McGuire Sponsel of Indianapolis, a specialty tax consulting firm, has added six professionals to expand its Atlanta cost segregation practice, formed in the 2019 merger with Ernst & Morris of Marietta, Ga.
Cost segregation is the process of identifying property assets in order to optimize depreciation deductions for federal tax purposes. The practice has gained popularity in recent years as an effective financial tool.
In addition to cost segregation, the firm provides research and development tax credit studies, international tax, and credits and incentives. McGuire Sponsel shareholder David McGuire is a national expert on cost segregation, fixed assets and depreciation law.
“With the recent passage of Tangible Property Regulations, the PATH Act and the 2017 Tax Cuts and Jobs Act, industry professionals are consulting more closely with specialty firms, moving away from the idea of cost segregation and other specialty tax services as commodities,” says McGuire. “The addition of these expert professionals positions our firm for continued success.”
The Atlanta professionals are:
Craig Fouts, manager of the Atlanta cost segregation practice, has relocated from Indianapolis. Fouts will serve as the technical lead for the practice and will be responsible for client consultations, leading the project review process and training employees as well as oversight of day-to-day operations.
Daryl Letlow, cost segregation tax manager, formerly with Ernst & Morris, will review client costs associated with construction and the acquisition of property and analyze accounting documents to maximize client tax benefits.
Michael Hammel, tax consultant, will focus on client service and providing credits and incentives consultation to a variety of partners in the region.
Davis Wilhoit and Kareer Kharleed, tax consultants, will conduct cost segregation studies by identifying a building’s qualified assets and associated costs, then classifying those assets to optimize the client’s depreciation deduction.
Mark Huston, tax consultant, is relocating to McGuire Sponsel’s Atlanta office from the Indianapolis headquarters. Huston will provide risk advisory services and prepare tax credit calculations and data analyses for the firm’s research and development tax credits practice.