Are you considering a cost segregation study? As you begin to evaluate potential service providers, it’s important to remember that there are significant differences among cost segregation advisors in the marketplace. Sometimes taxpayers are not immediately aware of how those differences may impact their experience from start to finish. The American Society of Cost Segregation Professionals (ASCSP) was founded in 2006 to address this growing need for credentials, technical standards, education, and a stringent code of ethics within the cost segregation community. The emergence of the ASCSP has given taxpayers an excellent way to make an informed decision about their choice in provider.
The identification of Certified Cost Segregation Professional (CCSP) is the highest credential in the cost segregation industry. This certification is only awarded to the most accomplished professionals who meet the ASCSP’s strict level of standards for required work experience and have passed the ASCSP exam for certified members. Members who have achieved this certification will have both the experience and credentials necessary to produce a compelling and credible report that the IRS will accept.
What does a Member of the ASCSP have to do to earn the “CCSP” designation? The ASCSP will only award certification to professionals who have:
1) A minimum 7 years direct experience performing cost segregation studies
2) Documented at least 7,000 hours of direct cost segregation experience
3) Submitted a sample cost segregation report
4) Been recommended by two certified members
5) Been interviewed by a member of the ASCSP Testing Committee
6) Earned a passing grade on the ASCSP certified exam
KBKG’s History with the ASCSP
KBKG has a long history of supporting the ASCSP. Currently, KBKG has 6 members with CCSP designations, including a past president, current board members, and committee members.
Gian Pazzia, CCSP, Principal
Past President, ASCSP Board of Directors (2013 – 2015)
Gian served as the president of the non-profit from 2013-2015, as well as on the board from 2007-2016. Gian was one of the first providers to earn the “CCSP” designation, and continues to be an avid supporter and member of the organization.
Eddie Price, CCSP, Director
Member, ASCSP Board of Directors (2013 – Present)
Eddie was elected to the Board of Directors in 2018 for a subsequent two-year term. He has been a member since 2008, served on the Education Committee, and co-authored the Senior Exam Study Guide used for taking membership exams. He also helped the organization become a recognized CPE program sponsor as part of the National Registry of CPE Sponsors as approved by the National Association of State Boards of Accountancy (NASBA). In recent years, Eddie served as the non-profit’s secretary, as a member of their testing committee, and now for a third term, on the board of directors.
Malik Javed, CCSP, Principal
Technical Standards Committee Member (2010 – Present)
Past Member, Board of Directors (2015-2017)
Lester Cook, CCSP, Principal
Testing Committee Member (2019 – Present)
Other Notable ASCSP Members
In addition, KBKG’s team of CCSP certified members include Principal CJ Aberin and Director Sumit Sharma; as well as several ASCSP members on their way to certification including Managers Harry Sahi, Artur Babaian, Sasha Brenecki, and Ryan VanderVelden.
“Earning the CCSP designation is a testament to one’s commitment to our craft. It signifies experience, quality, and integrity. We require all our employees who meet the experience requirements to take and pass the CCSP exam for certification.” Gian Pazzia, CCSP – Principal
Choose a Firm You Can Trust
KBKG has put together a set of questions to ask when evaluating a cost segregation provider that will assist taxpayers in making an informed choice that delivers the results they deserve.
- What are the real capabilities of the cost segregation provider you are using?
- Do they have the resources to stay on top of all the tax issues?
- Will the advisor be around a few years from now if you happen to get audited? Will they be willing to support you in that audit? Will they charge you for that support or do they stand behind their work with free audit support?
- Does the advisor demonstrate thought leadership in the marketplace? Are they up to date with current tax law and trends? Are they aware of property tax issues, energy tax incentives, repair vs. capitalization regulations, etc.?
- Is the provider able to successfully advise on:
– Situational bonus depreciation rules such as Long Production Period Property and the Rev Proc 2011-26 rule to componentize your property?
– Proc 2011-26 rule to componentize your property?
– Repair vs. Capitalization Regulations?
– Energy credits for multi-family clients under IRC 45L?
– Energy tax incentives for commercial building developers?
– Other federal tax considerations with respect to cost segregation?
– Property tax issues?
A cost segregation expert who has earned the ASCSP certification has been tested and proven to deliver in the areas listed above. Make sure that you choose a firm you can trust to help you maximize the tax benefits of cost segregation.