Tax Specialty Services
When navigating through the current tax environment, there are issues that demand specialized experience if they are to be resolved with the best possible outcome. CohnReznick’s tax practice has professionals who can provide industry-specific expertise in a number of specialized tax areas that can make a considerable difference to the bottom line:
- Accounting procedures and methods: There are numerous cases in which the taxpayer has a choice in the application of accounting procedures and methods, such as the timing of income recognition, inventory capitalization, prepaid expenses, and setting the tax year. The difference between the optimal choice and less-optimal choices can be significant. We can review current accounting procedures and methods and suggest improvements.
- Accounting for Income Taxes (ASC 740 and ASC 740-10): We help companies successfully implement the rules and regulations associated with ASC 740 and ASC 740-10, including the establishment of a robust recognition, measurement and disclosure process.
- LIFO elections: Companies that manufacture, produce, or sell goods often achieve tax savings by electing to use Last In, First Out (LIFO) Inventory Price Index Computations, allowing them to allocate the most recent and higher costs to the total cost of sales. We can help companies evaluate the potential savings and implement the election.
- Like-Kind (1031) exchanges: Taxes on the gains from the sale of certain types of assets can be deferred if the proceeds are used to purchase a similar asset within a specified period of time. We can help you evaluate the eligibility of these transactions and handle the compliance paperwork.
- Cost segregation studies: A cost segregation study can significantly lower income tax liabilities through accelerating depreciation on eligible costs. We have both the tax and technical expertise to perform these complex studies under strict IRS standards.
- Tax controversy: The revenue pressure on taxing authorities, combined with ever-changing tax regulations, create an environment ripe for a greater focus on taxpayer compliance. CohnReznick is experienced in working with the IRS and other agencies to achieve favorable results on behalf of our clients in tax examinations, disputes, and appeals.
View our recorded webinar "Cost Segregation and Tangible Property Regulations Update - Preparing for IRS Examinations."