The House of Representatives passed a sweeping Republican-backed bill that would eliminate the 30% residential solar tax credit (§25D of the U.S. Tax Code) by the end of 2025. The legislation, which also includes major tax, budget, and immigration reforms, faces an uncertain future as it heads to the Senate, where bipartisan support for clean energy incentives could complicate its path forward....
The “One, Big, Beautiful Bill" promises to provide one big deduction for R&D expenditures. Section 111002 aims to provide immediate relief for businesses engaged in research and development activities within the United States. This marks the most promising proposal to walk back the R&D expenditure amortization requirements since they went into effect in 2022....
The §45L Tax Credit and EnergyStar are currently intertwined. Losing one jeopardizes the other, significantly impacting our ability to build energy-efficient homes. The §45L credit is crucial for our industry's financial viability and environmental progress. Losing EnergyStar would severely hinder our ability to build sustainable housing. The §45L Tax Credit is our country’s last remaining federal incentive for residential builders....
We had an excellent experience working with ICS on our 179D energy tax deduction project. Their team was knowledgeable, responsive, and extremely thorough in their reporting. They helped us maximize our deduction and the process was very smooth. We appreciated their expertise and would gladly work with them again....
Very responsive, flexible to one specific request we made. Results were right on expectations. Overall, a great experience. Steve Brooks. CFO...
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...
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....
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....
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....
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....