May
08,
2025
Ohio Gastroenterology Group. Ohio
Very responsive, flexible to one specific request we made. Results were right on expectations. Overall, a great experience. Steve Brooks. CFO...
May
07,
2025
TACSS Accounting. Nebraska
We are very pleased with our experience with ICS Tax! It was a win win for all involved. We are excited for the new alliance, and looking for other clients we can point in their direction. Allyson Chaudier. Vice President...
May
02,
2025
AMT BioProducts Corps, Massachusetts
The ICS team is knowledgeable, responsive, and highly skilled at uncovering tax-saving opportunities that benefit our business. They made the entire process seamless, from the initial consultation to the final results, and helped us unlock significant deductions and credits. We anticipate continuing to rely on their expertise and professionalism in the future....
Apr
28,
2025
Brotherhood Limited Partnership. Connecticut
It has been a pleasure working with ICS Tax on the projects they have completed for us. They were very responsive, knowledge and available for questions throughout the entire process of completing our Cost Seg reports in a timely manor....
Mar
31,
2025
Navigating the Complexities of IRC §179D: Why Expert Guidance is Essential
The IRS has updated its Practice Unit on the §179D Energy Efficient Commercial Buildings Deduction. While not official guidance, these units provide valuable insights into IRS audit and enforcement approaches. The latest §179D updates introduce new eligibility rules, compliance requirements, and higher deduction limits. Given the complexity of these provisions, non-compliance can increase audit risks. Engaging qualified tax professionals and engineers is crucial to ensuring compliance and maximizing deductions....
Mar
28,
2025
Potential Pitfalls of Converting Personal Use Property to Investment Use
When converting personal property to investment use, taxpayers must maintain clear documentation of both the original cost and the fair market value at the time of conversion. This documentation is crucial for supporting depreciation deductions and avoiding IRS challenges. In Sherman Derell Smith v. Commissioner, T.C. Memo. 2025-24 (March 24, 2025), the U.S. Tax Court ruled against the taxpayer, who had disputed the IRS’s denial of a depreciation deduction for a rental property on his 2018 federal income tax return. The court found that Smith failed to establish a proper depreciable basis under IRC §167 and Treas. Reg. §1.167(g)-1. This case underscores the importance of maintaining accurate records when transitioning personal property to investment use....