Latest Blog News
September 26, 2011
Zurich offers help to real estate customers looking to free up capital and reduce tax liability Complimentary access to a cost segregation consulting firm, CORE Solutions Group, can create savings options
For Immediate Release:
SCHAUMBURG, Ill., September 27, 2011 – Commercial real estate owners looking to improve their cash flow can take advantage of a tax strategy called cost segregation, which allows owners and investors to accelerate the depreciation rate of their properties and take large tax deductions over a short time frame.
Zurich, a leading provider of property and casualty insurance in North America and globally, is offering policyholders access to CORE Solutions Group, a cost segregation consulting firm, through its real estate practice group. Through this complimentary service, policyholders will be able to identify opportunities for significant tax savings for property and asset managers.
Cost segregation is an IRS approved tax strategy, modified in 1997, that allows reclassification of real property to personal property. Cost segregation is used to accelerate depreciation expenses and reduce tax liability.
“Cost segregation is often overlooked because it is a niche strategy – but it shouldn’t be ignored because of its complexity,” said Don Gardner, vice president of National Sales at CORE Solutions Group in Birmingham, Mich. “Owners and investors typically experience substantial benefits from this strategy.”
Providing policyholders and brokers access to a specialized vendor like CORE Solutions Group is one way that Zurich is looking to further support its real estate clients within North America, said Dan Kleiman, head of Zurich’s real estate practice.
“We are continually looking for ways to add value to our customers and brokers beyond real estate insurance coverage,” Mr. Kleiman said. “By providing access to specialized strategic alliances like CORE Solutions Group, we provide the customer with options to help free up cash flow and lower their total cost of risk.”
Properties that undergo cost segregation studies can usually see significant increases in deductions within the first five years of doing an analysis due to accelerated depreciation, Mr. Gardner said, adding that each property is different with some being reclassified and accelerated at a faster rate.
Zurich’s real estate practice offers a team of dedicated underwriting specialists across the U.S. along with bundled protection solutions for property & casualty to help real estate owners and managers reduce their risk of coverage gaps. With a dedicated real estate underwriting staff of 22 underwriters and 2 practice leaders geographical spread across nine locations in the U.S., Zurich understands regional real estate issues and risks.
For more information about cost segregation, download the whitepaper, “Cost segregation strategies for Commercial Properties”
http://www.zurichrealtalk.com/whitepapers/cost-segregation-strategies-commercial-property
For more information about Zurich’s real estate practice, visit
http://www.zurichna.com/zna/realestate
About Zurich
Zurich Financial Services Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. For more information about Zurich’s business in North America, go to http://www.zurichna.com/zna/media/news-releases/archive/boilerplate.htm
About CORE
CORE offers a unique staff made up of tax and legal professionals as well as a team of engineers that have intimate understanding and experience with this somewhat complex and often misunderstood tax strategy. CORE has performed thousands of engineering studies with zero disallowances. All of CORE’s work is backed by their Service and Audit Guarantee. For more information about CORE’s business, go to http://coresolutionsgroup.net/
For more information on CORE Services please contact Terry Judge at tjudge@coreadvisors.net
Media contact:
Jeff Casale
Zurich, North America
(847) 413-5439
jeff.casale@zurichna.com
September 15, 2011
For Immediate Release:
Birmingham, Michigan – CORE Solutions Group, one of the nation’s leading cost recovery consulting and engineering firms, officially announces the launch of their redesigned website, CORESolutionsGroup.net.
Highlights of the new website include:
- Improved site organization and navigation
- Launch of the CORE Approach designed to help companies create additional cash flow using our products and services.
- Launch of the CORE Green Savings Process to help companies lower their energy costs, improve ROI, and increase property values.
- Highlighting CORE clients and strategic partnerships
- Launch of the new CORE Blog designed to inform and educate our customers about the latest cost recovery industry news including cost segregation, property tax recovery, energy tax incentives, energy efficiency, sustainable building retrofits, and manufacturing tax credits.
- Use of social media channels including Twitter, Facebook, YouTube and Linkedin to better connect and communicate with our customers.
“We are really excited about launching our new website to the world. As you will see, the new look and feel captures where we have been, but more importantly where we are heading, ” says Terry Judge, CEO and founder of CORE. In addition to the new design, CORE has also embarked on utilizing social media and our new monthly e newsletters as well as our GOING FOR THE GREEN Educational Webinars. Our goal is to educate and advise commercial and industrial property owners, CPA’s, architects and property managers on how to create cash flow by leveraging a menu of green tax incentives coupled with green technologies.
About CORE
CORE offers a unique staff made up of tax and legal professionals as well as a team of engineers that have intimate understanding and experience with this somewhat complex and often misunderstood tax strategy. CORE has performed thousands of engineering studies with zero disallowances. All of CORE’s work is backed by their Service and Audit Guarantee. For more information about CORE’s business, go to http://coresolutionsgroup.net/
For more information on CORE Services please contact Terry Judge at tjudge@coreadvisors.net
September 8, 2011
For Immediate Release:
Birmingham, Michigan – CORE Solutions Group, LLC is proud to announce a major milestone of helping their client base exceed over $150,000,000 in hard cash savings. That’s no small feat in today’s economy where cash is king. CORE has developed a proprietary process that identifies and recovers unfound saving opportunities in several areas within your commercial or industrial facilities. CORE offers a turnkey process that typically uncovers over $100,000 or more per client engagement. For more information on our services, please go to www.coreadvisors.net .
