Tax Reform: What Real Estate Investors Must Know
With the signing into law of the Tax Cuts and Jobs Act (the “Act”), Congress has enacted the biggest tax reform law in thirty years, one that will make fundamental changes in the taxation of businesses, particularly those who own real estate...
Draft Tax Reform Released: Now is the Time to Accelerate Deductions
The House Ways and Means Committee released draft tax reform legislation on November 3, 2017. The Tax Cuts and Jobs Act provides new detail on Republicans’ tax reform framework. It slashes the top corporate tax rate from 35% to 20% as well as significantly reduces tax for most individuals. Under...
Alex Bagne Elected as President of the American Society of Cost Segregation Professionals (ASCSP)
ICS Tax, LLC (ICS) is excited to announce that its president, Alex Bagne, was elected as the President of the American Society of Cost Segregation Professionals (ASCSP). The ASCSP was founded in 2006 as the preeminent professional society for all members of the cost segregation industry. Headquartered in Washington, DC...
Notice 2017-6: Good News for Taxpayers Wanting to Benefit from the Tangible Property Regulations
The IRS released Notice 2017-6, which better allows taxpayers to take advantage of the Tangible Property Regulations (TPRs). Taxpayers generally are not permitted to make an automatic method change if they made or requested a change for the same item during any of the five tax years ending with the...
IRS releases “Capitalization of Tangible Property” Audit Techniques Guide
The IRS recently released an Audit Techniques Guide titled “Capitalization of Tangible Property”. Audit Techniques Guides (ATGs) help IRS examiners during audits by providing insight into issues unique to specific industries. While designed to provide guidance for IRS employees, these guides are useful to business owners and tax professionals as...
ICS Tax president Alex Bagne co-published an article on Avoiding Recapture Tax in Cost Segregations, featured in the AICPA’s Tax Insider newsletter.
ICS Tax president Alex Bagne co-published an article on Avoiding Recapture Tax in Cost Segregations, featured in the AICPA's Tax Insider newsletter. The recapture tax rules require taxpayers to pay back any tax deductions for accelerated depreciation when appreciated property is sold...
ICS Tax President Alex Bagne is published in “Disclosures” magazine, published by the Virginia Society of CPAs
ICS Tax President Alex Bagne is published in "Disclosures" magazine, published by the Virginia Society of CPAs...
Alex Bagne published in Bloomberg BNA on Dispositions of Tangible Property-IRS Restricts Use of Discount Value Approach
Alex Bagne published in Bloomberg BNA on Dispositions of Tangible Property-IRS Restricts Use of Discount Value Approach...