25
Jan
2023
Mineral Wells
Southside Church of Christ
1401 S.E. 25th Avenue
Mineral Wells, TX 76067
United States of America

Harris Brooks is guest speaker this week, talking about his company, CSSI (Cost Segregation Services, Inc.)

 

Brooks said the company was founded as a cost segregation firm, however, "we really are larger than that. We like to think of ourselves as an engineering-based consulting firm specializing in the tax laws surrounding commercial buildings. We want to use the tax laws to expense expenditures as repairs and when clients must capitalize items, how to reduce or defer their tax burden. We provide results related to the Repair Regulations, Qualified Improvement Property, Partial Asset Dispositions, R&D studies, and Cost Segregation."

 

Many CPAs do straight line 39-year depreciation on buildings when you build or buy new buildings, or they might pick out some “low-hanging fruit” to accelerate. We work with building owners and their CPAs to do an Engineering-Based Study and breakout components into 5-, 7-, and 15-year life categories to accelerate depreciation. Basically, any business that has a building and is “for-profit”, (not churches, schools, public hospitals etc.) CSSI works with all types of businesses (hotels, car dealerships, RV Parks, restaurants, manufacturing, storage units, medical offices etc.) 

If you know any building owners that have built in the past few years or purchased existing in the past few years and have a minimum of $250,000 invested in the building it usually makes sense.