NY State passes bill to encourage roofs
that cut energy, reduce sewage overflows

Looking out onto the rooftops of the New York City, not only will you see solar panel systems populating the space but in the past couple years green vegetative roofs have started to become popular as well.

Green roofs offer many benefits to the environment, humans and wildlife. Green roofs, also known as “living roofs,” are essentially rooftop gardens consisting of a waterproof membrane entirely covered with a growing medium and vegetation. These roofs tend to be environmentally friendly. Research shows that mobile species, such as birds and invertebrates, co-exist on green roofs. These colorful gardens offer a home to wildlife and compensate for much of the harm done to the environment by overpopulated cities.

Green roofs also offer the following benefits:

• Vegetation and soil layers add an extra layer of insulation to roofs, reducing heating and cooling costs.
• They add usable space to the roof and increase the building’s property value.
• Vegetation and soil layers protect roof membranes from ultraviolet radiation, extending the life of the membranes up to twice as long as a conventional roof.
• The soil provides additional insulation to the roof, reducing heating and cooling costs approximately 10% to 30% and allowing the building to use smaller HVAC equipment.
• The vegetation and soil layers reduce noise from traffic, planes, machinery, and other sounds for building residents.
• The vegetation improves air quality from oxygen/carbon dioxide exchange.
• The soil absorbs rain, reducing storm water runoff.
• Reduce cooling cost by keeping the roof top at ambient temperatures
• Reduce carbon dioxide in the air
• Offer additional usable space in your building for a respite from the city

In 2008, the State of New York announced a one-year property tax credit of up to $100,000 to support Green Roof installations. Whether your facility’s plans include a roof replacement, or you are interested in helping the NY environment, consider taking advantage of this program!

Urban areas of New York generate considerably more storm water runoff than natural areas of the same size due to a greater percentage of impervious surfaces, such as roofs, that impede water infiltration. Green Roofs aid in mitigating storm water runoff, and the property tax credit is designed to improve the infrastructure of storm water management.

About the Tax Credit:

• This is a one-year property tax credit
• The Credit is for $4.50/square foot, up to a maximum of $100,000
• $4.50/s.f. can represent 20%-30% of the costs associated with building a green roof 

Who Qualifies:

• The building must be located in the state of NY with city populations of 1,000,000 or more
• The Green Roof must have at least 2″ of growing media
• The Green Roof must cover at least 50% of available rooftop space
• Building owners may apply for the credit beginning January 1, 2009 and ending December 31, 2012

A green roof is not suitable for every building. A host of factors must be considered, such as the construction and condition of the existing roof, its load-bearing capacity, zoning restrictions, and code compliance. A feasibility study should first be conducted to determine if the building is a candidate for a green roof, and if so, which type of green roofing system is most suitable for that particular building.

Green roof tax credits are available in other cities as well. Please contact us for more information.

The Author of this post, Joel E. Ackerman, CPA, is Director of Business Development for the Northeast for Engineered Tax Services, Inc. He earned a Masters degree in Tax from C.W. Post – Long Island University and a Bachelor of Science degree from Syracuse University. With over 16 years of experience in public accounting, Joel specializes in engineering-based real estate tax products such as cost segregation studies and energy efficiency studies.  He is active in the local CPA community and serves on the Board of Directors for the Suffolk County chapter of the New York Society of Certified Public Accountants. He is currently planning a series of seminars for the Suffolk and Nassau County Bar Associations on the benefits and technical aspects of real estate related tax and engineering opportunities.

At Engineered Tax Services, we take a great deal of pride in the services we perform and our people. 

To showcase the talented individuals who energize our clients and are a credit to our company, we’ve developed a six question interview.

Today, we’re getting heavy vibes from Debbie Deioma Danto, our Interim COO. 

Q1:  Prior to working at Engineered Tax Services, what job did you have that was most enjoyable?

Debbie:  Developing and test marketing new Pizza Hut and Arby’s products were probably the most fun, but the most relevant job to what I am doing now was taking over operations for a small $3 million manufacturing company and reducing lead times from three months to three weeks.  It took a lot of hard work but was enjoyable with respect to the sense of accomplishment.

Q2:  What green energy or green building initiatives are you most excited about witnessing the emergence of over the next ten years?

Debbie:  I am most excited about the initiatives and incentives for reduction in energy use in commercial buildings and homes. There are simple solutions that make economic sense, eliminating waste of energy, reducing energy costs and increasing the asset value of the buildings.  I am hoping for more incentives to motivate owners to implement solutions, which will also provide more jobs.

Q3:  What would you most like to accomplish over the next ten years (personally or professionally)?

Debbie:   Professionally − building and growing a small company to $50 million and profiting from it. Personally − travel to my top five destinations with my husband and give 5 to 10% of our income and time to our favorite charities for children and pets in need.

