May 16, 2023 360 Paint Supply. Texas
360 Paint Supply. The directors at ICS demonstrate strong character and principles. They made our experience wonderful....
Mar 31, 2023 IRS Warns Taxpayers on Deceitful Employee Retention Credits Service Providers
The IRS has publicly issued several warnings on the aggressive promotion of the Employee Retention Credits, even making it onto their 2023 Dirty Dozen list of tax scams. Many ERC promotions can be based on misleading information related to eligibility and credit calculations. Radio and internet ads promising guaranteed credits should be scrutinized. "… there are promoters misleading people and businesses into thinking they can claim these credits. People should remember the IRS is actively auditing and conducting criminal investigations related to these false claims. We urge honest taxpayers not to be caught up in these schemes," said IRS Commissioner Danny Werfel. ...
Mar 15, 2023 Tax Court Case: Engineering Firm Overstated §179D Energy Efficient Commercial Building Property Deduction
In a recent case, Michael Johnson, et ux. v. Commissioner, the tax court denied the majority of a taxpayer’s Energy Efficient Commercial Building Deduction under IRC §179D since it claimed a §179D Deduction exceeding the cost of the Energy Efficient Commercial Building Property (EECBP)....
Mar 6, 2023 New IRS Form 7205 for the §179D Energy Efficient Commercial Building Deduction
The IRS recently published Form 7205 and the corresponding Instructions for taxpayers claiming the §179D Energy Efficient Commercial Building Deduction. In prior tax years, the §179D Deduction was listed as an Other Deduction, but the new Form 7205 allows qualified business entities and individuals to claim the deduction under section 179D....
Feb 2, 2023 NAHB International Builders’ Show 2023 Las Vegas
The ICS team is sponsoring the NAHB International Builders' Show 2023 Las Vegas. The NAHB International Builders' Show Las Vegas is the largest annual light construction show in the world. Organized by the National Association of Home Builders (NAHB)....
Jan 9, 2023 IRS Clarifies the Applicable ASHRAE Reference Standards for the §179D Energy Efficient Commercial Building Deduction
The §179D Deduction requires energy modeling whereby the building is compared to the same building constructed to the minimum requirements of a specified ASHRAE 90.1 Reference Standard. In Announcement 2023-1, the IRS affirmed ASHRAE 90.1-2019 as the new Reference Standard. The new standard will be applicable for any projects placed in service after 2026. The IRS also clarified that ASHRAE 90.1-2007 will remain the Reference Standard for any projects placed in service before the newer standard goes into effect. In addition, taxpayers who began construction before 2023 may utilize Reference Standard 90.1-2007 regardless of when the building is placed in service....
Dec 22, 2022 Brady Ware & Company. Ohio
I have been working with ICS for the past 4 years. Amazing experience. I would highly recommend them. Betty Collins. Director. Brady Ware & Company...
Dec 22, 2022 RDP Foodservice. Ohio
We have had the pleasure of working with ICS Tax. They are professionals and came out to the site visit with their engineers. Project went smoothly and we were able to save thousands of dollars in tax deductions...
Dec 9, 2022 Satisfying Prevailing Wage Requirements to Maximize the §179D Energy Efficient Commercial Building Deduction and the §45L Energy Efficient Home Credit
IRS published Notice 2022-61 to explain how taxpayers can meet prevailing wage requirements to obtain higher credits and deductions with the §45L Energy Efficient Home Credit and the §179D Energy Efficient Commercial Building Deduction....
Nov 16, 2022 Loudonville Farmers Equity. Ohio
Our company has utilized the services of ICS Tax, LLC for the past two years. Lacy and Michelle are the epitome of professionalism. I would highly recommend their work to other businesses. ...