Our Director, Sumit Sharma, has been featured as a speaker for Lorman Education. He’ll be discussing Advanced Applications for the Life Cycle of Real Estate on June 17 at 1 pm ET on their platform.

With over 12 years of experience, Sumit has been a featured speaker and author for agencies such as Accounting Today, New York State Society of CPAs, Pennsylvania Society of Tax & Accounting professionals and etc. His latest article, published in Accounting Today, “Maximize Gains on Sale of Condos in Mixed-Use Developments. Condo Tax Basis Allocation Studies”, provides insightful detail on how engineering based techniques can maximize cost allocations toward the residential condominiums, thereby lowering taxable gains when each unit is sold. His expertise is focused on conducting fixed asset depreciation reviews, purchase price allocations, cost segregation studies, Section 179D energy efficient analyses, repairs/maintenance cost analyses, and pre-construction tax consulting services.

He is also a regular instructor for our KBKG webinars discussing topics on Cost Segregation Studies and Tangible Property Repair Regulations. Our complimentary webinars are hosted to thousands of CPAs nationwide and we also provide CPE credit for CPAs. View our course catalog here: » KBKG webinars.

With his speaking session with Lorman Education, he will explain the life cycle of real estate and the role of cost segregation through the assets’ life. In 2018, the tax reform changes made cost segregation studies more valuable than before. Cost segregation is a commonly used strategic tax planning 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. Under the new law, any building components with a tax recovery period of 20 years or less, are eligible for 100% bonus depreciation. Historically, bonus depreciation only applied to newly constructed property, but now it’s available for any acquired property. Further, cost segregation principles and techniques can apply to a variety of tax or accounting matters in ways that most taxpayers or preparers have not thought of. Understanding cost segregation and learning about the benefits will be a tax saving strategy that all companies and individuals in the real estate industry may take advantage from.

Learning Objectives

  • You will be able to discuss ways that cost segregation techniques can be applied to allocate tax basis for purposes other than depreciation.
  • You will be able to recognize the potential impact of cost segregation on estate planning.
  • You will be able to identify tax issues that should be considered in conjunction with a cost segregation study.
  • You will be able to explain what cost segregation is, how taxpayers benefit from it, and how it has changed over the years.

Interested in booking Sumit as a speaker for your firm? Please direct your inquiry here: » www.kbkg.com/speaker-inquiry.