About CORE
CORE offers a unique staff made up of tax and legal professionals as well as a team of engineers that have intimate understanding and experience with this somewhat complex and often misunderstood tax strategy. CORE has performed thousands of engineering studies with zero disallowances. All of CORE’s work is backed by their Service and Audit Guarantee. For more information about CORE’s business, go to http://coresolutionsgroup.net/
For more information on CORE Services please contact Terry Judge at tjudge@coreadvisors.net
July 8, 2011
May 11, 2011The U.S. Department of Energy today announced the release of the first in a new series of Advanced Energy Design Guides (AEDGs) to aid architects and engineers in the design of highly energy efficient office buildings. The 50 % AEDG series will provide a practical approach to commercial buildings designed to achieve 50 % energy savings compared to the commercial building energy code used in many areas of the country. This 50 % AEDG for Small and Medium Office Buildings is the first in a series of four to be released in the coming months. These commercial building guides support President Obama’s goal to reduce energy use in commercial buildings 20 % by 2020 and will help drive demand for energy-saving products made in the United States.Not only will these guides help builders achieve performance beyond the current energy code, but they will also provide recommendations detailing how designers can incorporate available technology to achieve these savings. The guides help architects and engineers choose energy efficient designs for daylighting, building envelope assemblies, and heating and cooling systems, among other technologies. The guides also recommend equipment commonly available from manufacturers and reduce the time and cost burdens otherwise required in order for designers to individually model energy use for specific high performance buildings. Additionally, the guides will inform the development of future commercial building energy codes.
The Advanced Energy Design Guide for 50 % energy savings in Small and Medium Office Buildings is now available for free download.
The 50 % Advanced Energy Design Guide series is being developed through a partnership with the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE), American Institute of Architects (AIA), U.S. Green Building Council (USGBC), and Illuminating Engineering Society of North America (IESNA). The Small and Medium Office guide is the first installment in the 50 % Series, which will address three additional major commercial building types: K-12 Schools, Medium to Big Box Retail Buildings, and Large Hospitals.
The Advanced Energy Design Guide for K-12 School Buildings is the second guide being developed in the 50 % series, and is currently open for peer review through Friday, May 13, 2011. This guide is intended to provide user-friendly, ‘how-to’ design guidance and efficiency recommendations for elementary, middle and high school buildings, resulting in facilities that consume 50 % less energy than conventional schools.
Interested parties may download a copy of the draft. The download link is under the ‘Planned Guides’ heading halfway down the page. Please also download the review input form and instructions to record and submit your review marks. The final version is scheduled for completion in September, 2011.
Source: http://apps1.eere.energy.gov/news/progress_alerts.cfm/pa_id=530
Jun 10th, 2011
HUD’s Office of Policy Development & Research recently publisheda report titled Enhancing Energy Efficiency and Green Building Design in Section 202 and Section 811 Programs, which details ways to conserve energyin an effort to cut back on operating costs.Section 202, Supportive Housing for the Elderly program, functions by having tenants pay rent of about 30% of their adjusted monthly incomes, with HUD’s Section 8 contributing rental assistance to cover any disparity between rental operating costs and what the tenant can afford.
Rising energy expenses increase operating costs and limit the section’s ability to meet seniors’ housing needs, however, causing increased demand for more HUD subsidies.
“Over time, it is expected that fewer new units will be fundedbecause the increasing cost of subsidizing the existing portfolio ofassisted housing will consume an ever-larger portion of the annualappropriation,” says HUD.This is troublesome news since thereis still a great need for affordable housing for senior citizens, as “A 2006 AARP studyestimated that, for every Section 202 unit that becomes available,10 elderly households could benefit from that unit.”
If HUD is able to convert its existing units into more energy-efficient models while constructing new, environmentally-friendly housing, it will allow government subsidies to provide more Section 202 housing. The department is collaborating with the U.S. Environmental Protection Agency to encourage “the incorporation of energy efficiency measures in the design,construction, rehabilitation, and refinancing of Section 202 projects,” says HUD.
HUD planned requirements for green measures in its Section 202 units to go into effect in 2011, saying, “At a minimum,energy efficiency strategies and water conservation appliancesand fixtures must be incorporated in the design, construction,and operation of all projects.HUD provides an incentive to encourage sponsors and owners to develop their projects using the principles of green building design.”
HUD’s 2010 Notice of Housing Funds requires owners and sponsors of new Section 202 construction to “ensure that low-rise multifamilydevelopments (up to three stories) meet or exceed therequirements of EPA’s ENERGY STAR qualified homes” in order to receive funding. Additionally, HUD says, “Beginning with the 2010 NOFA, sponsorsand owners must install ENERGY STAR-labeled appliances,perform pre- and post-construction energy audits, andincorporate conservation techniques in their projects.”
