Twenty years ago, the IRS, defeated in Tax Court by Walgreen's and the Hospital Corporation of America, changed the US Tax Code to reflect a revamped depreciation schedule for commercial property owners that were US taxpayers. The benefits to these tax payers were legion...yet 20 years later, less than 5% of eligible commercial property owning taxpayers take advantage of these "game changing" benefits. By my best guesstimate, this means that over 81 million eligible building owners are actually leaving over $500 billion in untapped tax benefits on the table...every year.
In 2006 I discovered Cost Segregation, quite by accident but the perennial entrepreneur in me quickly found a method to capitalize on same. I recruited one of my students in my entrepreneurship class to formulate a business plan in marketing Cost Segregation Studies on a revenue sharing basis with a half dozen qualified Cost Segregation Engineering firms and this classroom project was profitable from the start. Like most of my ventures, I sought to hand it off to qualified operators and move on. I kept my finger in the business and actually filed for Patent Pendings on several innovative uses of Cost Segregation in 2008.
Recently, I re-embraced my intrigue with Cost Segregation, especially when I learned that the multi-million dollar vacation villas in one of my latest ventures were eligible for the same tax treatment as commercial buildings, according to IRS Tax Code regarding Cost Segregation Studies. I partnered up with one of the finest providers in the country in the field and set about "inventing" new and unusual applications of Cost Segregation...structured to greatly benefit all who took my lead in these innovations.
Here's the point of this blog...so few people actually can even "get the point" of these developments. Of course, these new applications are brilliant (as I so modestly admit, lol) but if so few actually listen, understand and actually act upon this information...many, many people lose out. For those that simply settle for doing "business as usual"...that's exactly what they will get. For those bold enough to review what I have to say and take the steps to engage my professional providers with their own trusted advisors...they have everything to gain and nothing to lose.
Here's the simple facts everyone...CPAs CANNOT and have NEVER been able to perform Cost Segregation Studies. They simply are unqualified to do so. CPAs CANNOT read blueprints and have NO CLUE as to the intricacies of the Tax Code that allows only a veritable handful (couple of hundred US-wide) of Cost Segregation Engineers to perform IRS-sanctioned Cost Segregation Studies. Period.
In my new web site, I explore several veritable gold mines for some very unusual applications of Cost Segregation Studies. Check them out at: http://hlcostseg.com/alternative-uses-of-cost-segregation/
Can you believe that through my processes outlined here, the heirs to an unsettled estate can perform Cost Segregation Studies on their deceased benefactor's commercial property and vacation properties and wipe out much, if not all of the estate's taxes that will come due upon Final Settlement? Everyone dies and everyone pays taxes but guess what(?)...through this one unusual and perfectly valid process...one can even the playing field with the IRS and its tax grasping claws.
Here's my blog on this one...https://www.linkedin.com/pulse/tax-relief-from-beyond-grave-peter-burns?trk=mp-reader-card
What about you entrepreneurs and Ex-Pats and other successful business people that the IRS has unilaterally decided owe them even more "blood money" in the form of tax assessments? Well, if you or your company (partnership, et al) own qualified commercial properties, our experts (Cost Segregation Engineers and Tax Attorneys specializing in Tax Mitigation) can likely wipe out all or most of your negotiated settlement by instituting the Cost Segregation-generated tax benefits...again, putting a "Win" in the tax payer's scorecard for a change.
Finally, for now, what about all of you so-called Business Development Officers of valid 501c3 Charities? I know, from direct experience, that virtually 90% of your time is focused on literally "begging" for money from either existing Donors or soliciting new Donors to "beg" for donations. This is ludicrous and a complete waste of time. People...there are $500 Billion in untapped tax benefits each year that could be used to change the face of those in need. By simply applying my 8 year old "formula" of approaching your Charity's existing and future Donors to have Cost Segregation Studies on their eligible commercial properties and donate the tax benefit proceeds to your Charity...everyone wins. The extracted and legitimately owed tax benefits from the IRS to the commercial property owner and Donor is a veritable "double hit" for the Donor and a major score for the Charity.
So...Common Sense or lack thereof is a factor in those faced with these opportunities outlined on my new site http://hlcostseg.com/alternative-uses-of-cost-segregation/.
Get smart and reach out...there really is nothing to lose and everything to gain for those that consider what I have to offer here.