Insights

The IRS recently released Announcement 2024-24, notifying taxpayers that Reference Standard 90.1-2022 is the applicable reference standard required under the §179D Energy Efficient Commercial Building Deduction for…

The IRS recently released Announcement 2024-24, notifying taxpayers that Reference Standard 90.1-2022 is the applicable reference standard required under the §179D Energy Efficient Commercial Building Deduction for…

The recent MBJ v. Commissioner ruling highlights the important role of contract language in determining eligibility for Research and Development (R&D) Credits.

A recent Tax Court ruling in S Moore v. Commissioner serves as a reminder of the important role documentation plays in supporting claims for research credits.

In an interview by Arda Bircan from STR Tax Loophole, Alex Bagne, President of ICS, explains how savvy investors combine cost segregation with the short-term rental loophole to minimize income taxes, grow a real estate…

On Thursday, March 21, the Senate Finance Committee held a hearing on the Biden 2025 Budget Proposal, questioning Treasury Secretary Janet Yellen on various aspects of the proposed budget, with many members noting…

An exciting aspect in 2024 is the inflationary increase of the maximum §179D Deduction to $5.65 per square foot for projects meeting the prevailing wage and apprenticeship requirements and $1.13 per square foot for those…

The proposed Tax Relief for American Families and Workers Act of 2024 changes the period for when companies must start the five-year period for the deduction of research and experimental expenditures from tax years…

The short-term rental loophole allows investors in vacation homes and similar properties to offset wage income with accelerated tax deductions generated by cost segregation studies. The article titled "Expanding the…

The American Society of Cost Segregation Professionals (ASCSP) just concluded its annual conference in Washington, DC.

On September 27, 2023, the IRS released guidance on §45L New Energy Efficient Home Credit (§45L Credit) through Notice 2023-65.

On September 8, 2023, the Internal Revenue Service (“IRS”) and Department of the Treasury (“Treasury”) released an advance version of Notice 2023-63.

An Internal Revenue Service new release announced that the IRS would halt processing new Employee Retention Credits (ERC).

An Internal Revenue Service new release previews proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities, commonly known as the Research & Development (R&D) tax credit. The IRS is…

In April 2023, the EPA announced a transition to National Version 3.2 of the ENERGY STAR Single-Family New Homes Program and Version 1.2 of the ENERGY STAR Multifamily New Construction Program in Connecticut, New Jersey…

ICS Tax, LLC is pleased to announce that Roel Vicerra has joined our team as a Cost Segregation Senior Manager.

The IRS has publicly issued several warnings on the aggressive promotion of the Employee Retention Credits, even making it onto their 2023 Dirty Dozen list of tax scams. Many ERC promotions can be based on misleading…

In a recent case, Michael Johnson, et ux. v. Commissioner, the tax court denied the majority of a taxpayer’s Energy Efficient Commercial Building Deduction under IRC §179D since it claimed a §179D Deduction exceeding the…

The IRS recently published Form 7205 and the corresponding Instructions for taxpayers claiming the §179D Energy Efficient Commercial Building Deduction.

The §179D Deduction requires energy modeling whereby the building is compared to the same building constructed to the minimum requirements of a specified ASHRAE 90.1 Reference Standard. In Announcement 2023-1, the IRS…