Alex Bagne, Author at ICS Tax, LLC

Aug 2, 2019 Why Qualified Opportunity Funds Should Consider Cost Segregation

Alex Bagne, the President of ICS Tax, LLC as well as a former President of the American Society of Cost Segregation Professionals (ASCSP), co-authored an article on the interplay between Qualified Opportunity Funds and Cost Segregation for the ASCSP Summer 2019 Quarterly Newsletter....

Jun 18, 2019 “Taxpayer Certainty and Disaster Tax Relief Act of 2019” Seeks to Extend 179D Energy Efficient Commercial Building Deduction and 45L Energy Efficient Home Credit through December 31, 2020

Some promising news for responsible building owners, home builders, and those who design energy efficient public buildings...

Jun 12, 2019 The R&D Tax Credit for Manufacturers – Don’t Scrap the Benefit!

While many manufacturing tax breaks have been reduced or have expired, one tax incentive has been in existence for over 30 years and recently made permanent. The Research and Development (R&D) Tax Credit, a dollar-for-dollar tax reduction, has generated over $12 billion dollars annually for companies engaging in research activities....

May 16, 2019 Senate Finance Committee Established Task Forces to Consider Tax Extenders, which Include the 179D and 45L Energy Efficiency Incentives

The Senate Finance Committee has established bipartisan task forces to evaluate tax provisions that expired or expire between December 31, 2017 and December 31, 2019. Chairman Chuck Grassley said on the Senate floor that their work would begin immediately and wrap up by the end of June. Among other provision, the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and the §45L Energy Efficient Home Credit (§45L Credit) are under consideration....

Apr 16, 2019 The Interplay of Cost Segregation with the Historic Tax Credit

Alex Bagne, the President of both ICS Tax, LLC as well as the President of the American Society of Cost Segregation Professionals (ASCSP), co-authored an article on the interplay between Cost Segregation and the Historic Tax Credit for the ASCSP Spring 2019 Quarterly Newsletter....

Feb 28, 2019 Proposed Legislation Titled “Tax Extender and Disaster Relief Act of 2019” Seeks to Extend §179D and §45L Energy Efficiency Tax Incentives through December 31, 2019

Today, the “Tax Extender and Disaster Relief Act of 2019” was introduced by Chairman Grassley and Ranking Member Wydenhis, which seeks to extend several expired tax incentives including the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and the §45L Energy Efficient Home Credit (§45L Credit)....

Feb 1, 2019 New Tax Court Case: Taxpayer Failed to Meet Definition of “Designer” under §179D Energy Efficient Commercial Building Deduction Allocation Rule

A recent court case denied a taxpayer the Energy Efficient Commercial Building Deduction under IRC §179D since it could not substantiate that it was the “Designer” under the incentive’s allocation rule....

Jan 29, 2019 New Tax Court Case Confirms Burden is on Taxpayer to Substantiate Base Period for the IRC §41 Research Credit

A recent court case denied a taxpayer the Research Credit under IRC §41 since it could not substantiate proper use of the “start-up” base period to calculate its credit rather than use of the 1984-1988 base period. IRC §41 permits a taxpayer to use a base period of either 1984-1988 or, if certain criteria are met, an alternative base period intended to make the credit available to “start-up” companies that were not in business from 1984-1988....

Dec 17, 2018 New IRS Chief Counsel Memo Provides Clarification as to Eligible “Designer” for §179D Energy Efficient Commercial Building Deduction on Public Projects

On December 7, 2018, the IRS Office of Chief Counsel released AM 2018-005, which is a memorandum explaining the eligibility for allocation of the §179D Energy Efficient Commercial Building Property Deduction (§179D Deduction) for “designers” of public projects....

Dec 6, 2018 Alex Bagne Represents the ASCSP at the 2018 AICPA Real Estate and Construction Conference

Alex Bagne, President of ICS Tax, LLC as well as the President of the American Society of Cost Segregation Professionals (ASCSP), had the honor of representing the ASCSP at the 2018 Real Estate and Construction Conference hosted by the American Institute of Certified Public Accountants (AICPA)....

Author: Alex Bagne