Our partners offer national firm experience and expertise at local firm billing rates desirable to value-driven clients. Our managers are experts in their respective fields and our staff retention ranks well above industry averages. This allows our staff to develop close relationships with our clients over multiple years, which leads to more efficient engagements.
Knowledgeable representation to federal, state and local tax authorities is crucial. Too many times taxpayers attempt to represent themselves or their businesses or organizations and end up causing more harm than good. If you, your business or your organization is selected for an audit or receives a notice from a taxing authority, do not panic. Contact Metzler Locricchio Serra & Company, P.C. and let us help you.QUESTION ABOUT THIS SERVICE?
Cost Segregation Studies
If you own a building acquired in or after 1987 with a cost basis of $1,000,000 or more, you may be a good candidate for a cost segregation study. An effective cost segregation study analyzes the architectural and structural components of a building and separates them into components that can be depreciated using accelerated depreciation methods for income tax purposes. Without a cost segregation study, a building will be depreciated for tax purposes over 27.5 years (for residential real property) or 39 years (for non-residential real property). With a cost segregation study, some parts of a building may depreciate as quickly as five or seven years, resulting in more depreciation expense being available earlier for tax purposes on an annual basis. This can reduce taxable income substantially, especially early in the depreciable life of the building.
Whether you are purchasing or have purchased an existing building or are constructing a new building, we can assist you in taking advantage of cost segregation provisions to maximize your tax savings. We have the ability to approximate potential tax savings if you can provide us with some basic information about your building. The following types of buildings are ideal candidates for cost segregation studies:
- Office buildings
- Retail properties
- Manufacturing facilities
- Rental apartment buildings
- Healthcare facilities
- Assisted living facilities
R&D Tax Credit Studies
The research and development credit rewards companies for developing a new or improved process or promoting product innovation.
The gross research and development tax credit is a twenty percent (20%) credit on qualified research expenditures that exceed a base amount. Generally, the net tax benefit of the federal credit may be approximately six and half percent (6.5%) of qualified research expenses. State credits are usually less than federal credits, but can also be significant. Taxpayers may be able to amend prior year returns to claim missed credits and obtain tax refunds. Any unused credits can be carried forward twenty years.
To qualify for the credit, the research must be undertaken for discovering information that is technological in nature and its application must be intended for use in developing a new or improved business component of the taxpayer. In addition, substantially all of the activities of the research must be elements of a process of experimentation relating to a new or improved function, performance, reliability or quality.
If you are currently incurring research and development expenditures and would like to learn more about this credit please contact us.
Tax Planning and Compliance
Tax regulations can be overwhelming to the average individual or business owner. Failing to consider the tax implications of significant business transactions can be disastrous. Let us put our tax expertise to work for you so we can help you avoid the pitfalls of poor tax planning.
At Metzler Locricchio Serra & Co. P.C. we work closely with our clients so they understand how their taxes are impacted by their actions. We believe in being advocates for our clients and providing effective, efficient and proactive tax planning to allow them to make timely, informed financial decisions.
We have a committed and talented team of tax professionals who stay current on the tax laws and how they affect our clients. Our tax planning, preparation and consulting services include:
- Choice of entity analyses for initial business set-up
- Federal, multi-state apportionment, local and international tax planning
- Estate and gift planning
- Transaction structuring
- Tax projections
- Tax planning for sales and acquisitions
- Real estate cost segregation studies
- Research and development tax credit studies
- Tax credit analyses
- Section 1031 (like-kind exchange)
- Net operating loss carry back
- Debt forgiveness tax implications
- Maintenance of fixed asset lapse schedules for tax purposes
- Representation before federal, state and local taxing authorities
- Preparation of all required tax and information returns, including:
Partnership / LLC
Employee Benefit Plan
Estate and Gift
Private Foundations- Not for profit
Industries & Specialties
- Construction and Contractors
- Food Service/Restaurants
- Golf/Country Clubs
- Professional Service Firms
- Medical Practices
- Not-for-Profit Organizations
- Oil and Gas
- Real Estate
- Retailers and Wholesalers
- Retirement and Employee Benefit Plans
- Service Industries