Q4:  Architecturally speaking, what building, structure or city captures your heart and why?

Debbie:  Barcelona and Rome…the architecture, along with the history, in these cities is simply amazing.

Q5:  Where have you visited that you would most like to return to and why?

Debbie:  Italy…appeals to all the senses…architecture, people, food, wine, great memories, etc.

Q6:  What skills or interests do you possess that you think would surprise your co-workers or clients?

Debbie:  I am an athlete…an ice skater growing up and I can still spin and jump…I may be able to still pull off an axel.  I also like to run 3 to 6 miles and ski black diamonds.  I used to think I had a pretty good Bill Cosby impression but my husband disagrees.

Join Clifton Gunderson at The Ritz-Carlton, Denver for a Luncheon on Wednesday, June 23, 2010  (11:00 am – 1:00 pm MT) -  to learn more about this tax deduction and the benefits it could provide to your business.  

This course has been approved by the U.S. Green Building Council for one hour of continuing education credit (qualifies for LEED Professional Credential maintenance).

Did you know that architects and engineers may be eligible for a federal tax benefit of up to $1.80 per square foot for the design of energy-efficient public or government-owned buildings placed into service after January 1, 2006?  Benefits originally awarded to architects and engineers through the 2005 Energy Policy Act have recently been extended through December 31, 2013.

Directions
The Ritz-Carlton, Denver
Fall River Ballroom
1881 Curtis Street
Denver, CO  80202
303-312-3800

About the Speakers

Norbert H. Crabtree, Engineered Tax Services, Director of Business Development
Specializing in tax incentives and green initiatives that require engineering expertise and has been providing engineering based tax strategy solutions to the architectural and accounting professions for  more than 10 years .  He consults to Fortune 500 clients and regional accounting firms on the most  tax initiatives available. Mr. Crabtree is currently certified for Continuing Professional Education syllabus development and instruction by the National Association of State Boards of Accountancy and the United States Green Building Council.

Mike Noyes, Clifton Gunderson, Senior Manager
With nearly 30 years of experience, Mike brings his extensive background in engineering, construction and cost estimating to Federal Tax Depreciation (including Fixed Asset Depreciation Studies, Cost Segregation Studies) and Energy Efficient Commercial Building (Section 179D) certifications. He has performed studies in various industries including restaurants, banking, retail, manufacturing, medical, general office space and multi-family residential.   Mike is a licensed Professional Engineer in the State of Colorado and has earned a Bachelor of Civil Engineering, an MBA and a JD.

Who should attend

• Chief Executive Officers
• Chief Financial Officers
• Controllers
• Owners of Architecture and Design Build Firms
• Internal Audit

Food/Refreshments

Lunch will be served

Need further information?

For information on course enrollment or administrative policies on course refund or complaints, please contact Molly Boyer at (303) 466-8822 or via e-mail at molly.boyer@cliftoncpa.com.

Please join us on June 29 at 2:00pm for this special webinar, presented by our esteemed Advisory Board member, August Aquila.

In this webinar, August will discuss the “Seven Deadly Sins” that lead to partner complacency and lack of accountability – and how to overcome them. This is a hands-on webinar and August will share with attendees ideas that he has witnessed as being successful, and some that haven’t.

You won’t want to miss this webinar. It is applicable to all professional service firms and business owners in any industry.

This webinar is proudly presented by:

August J. Aquila, PhD
August is the CEO of Aquila Global Advisors, LLC, which specializes in succession planning, mergers and acquisitions, compensation plans and strategic planning. He serves on the Advisory Board for Engineered Tax Services.

He also heads up Chantrey Capital Advisors, Inc. which specializes in helping privately-held businesses between $4 and $30 millions in acquiring or selling firms.

Accounting Today has described August as one of the profession’s key strategic thinkers. In 2003, August was inducted into the Accounting Marketing Association Hall of Fame. His CPA client firms range from revenues of more than $110 million to as small as $1 million.  What differentiates August from other advisors is his unending devotion to implementation and his in-depth knowledge and experience in the areas of strategic planning, compensation, succession planning and mergers and acquisitions.

August has been involved in more than 150 mergers or acquisitions. He is highly sought after as an advisor for succession planning and mergers and is a frequent speaker at AICPA and State Society meetings on succession.

 
Engineered Tax Services is pleased to announce that Kim Zillman, a member of the ETS sales and research team since January 2007, is now stepping into her new role, as Client Relations Manager.

Kim is clearly up the task of ensuring that ETS clients are updated and satisfied at each and every stage of the service process.  As a company that places great emphasis on building long term relationships with our clients, ETS has carefully chosen the right person to manage relationships for a diverse array of clients, including commercial property owners, leaseholders, designers, consultants and CPAs.

