BDO Seidman, LLP engages Plenum Revenue Group, LLC to Market its Cost Segregation Services
NEWPORT BEACH, Calif. – Plenum Revenue Group, LLC, a leading revenue development advisory firm for emerging businesses to large, complex enterprises has been engaged by BDO Seidman to help market its cost segregation services. Plenum will work with BDO's engineering-based cost segregation team and its Los Angeles business development executives to help drive new business.
“We are extremely honored to be associated with BDO Seidman," stated Plenum President Steven Mednick. "BDO Seidman is the fifth largest accounting firm in the world and its cost segregation team is world class. We look forward to making a difference for BDO and its clients nationwide."
About BDO Seidman, LLP
BDO Seidman, LLP is a national professional services firm providing assurance, tax, financial advisory and consulting services to private and publicly traded businesses. For 95 years, we have provided quality service and leadership through the active involvement of our most experienced and committed professionals.
BDO Seidman serves clients through more than 30 offices and 250 independent alliance firm locations nationwide. As a Member Firm of BDO International, BDO Seidman, LLP serves multi-national clients by leveraging a global network of resources comprised of more than 600 member firm offices in 105 countries. BDO International is a worldwide network of public accounting firms, called BDO Member Firms, serving international clients. Each BDO Member Firm is an independent legal entity in its own country.
About BDO Seidman's Cost Segregation Services
BDO Seidman, LLP’s engineering-based cost segregation team can identify opportunities for federal, and in some cases, state tax advantages to owners of commercial industrial real estate. Taxpayers are typically correct in depreciating personal property such as equipment and furniture over five or seven years, but they often neglect available federal and state tax benefits by erroneously depreciating their entire investment in constructing or acquiring a building over 39 years. BDO Seidman, LLP’s cost segregation team can work to help owners/taxpayers achieve the following benefits:
Reducing federal income taxes in the early years of a building’s life by accelerating federal tax depreciation deductions, resulting in increased current cash flow. In addition, post-September 11, 2001 federal tax legislation provides for bonus depreciation, which can further enhance these benefits.
Identifying the net present value of the increased cash flow over the life of the facility.
Providing an independent third-party analysis of project costs. Our conclusions are based on sound engineering principles and are supported by IRS regulations, rulings and case law.
In addition to new construction projects and building acquisitions, BDO Seidman’s cost segregation services can also provide benefits to taxpayers who have either constructed or acquired buildings in prior years:
The classifications of property placed in service in prior years may be corrected with the filing of a Form 3115, Application for Change in Accounting Method, which does not require amending prior year tax returns.
The depreciation adjustment for all prior years, which may be significant, can be fully recognized in the first year, which can significantly increase cash flow.
BDO Seidman, LLP has provided cost segregation services to its clients, as well as clients of its BDO Alliance member firms, on a national basis for nearly 25 years. The cost segregation team is comprised of professional engineers, contractors and tax professionals who have more than 70 years combined experience in cost segregation and more than 200 years combined experience in building design and construction from both technical and financial standpoints. We have analyzed more than $9 billion in construction and acquisitions since 1997 alone—identifying tax advantages for many clients, large and small. Our experience includes studies of a multitude of different types of commercial property including manufacturing, hospitals, nursing homes, assisted living facilities, hotels, retail and grocery, cold storage, automobile dealerships, residential apartment complexes, and office buildings.
About Plenum Revenue Group, LLC
Based in Newport Beach, Calif., Plenum is a revenue development company for emerging businesses to complex global enterprises. Working shoulder-to-shoulder with its clients, Plenum actively seeks out and delivers tangible business opportunities for its clients that drive incremental top-line growth and bottom-line results. For more information about Plenum, please visit www.plenumrevenuegroup.com or call 1.949.218.8657.