Gian has been on the board of ASCSP since 2007 and is also the Chair of the organizations Technical Issues/Standards committee. Gian was one of the first professionals in the country to earn industry certification in Cost Segregation. Gian Pazzia, CCSP, has been elected for an additional 2 year term on the Board of Directors for the American Society of Cost Segregation Professionals. Gian has been on the board of ASCSP since 2007 and is also the Chair of the organizations Technical Issues/Standards committee. He has been significantly involved with the development of ASCSP since its beginnings. While serving as Chair of the Technical Standards committee, he led the effort to write the first set of standards that all cost segregation reports must follow in order to be stamped by a Certified Member. (MQS Report Requirements Appendix MQS 2011-1 Issued October 21, 2010). He led ASCSP’s effort to issue comments to the IRS on the “Repair Regulations” issued in December of 2011. Gian also led the effort in issuing ASCSP’s position on the AmeriSouth XXXII., vs. Commissioner tax court decision as well as ASCSP’s commentary on the Peco Foods vs. Commissioner tax court case.
Cost Segregation is a strategic tax savings tool that allows companies and individuals, who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. In general, it is easy to identify furniture, fixtures, and equipment (FF&E) that are depreciated over 5 or 7 years for tax purposes. However, a Cost Segregation Study goes far beyond that by dissecting construction costs that are usually depreciated over 27 ½ or 39 years. The primary goal of a Cost Segregation Study is to identify all construction-related costs that can be depreciated over 5, 7 and 15 years. For example, 20% to 50% of the total electrical costs in most buildings can qualify as personal property (depreciated over 5 or 7 years). Reducing tax lives results in accelerated depreciation deductions, a reduced tax liability, and increased cash flow.
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