Fixed Asset Review

The objective of the WTAS fixed asset review is to maximize tax depreciation deductions and increase cash flow. It is a challenge for companies to keep up with constantly changing tax rules and court cases that affect asset depreciation methods based on the classification of property. The analysis that WTAS performs focuses on uncovering missed depreciation deductions and ensuring that these deductions are captured and taken into account on your company’s current tax return filing. In addition, a fixed asset review can help your company clean up its fixed asset ledger thereby helping to mitigate audit risks.

WTAS’ fixed asset professionals have many years of industry and public accounting experience and are highly qualified in the areas of accounting methods and periods, classification of tangible and intangible property, and tax treatment of tangible and intangible assets resulting from transactions such as acquisitions and reorganizations. Our professionals include engineers, statisticians, accountants, appraisers and former IRS engineers who have in-depth knowledge of the tax laws in the area of fixed assets.

Our fixed asset professionals also have extensive experience working on federal and state audits as well as assisting clients with negotiation and issue resolution. Our approach is focused on minimizing the impact and costs of completing a fixed asset review through the use of various tools and methods including, when applicable, statistical analysis.

Some of the services we offer include:

Capital vs. Expense Review

A WTAS capital versus expense review can generate significant tax benefits by identifying, supporting and quantifying costs that were capitalized improperly for federal income tax purposes. This is done by identifying costs which can be expensed under existing tax laws and IRS guidance. Our team can assist taxpayers in applying for a change in accounting method and taking the current year “catch-up” deduction.

Cost Segregation Study

A WTAS cost segregation study can generate significant tax benefits by maximizing the reclassification of real property to personal property. The results of these studies can reduce federal and state taxes, as well as increase cash flow. Our combined engineering skills, accounting expertise, processes and tools ensure optimal results within existing tax rules.

Ghost Asset Study

A WTAS ghost asset study can generate permanent tax benefits by identifying and eliminating “ghost” assets from your company’s fixed asset ledger, thereby reducing the values for property tax assessments and reducing the chance of over-insuring nonexistent property.