Posts Tagged ‘Accounting firms’

John Cummings - National Director of Business Development

How?  The first step is to “data mine” your tax software.  We have found on average when working with CPA firms that it takes about fifteen minutes for us to help generate a report that identifies a firm’s real estate clients that may have conducted energy upgrades to their buildings since 2006 in the fixed asset system.

The results have been nothing but astonishing.  On average, we have found five projects per partner with an average fee of $10,000 to generate the tax deductions that are available.  Once a CPA firm has generated a report from their tax software, we work with them to do a benefit analysis to see what the tax benefits will likely be for their clients. From there, the CPA firm simply contacts the clients with the good news about available tax savings.

The Energy Policy Act allows property owners up to $1.80 per square foot in tax benefits for energy efficient lighting, HVAC systems, roofs, windows or insulation installed in a building since January of 2006.  Property owners aren’t the only clients that benefit.  When the property in question is owned by a government entity, the tax benefits can be enjoyed by the designer of the building (architect, engineer, contractor or construction management firm) to reward them for the energy efficient design.  

Timing.  Fortunately, the IRS allows a taxpayer to go back three years to amend tax returns. That means there is still time to capture missed benefits even as far back as 2006, but the clock is ticking and soon 2006 opportunities will expire for good.   Five year net loss carry back rules enhance these benefits so the time is perfect to go through this exercise.

Examples:

Large Hotel in Florida – A certification of over a million square feet of new building placed in service in 2009 resulted in a tax deduction of $1.3 million for the taxpayer.

Architect in Washington – A portfolio of school properties from K through 12 yielded a tax deduction for the 2009 tax year of nearly $500,000.

The above examples are common.  In fact ETS performs several hundred studies every year and generates several million dollars in deductions every month.

The IRS requires that an independent licensed engineering firm certify the energy calculations. ETS serves as the professional engineering firm that is the resource to CPA firms nationwide. For virtually no cost and little investment of your time, ETS can likely identify many opportunities, leverage your client base for additional revenue in the 3rd and 4th quarter of this year and make your firm the area experts in this specialty tax service.

Engineered Tax Services (ETS) is the only qualified professional engineering firm that has its own licensed engineers, LEED Accredited Professionals, and experienced Certified Public Accountants on staff. We marry the science of engineering with the principles of tax and accounting to arrive at financial solutions that result in increased cash flow, minimized tax payments and maximum return on investment. These IRS-sanctioned services include Energy Tax Credits, Energy Policy Act Certifications, Cost Segregation Studies, Historic Tax Credits, Insurance Appraisals, Energy Audits and Renewable Energy Credit services. Our attention to detail is second to none. We meticulously follow IRS guidelines and go beyond the standards required. Our procedures, processes and final work product set the benchmarks that others strive to reach.

1.  ETS is the only nationally licensed engineering firm with licensed engineers and tax experts on staff who marry the science of engineering with the principles of tax and accounting.

2.  Our multi-disciplinary expertise and vast, specialized experience enable us to deliver unmatched quality and service continuity.

3.  We understand the IRS technical issues involved in energy tax incentives, including the benefit of donating the savings from public buildings to designers. 

4.  Nationally recognized as experts, we have been asked to participate in local, regional and national conferences by making presentations to share our knowledge and expertise in addition to being published.

5.  We have LEED Accredited Professionals on staff.

6.  Our reports are forensic, fully insured and provide audit defense.

7.  ETS is approved by NASBA to provide continuing professional education (CPE) on energy topics and by the USGBC to provide CE credits for LEED professionals.

8.  ETS is a member of ASHRAE and USGBC and is an Energy Star Partner.

9.  We have been engaged by the Los Angeles Community College District to certify over 250 buildings to benefit the local stimulus.

10.  We have worked with Fortune 500 companies, Top 100-ranked accounting firms, national real estate firms, world-renowned architects, and many of the top lighting firms in the country.

To learn more about how ETS is helping CPAs, contractors, real estate investors and many others take advantage of valuable energy-based tax benefits, or to request detailed information, please contact us at 1.800.236.6519 or visit www.engineeredtaxservices.com.

Millions of dollars in tax benefits are frequently buried
like hidden treasure within your firm’s client records.

Engineered Tax Services (ETS) works with you to uncover these treasures to provide additional revenue for your firm and substantial tax savings for your clients.

Real estate clients rely on your expertise to provide them with tax strategies, techniques for maximizing revenue and expense reduction alternatives. Our experience shows that a quick and easy analysis of your clients’ depreciation schedules will assist you in generating significant tax savings for clients, building stronger client loyalty and developing additional long-term revenues for your firm. Our simplified process allows us to do this without any capital investment on your part and very little time commitment from your staff.   

