Fixed Asset Review & Analysis (FARA)
Implementing a Fixed Asset Review Analysis (“FARA”) may provide immediate tax benefits to your business.
Cherry Bekaert offers six distinct service offerings under Fixed Asset Review Analysis:
- Unit of Property Determination
- In the case of a building, each building and its structural components is one unit of property. We can help you determine whether an improvement is to the building or one of the buildings.
- Production Asset Review
- With a production asset review, we examine your discrete and major functions to properly define the unit of property for production assets
- Repair and Maintenance Expense Review
- We analyze your current year assets to determine if they should be capitalized or expensed.
- Partial Disposition Analysis
- Partial disposition analysis identifies old building components or other asset components and determines the undepreciated cost remaining and the deductions for the disposal loss.
- Identification of Class Life Changes
- Our analysis of your assets determines the correct class life for your possessions.
- Identification of Special Purpose Assets