Dear Tax Professional
Josh Shipman - Cost Segregation
An honest professional right here in Texas where I grew up, live, pay taxes, & tithe
3/20/2020
Dear Tax Professional:
I hope this letter finds you well. As a reminder for clients struggling during this economic downturn, there may be immediate tax relief available for commercial property owners who filed 2019 tax extensions.
During this crisis many of us are able to work remotely, but others are not as fortunate. There is real concern for business owners suffering due to temporary closures and low occupancy rates. Small businesses, restaurants, and hotels are at particular risk.
Although there has been a change to the payment date, 2019 taxes are still due. As you know, our services help commercial property owners significantly reduce those taxes. This reduction in tax may improve 2020 cash flows enough to help your clients weather the Covid-19 storm. Cost segregation may even be an economical solution for properties owned for six years or more. You do not need to amend previous year tax returns. You only need to file a 3115 change of accounting method.
Following the 2008 crisis we helped many distressed businesses. I am pleased to say many of those clients are still in business today. Let us work together to keep our local businesses afloat and communities employed.
Ultimately, we all hope this crisis passes quickly and things return to normal, but it is important to utilize as many tools as possible.
Warm Regards,
Josh W. Shipman