ICS Tax and ICS Inspectors are exhibiting at the International Builders' Show (IBS) in Las Vegas from February 25–27, 2025. Connect with our team and learn more about how we can support your business with our unique tax planning and home inspection solutions. Our team of HERS raters, engineers, and tax professional will be in the West Hall, booth number W4474...
Alex Bagne, President of ICS, recently hosted a webinar on accounting methods in November 2024. The webinar drew an audience of over 1,000 participants, and we are now contributing our expertise by publishing answers to your accounting methods Accounting methods are the rules used to report income and expenses for tax purposes. A change in accounting method includes any adjustment to a taxpayer’s overall method of accounting. The IRS requires taxpayers to adopt an accounting method that accurately reflects their income and to consistently apply it year after year. As a tax planning tool, accounting methods help taxpayers implement cost segregation studies and energy efficiency incentives, adopt beneficial provisions of the Tangible Property Regulations, and numerous other tax minimization strategies. ...
In a 2024 case, United States of America v. Oehler et al, the tax court denied the Energy Efficient Commercial Building Deduction under IRC §179D to a lighting contractor for work they performed upon public schools since it failed to meet the definition of a “designer”....
ICS Tax, LLC is thrilled to announce Tiffany Grimmer as its newest partner, who will serve as the Chief Operating Officer. She will continue to reside at its Savage, Minnesota headquarters. Tiffany has been with ICS for eight years, progressing in her career as the operations hub of the organization. She brings over 25 years of experience in business management and stakeholder relations, with an MBA focused on Global Management....
Join our exclusive webinar where Laura Steinbrink from Emerald Built Environments hosts an insightful discussion with Alex Bagne, Jason Puffenbarger, and Noe Montalvo from ICS Tax. Topics include: Federal tax incentives (179D, 45L, Cost Segregation, renewable energy tax credit), utility rebates, opportunity zones. How to layer incentives together to maximize benefit....
The IRS recently announced several notable changes to the process of claiming the R&D Tax Credit, announcing welcome reductions to requirements for filing amended R&D Credit claims and reduced requirements for the proposed Form 6765. In response to feedback, the IRS has revised the draft Form 6765 and has also waived some of the requirements for refund claims. These changes aim to reduce taxpayer burden while maintaining an improved level of information received for tax administration. The revised Section G of Form 6765 will also be optional for all filers for tax year 2024 and will become effective for tax year 2025....