Kim has a strong background in real estate and holds a Florida  Real Estate Broker’s license.  Her 20 years of experience in a variety of real estate transactions enable her to have a solid and practical understanding of the importance that Cost Segregation and Energy Tax Benefits have for ETS clients.  Kim is a member of the Florida Board of Realtors and the National Association of Realtors. Personally, she enjoys helping people and is a passionate advocate for animals.  In her leisure time, she loves being at the beach, golfing, swimming and scuba diving.

You can reach Kim at:

Kim Zillman
Client Relations Manager
Engineered Tax Services, Inc.
Phone: 1.561.253.6640
Email: kim@engineeredtaxservices.com

Learn about Top Underutilized Tax Strategies to Increase Cash Flow.  Property owners are challenged with reduced occupancy and rent rates, and are looking at the expense side of the equation to increase cash flow.  Millions of dollars are available within the walls of commercial building through the following tax strategies:

1.  Cost Segregation
2.  Energy Tax Benefits
3.  Repair and Maintenance

Get an understanding of these tax strategies and how to maximize the amount of benefits allowed, which properties are eligible.  Case studies are provided.

Join us Thursday, June 24th – 8:30 a.m. - 9:30 a.m.
RAGFL West Auditorium (5850 Hiatus Road, Tamarac, FL)

This is a Free event that includes continental breakfast
Presentation by Debbie Danto, LEED AP, MBA

To register:  call Maureen at 954-563-7261

Engineered Tax Services is pleased to announce the placement of Brian Gilboy as the new National Director of Business Development, specializing in client development, relationship management and strategic direction.  As a successful business owner, company leader and trusted advisor, Brian thoroughly understands the financial needs of a business.  He is passionate about helping businesses capture  tax benefits found in energy- and real estate-related tax incentives, often facilitating immediate cash flow and near-term to intermediate growth. 

Brian has over 15 years of experience helping organizations accomplish business results and maximize profitability through financial and human capital solutions.  During the last 4 years, Brian has partnered with CPA firms, architects, attorneys and real estate investors capture over $50M in tax benefits through cost segregation, Energy Certification, R&D tax credit and WOTC programs.   Brian earned a Bachelor of Science degree in Advertising from Bradley University in Peoria, IL.  He is actively involved in his community and regularly participates in local ICPAS and USGBC events.

TAX FLASH:  If there is a net loss generated from the cost segregation study, that loss can be carried back.  A net operating loss (NOL) is the excess of business deductions (computed with certain modifications) over gross income in a particular tax year. The loss can be deducted, through an NOL carryback or carryover, in another tax year in which gross income exceeds business deductions.

In general, NOLs may be carried back two years and forward 20 years. However, if the taxpayer qualifies, the NOL can be carried back as far as 3, 4 or 5 years. The NOL is first carried back to the earliest tax year for which it’s allowable as a carryback or a carryover, and is then carried to the next earliest tax year. A taxpayer may elect to forego the entire carryback period for an NOL and instead carry it forward. This is significant because if there is tax dollars paid in prior years and the cost segregation study takes a company from being profitable for tax purposes to being in a net operating loss situation, the company can obtain tax refunds from the tax years still open by statute.

Recent tax courts cases have paved the way for R&M studies,
which are generating significant tax benefits for many business owners.

Engineered Repairs & Maintenance Studies

Through a thorough analysis of your expenses for repairs and maintenance, ETS can help you reduce your tax liability and improve cash flow by properly reclassifying these expenditures. First, we will identify which asset costs are not properly classified, then reclassify them as deductible repairs as defined by IRS Code Sections 162 and 263. Deductible repairs may include “incidental repairs” that help to maintain efficient operating condition but do not necessarily prolong its life, add material value or adapt the property for new or different use. Expenses incurred or paid for incidental repairs and maintenance are not considered as capital expenditures and may be reclassified to accelerate deductions in the current year. Click Here for full article.

Engineered Tax Services’ John Cummings and Julio Gonzalez will present concurrent sessions and record a podcast at The AIA 2010 National Convention and Design Exposition.

Thursday, June 10, 2010
Presentation 1: 12:30-1:00
Presentation 2: 1:00-1:30
Presentation 3: 1:30-2:00
Podcast: 3:30-4:00

Friday, June 11, 2010
Presentation 1: 11:00-11:30
Presentation 2: 11:30-12:00
Presentation 3: 12:00-12:30

John and Julio will cover the benefits available to architects and other designers under the Energy Policy Act.   The presentation will cover certification of government projects, what parts of the building are certified, guidelines on the specific requirements for each system, the steps necessary to achieve certification, the need for third party certification and examples of how millions of dollars are being saved each month by design firms under the act.