In some cases, lower utility costs will have an effect on the amount of funds Section 8 needs to offer. “Under budget-based adjustments to Project Rental Assistance Contracts or Section 8, reductions in utility costs will result in a reduction in theamount of rental assistance provided at the next renewal. The reduction is commensurate with the utility cost savings,so the owner will not be harmed by the change,” the HUD finds. “However,none of the benefits of the savings go to the owner or theproperty; instead, it is the Section 202 program as a wholethat benefits.” In some cases where energy units are individually metered and thus paid for by tenants, they would have an economic incentive to conserve on utilities, according to the report.
In its report, HUD lists several strategies for implementing energy efficiency and green measures into Section 202 projects, including energy audits, leveraging additional funding, and educating occupants and influencing their behavior in regards to water and energy conservation. Increased energy efficiency of Section 202′s units will serve to expand the amount of subsidies HUD is able to grant for senior housing subsidies.
Source: http://seniorhousingnews.com/2011/06/07/hud-urges-energy-reduction-measures-to-increase-amount-of-senior-housing/
June 13, 2011WASHINGTON, DC – As part of the Obama Administration’s efforts to improve commercial building efficiency 20 percent by 2020, U.S. Energy Secretary Steven Chu today announced a partnership with The Appraisal Foundation that will help expand access to energy efficiency and building performance information for commercial buildings and help American businesses to reduce energy waste. Under the new partnership, the Department of Energy and The Appraisal Foundation will work to ensure that appraisers nationwide have the information, practical guidelines, and professional resources they need to evaluate energy performance when conducting commercial building appraisals. This will help enable investors, building owners and operators, and others to accurately assess the value of energy efficiency as part of the building’s overall appraisal.
“Providing appraisers with the tools to accurately include energy performance when they place a value on a commercial building will help American businesses and institutions save money by saving energy,” said Secretary Chu. “If better performing buildings have a higher value, it will help enable the upfront investment for energy efficiency upgrades.”
“This type of public-private partnership is critical to help advance energy efficiency, save companies money and create good paying jobs,” said Penny Pritzker, chairman and CEO of Pritzker Realty Group, and a member of the President’s Council on Jobs and Competitiveness. “The greener we can make commercial properties, the more we increase their value and the more people we put to work.”
Last year, commercial buildings accounted for about 20 percent of all the energy used in the U.S. Through improvements in insulation, lighting and the use of daylight, windows, and heating and cooling systems, America’s commercial buildings can be more energy efficient, which saves money for businesses and helps to make them more competitive.
Today’s partnership will help to make sure that the market is equipped with the information it needs to make sure that the utility bill savings that come with building efficiency improvements are appropriately factored into the building’s overall value. In conjunction with The Appraisal Foundation, DOE will develop information and educational tools relating to valuing green buildings based on the Uniform Standards of Professional Appraisal Practice – the generally accepted standards for U.S. building appraisers. These tools and resources will help appraisers appropriately include energy performance and sustainability in valuations.
Under the partnership, the Department of Energy will also develop educational materials, and create a database to provide appraisers with energy-savings data, Federal green building programs and policies, and additional information on energy performance. Read the full text of the partnership agreement (pdf – 195 kb).
This partnership is one of the steps the Department is taking as part of the part of President Obama’s Better Buildings Initiative announced in February. The goal is to make commercial buildings more efficient, saving American businesses about $40 billion annually. The Initiative will accelerate private sector investment in energy efficiency to create jobs and build a stronger economy. Strategies include challenging CEOs, University Presidents, and local governments to make their organizations leaders in saving energy; the Better Buildings Community Upgrade Program which has enabled more than 40 state and local governments to develop replicable business models that encourage innovation and investment in a sustainable energy efficiency industry; and better financing, workforce development, and state and local policies.
For more information go to the Better Buildings Initiative website.
Source: http://www.energy.gov/news/10363.htm
April 9, 2009
On Tuesday, February 17, President Obama signed the American Recovery and Reinvestment Act of 2009 (ARRA). This nearly $800 billion bill allocates approximately 65% to spending and investments and 35% to tax cuts.
WHAT DOES THIS MEAN FOR YOU? IT MEANS CASH BACK FROM UNCLE SAM!
The American Recovery and Reinvestment Act of 2009 allows property and business owners to carry back NOL’S for 5 years plus the current tax year. How would you like to go back to 2003, 2004, 2005, 2006 and 2007 and get back money you paid the IRS towards your tax bill during those years? With the new legislation that was just signed into law, it is now possible to CARRYBACK NET OPERATING LOSSES to past profits made in the last 6 years. If you own commercial real estate or made major improvements to the building beginning in 2008 or ending in 2009 you can create a paper loss by creating accelerating depreciation, through a CORE Cost Segregation Study, that you can carry back to the last 6 years and possibly receive a refund check.
For further information on how your business can benefit from the Stimulus Package go to our website at www.coresolutionsgroup.net/stimulus-package-tax-credits.
Or give us a call at (248)-519-2417 and we will provide a free consultation on how to sort through and identify areas of tax savings opportunity within the recently passed IRS Stimulus / Bail out package. You have nothing to lose, and potentially alot to gain!
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