It's time to start thinking about year-end close. Second, office owners and tenants are renovating their spaces to accommodate distancing, adding barriers, and expanding or reducing their existing footprints. “From a planning standpoint, the sooner an owner or tenant can engage a firm that specializes in cost segregation and fixed asset management, the better it will be for a couple of reasons,” says Stuart Frankenthal, president and CEO of Northbrook-based Jass Realty Co., LLC.įirst, spaces can be inspected now without disruption to employees or concern with distancing challenges. These two Acts give companies an opportunity to put money back in their pockets quickly, especially now when cash flow may be tight. Of course, we’re in an unfortunate and unique situation right now with the global pandemic. Paragon International has been doing fixed assets consulting for 35 years and we’ve never experienced this allowable and immediate tax depreciation relief for businesses.
The 2017 Tax Cuts & Jobs Act (TCJA) and 2020 CARES Act allow for a 100% bonus depreciation immediate write off of new and used components with a tax life less than 20 years for assets placed in service between Sept. With the new tax codes, commercial property owners and tenants can see even more immediate savings,” says Gazzola. “We received more than half of that savings in Year 1 and the remainder over the next four years. When Mike Gazzola, a real estate broker with Entre Commercial Realty, purchased a 41,000-square-foot flex building in 2016 with his investor partners, he realized a net savings of $94,000.
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