory’s expertise to optimize their asset management. Our review uncovered underutilized assets and significant cost recovery opportunities, ultimately saving the manufacturer $2.4M. The savings allowed for machinery upgrades and production efficiency improvements.
A Fixed Asset Review is an in-depth analysis of your business’s fixed assets to ensure accurate classification, depreciation, and tax treatment. The goal is to uncover missed deductions, overpayments, and tax-saving opportunities through optimized asset management.
Fixed assets include buildings, machinery, equipment, vehicles, computers, furniture, and other long-term business assets. We assess each to ensure accurate classification and depreciation.
By identifying missed opportunities for accelerated depreciation, reclassifying assets, and pinpointing overlooked deductions, the review helps reduce taxable income and increase cash flow.
The timeline depends on the size and complexity of your assets, typically taking 2-4 weeks. We provide a detailed timeline after the initial consultation.
Yes, businesses in any industry can benefit, especially those with substantial fixed assets or those experiencing growth, mergers, or acquisitions.
Yes. We can help file amended returns if we find discrepancies or opportunities for additional deductions during the review, even for previous tax years.
The review may impact future financial statements by adjusting depreciation and asset classifications. However, changes will be managed per accounting standards and tax regulations.
Don’t miss out on potential savings. Contact Renaissance Advisory today to learn how a Comprehensive Fixed Assets Review can help your business improve its financial performance. Our team is ready to assist you in uncovering hidden value and ensuring compliance with tax regulations.
© 2024 Renaissance Advisory All Rights Reserved.
© 2024 Renaissance Advisory All Rights Reserved.