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THE AMERICAN SOCIETY OF COST SEGREGATION PROFESSIONALS RELEASES INDUSTRY’S FIRST TECHNICAL STANDARDS FOR COST SEGREGATION STUDIES

Technical Standards will be addressed at ASCSP Conference Oct. 22-23, 2009

Washington, D.C. – The American Society of Cost Segregation Professionals (ASCSP) has issued the industry’s first-ever Technical Standards for the preparation of cost segregation studies. This guideline, entitled Minimum Quality Standards for Cost Segregation Studies (MQS 2009-01), has been developed by ASCSP members with more than 100 years of combined cost segregation experience. These members collaborated for two years to develop the Standards, which are closely aligned with the IRS Audit Techniques Guide for Cost Segregation.

“ASCSP is very excited to release the first version of the ASCSP Technical Standards, which we believe will elevate the profession to a higher level within industry practice," said Kurt Heinrich, president of the ASCSP. “The Standards raise the bar for cost segregation studies and develops a framework that allows a quality study to stand on its own merits. The Standards also address the many ways in which an untrained practitioner can knowingly or unknowingly misrepresent unfavorable attributes and/or embellish items that will illegitimately increase benefits to real estate owners. By identifying these potential shortfalls, we hope to help commercial real estate owners, accountants, and taxing authorities have confidence in the quality of reports prepared by ASCSP members.”

Cost segregation – the identification, quantification, and proper supportable classification of costs associated with new or existing buildings for income tax purposes – is one of the most valuable tax strategies available to owners of income-producing and business-related real estate. By properly classifying the maximum amount of costs to shorter depreciable lives, depreciation is accelerated, thereby deferring tax payments and increasing cash flow.

The ASCSP Technical Standards identify the components of critical elements that must be developed and presented in a quality cost segregation study in order to satisfy Internal Revenue Service guidelines. In developing the benchmark Standards for the ASCSP, members worked closely to identify the issues associated with the performance of cost segregation studies with the goal of increasing the likelihood that a study prepared according to the Standards will pass an IRS examination. In the coming year, the ASCSP Technical Standards Committee will recruit new members and solicit industry feedback to update the current version, and to include new content that will address the temporary regulations of various taxing authorities.

Prior to the formation of the ASCSP in 2006 and the release of the new Technical Standards, the cost segregation industry had no professional certification or reporting standards. In addition to the Technical Standards, the ASCSP has also instituted a rigorous certification program that enables cost segregation practitioners to earn the Certified Cost Segregation Professional (CCSP) designation, based on testing and years of cost segregation industry experience.

The new Technical Standards will be a highlight of the 2nd Annual ASCSP Conference, to be held on October 22-23, 2009 at the Mirage Las Vegas in Las Vegas, Nevada. Other Conference sessions will address the Open-Air Parking Structure Coordinated Issue Paper and a mock IRS Audit Examination, as well as training, education, and ethics within the cost segregation industry. Mark D. Ramos, IRS Lead General Engineer, will be the Conference guest speaker. Registration is still open and available online at www.ascsp.org.

THE AMERICAN SOCIETY OF COST SEGREGATION PROFESSIONALS ANNOUNCES 2nd ANNUAL CONFERENCE, OCT. 22 & 23, at MIRAGE LAS VEGAS

Conference will include presentation by Mark D. Ramos, IRS Lead General Engineer

Washington, D.C. – The American Society of Cost Segregation Professionals (ASCSP) will host its second annual conference on October 22-23, 2009 at the Mirage Las Vegas in Las Vegas, Nevada. A Conference highlight will be a presentation by Keynote Speaker Mark D. Ramos, IRS Lead General Engineer, who will be joined by IRS General Engineer Greg S. Churchill. Ramos and Churchill are highly influential IRS representatives within the cost segregation area who will provide valuable insight from the IRS perspective.

Kurt Heinrich, ASCSP president, said, “The second annual ASCSP Conference will be a great opportunity for industry professionals to advance their practice of cost segregation and interact with peers. In response to feedback from ASCSP members, this conference includes educational sessions designed to allow for the exchange of practical ideas and solutions. Members of the ASCSP Board of Directors and committee chairs will also discuss goals and action plans for 2010.”

Founded in 2006 by a group of industry leaders, ASCSP is a national, nonprofit organization with a mission to establish a measurable standard by which cost segregation professionals and their work product may be evaluated. In addition to certifying professional credentials based on experience and testing, ASCSP has developed benchmark technical standards for reporting that are closely aligned with the IRS Audit Techniques Guide for Cost Segregation.

As the cost segregation industry’s professional leadership organization, ASCSP is a valuable resource for professional and business development. ASCSP Conference sessions will include a mock IRS Audit Examination, a presentation on the Open Air Parking Structure Coordinated Issue Paper, and discussions on standards, education, and ethics within the cost segregation field. The examination for the Certified Cost Segregation Professional Designation (CCSP) will be given on Wednesday, October 21st to those who have previously registered for the test.

Registration is still open for the cost segregation industry’s premier professional event. The conference registration fee is $470 for ASCSP members or $770 for non-members. Learn more and register online at www.ascsp.org.