Greg:
Great question. 

The important thing to remember is that cost segregation is a part of the IRS tax code - therefore eleviating concern that applying cost segregation will trigger an audit. 

If you have filed returns previously which delineated straight line depreciation, a Form 3115 will be required to indicate a Change in Accounting Method - but the Form 3115 is automatically accepted when submitted with a cost segregation study AND the application fee is waived. 

 While cost segregation is a littel known tax strategy for investment property owners, the market awareness is growing tremendously - especially given the current state of the economy.  Legislation currently allows for a 5 year NOL carry back for qualifying businesses / bldg owners.  Definitely worth a conversation!!