The deadline to qualify for the §179D Energy Efficient Commercial Buildings Deduction is rapidly approaching. To preserve eligibility, construction must begin before June 30, 2026. The IRS provides flexible methods to establish a qualifying start date, including the Physical Work Test and the Five Percent Safe Harbor, but each requires careful documentation and ongoing progress. ...
The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, restores immediate expensing for domestic R&D costs under new Section 174A and reverses the prior requirement to capitalize and amortize these expenses beginning in 2022; importantly, eligible taxpayers can retroactively apply this treatment to 2022–2024 by filing amended returns under Rev. Proc. 2025-28, allowing full deductions in the year incurred and potentially generating refunds or increasing net operating losses, but action must be taken by July 6, 2026 or earlier if the statute of limitations applies; taxpayers also have a limited opportunity to make or revoke a Section 280C election for those same years, which directly affects how R&D deductions interact with the R&D credit and can materially impact overall tax outcomes; if no action is taken, expenses remain subject to unfavorable amortization rules and the opportunity to optimize both deductions and credits is effectively lost....
Alexander Bagne, President of ICS Tax, LLC, and Micki Vandeloo, President of Lakeview Consulting, Inc., will be featured speakers in an upcoming Wolters Kluwer webinar in May. During the session, Alex will discuss key federal tax incentives available to U.S. manufacturers, including Qualified Production Property, 100 percent bonus depreciation, immediate R&D expensing, IC-DISC, and the Section 45X Advanced Manufacturing Production Credit. Micki will address common misconceptions that prevent manufacturers from pursuing grant funding, identify client scenarios that may be well suited for grants, and examine how evolving economic development priorities, such as workforce development, reshoring, energy efficiency, and supply chain resiliency, are shaping incentive and grant programs....
Congressman Brian Fitzpatrick, in partnership with North America’s Building Trades Unions, introduced the American Energy Dominance Act, a bipartisan proposal to restore long‑term certainty to critical federal energy tax incentives. If enacted, the legislation would restore the §179D Energy Efficient Commercial Buildings Deduction, extend the §45L New Energy Efficient Home Credit through 2032, preserve clean electricity credits under §48E, and extend deadlines for clean hydrogen investment....
ICS Tax is pleased to welcome Diana Ontaneda as Cost Segregation Manager. Diana brings more than seven years of experience delivering engineering-based cost segregation and tax depreciation studies for commercial and residential properties....
ICS identified over $70,000 in Federal and state R&D credits for Oertel Architects in Saint Paul, Minnesota. The Research & Development (R&D) tax credit is a federal and state incentive available to architecture firms for technical design activities that involve resolving engineering or performance uncertainty...
The IRS has recently introduced Form 7220, Prevailing Wage and Apprenticeship (PWA) Verification and Corrections, to report compliance with PWA requirements for claiming increased tax credits or deductions. This form is important because it verifies adherence to PWA rules, enabling taxpayers to access significantly boosted incentives, such as the fivefold increase in the §179D deduction or the full 30% §48E credit on projects over 1MW, potentially adding millions in tax savings for qualifying projects....
ICS Tax is pleased to welcome Kevin Font as our newest Cost Segregation Manager. Kevin brings extensive experience in cost segregation and project management, having previously held roles at Big Four accounting firms. Kevin earned his degree from Louisiana State University’s College of Engineering, where he studied Civil Engineering and Construction Management. We are excited to have Kevin join the ICS Tax team and look forward to the value he will deliver to our clients nationwide. Outside of work, Kevin enjoys spending time with his two daughters, playing basketball, and cheering on LSU, the Saints, and the Pelicans....
The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, significantly reshapes real estate tax planning by accelerating deductions while narrowing energy incentives. The Act permanently restores 100% bonus depreciation under §168(k), allowing immediate expensing of qualified property, including assets identified through cost segregation studies. New §168(n) enables full expensing of qualifying portions of newly constructed nonresidential buildings used in manufacturing and production, creating major benefits for industrial and logistics projects. OBBBA also permanently restructures the Opportunity Zone program with rolling 10‑year designation cycles and enhanced rural incentives, including a 30% basis step‑up through Qualified Rural Opportunity Funds. §179 expensing limits increase to $2.5 million, further supporting capital investment. At the same time, OBBBA accelerates the sunset of key energy credits, making careful timing and proactive planning between 2025 and 2031 essential to maximize tax benefits and after‑tax cash flow....
IRS Notice 2026‑16 provides long‑awaited guidance on Qualified Production Property (QPP), allowing eligible manufacturers to claim up to 100% bonus depreciation on qualifying production facilities. The guidance clarifies what buildings and activities qualify, outlines election and timing requirements, and explains how QPP interacts with cost segregation. For manufacturers expanding or reshoring U.S. operations, QPP can significantly accelerate depreciation and reduce the after‑tax cost of new facilities....