Step 1 – Data Mining
The first step is to analyze your current client files to identify which clients have real estate holdings. Typically, in about an hour, your administrator can run a report through your tax software to generate a list of clients with real estate so that depreciation schedules can be run. Within a few hours, depreciation schedules are electronically redacted and printed with client numbers for identification purposes and forwarded to us for independent analysis.

Step 2 – Benefit Analysis
Upon receipt of the depreciation schedules, we will perform a benefit analysis to determine cost segregation and energy opportunities for each client. Within a week, qualified leads and estimated tax benefits for each will be identified.  Based on a firm your size, we anticipate discovering between 30 – 75 opportunities to be culled from the analysis process. We return the detailed estimates of the valuable tax savings identified to you and set up a conference with you and your partners to prepare a notification to qualifying clients.

Step 3 – Client Communications and Engagement
The next step is to communicate with the clients identified for cost segregation and energy opportunities. The timeline on this phase varies depending upon the availability of each client and partner, but generally takes between one and four weeks. In our experience, clients warmly welcome the news that additional tax savings are possible. We can handle the benefit discussions with clients or support you in your efforts. Marketing materials as well as ETS professionals may be available to help you with client communications.

Step 4 – Reporting
Once the engagement letters have been signed and received, we will prepare IRS-sanctioned reports and studies for each identified client. The cost segregation studies and energy reports as engaged by clients identified in the analysis are typically completed and delivered within 45 days from onset of the engagement.

Total Process Time:
90 Days to Treasures

The beauty of the Hidden Treasures assessment program is that you can:

• Create a new revenue stream
• Obtain new clients
• Solidify existing relationships
• Enhance your reputation
• Improve your firm’s competitive positioning in the marketplace
• …all with no capital needed…

We welcome the opportunity to explore the tremendous return on investment your firm’s participation in the Hidden Treasures program may yield. Please contact us for more information or to schedule a complimentary presentation.

Contact us at 1.800.236.6519 or visit www.engineeredtaxservices.com.

Engineered Tax Services (ETS) has been working closely with the AIA in recent months, including a cooperative effort to urge Congress to expand the current $1.80/ft² deduction to $3.00/ft² (S. 1637/H.R. 4226) and extend it through 2015. Lobbying efforts on behalf of Julio Gonzalez and Andrew Goldberg, Senior Director of Federal Relations at the AIA, have been well received and the outlook is positive for change.

ETS is honored to be collaborating with the AIA to enhance benefits for architects under the Energy Policy Act of 2005. In addition to lobbying efforts, ETS has been helping architects and designers understand the current benefits under EPAct by hosting workshops to various AIA chapters all over the country. ETS is approved to provide continuing education to architects through the AIA (CES Provider #E275) and to LEED APs through the USGBC (LEED AP CE Provider #319613). We may be in your area soon! We are currently scheduled to present to the following AIA Chapters, and more locations/chapters are added to our calendars every day.

Who Should Attend:
This program is intended for architects interested in the latest tax benefits available through the Energy Policy Act.

Key Learning Objectives:

• Gain an understanding of the recently extended federal tax benefit available for the design of energy-efficient public or government-owned buildings
• Learn how to take advantage of valuable tax savings and increase cash flow for your business 

Please contact us if you would like more information about these or any other continuing education opportunities.

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.

Complimentary Webinar on June 02, 2010 from 2:00-3:00PM (EST)

There is a key underlying criterion for any successful partner compensation program – the compensation program needs to support and promote that strategic direction of the firm. Problems arise when the compensation reward system is in conflict with the firm’s stated strategic direction. This webinar will explain how to get your compensation system aligned with your firm’s strategic direction. You will also learn what the most successful firms reward, why you need to develop partner goals for billable and non-billable time at the start of the year, and how to develop a culture of accountability. You will walk away with ideas, solutions and strategies you can implement at your own firm.

Webinar Objectives:

• Be challenged to replace traditional thinking about how to reward people
  in the knowledge worker age
• Consider possible changes to your own compensation plans
• Begin to modify your current compensation plan

Register Online Here! or call us at 800-236-6519

August J. Aquila, PhD, is a nationally known consultant to the accounting profession and an Advisory Board member for Engineered Tax Services. He is the co-author of Compensation as a Strategic Asset (AICPA 2007) and speaks and writes extensively on compensation, succession planning and merger topics. August has been selected by Accounting Today as one of the most influential people in the accounting profession. He currently heads up Chantrey Capital Advisors and Aquila Global Advisors.