Author: Ivan Tax

Mar 31, 2023

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 6, 2023

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

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

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

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

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...

Nov 16, 2022

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. ...

Nov 10, 2022

Alexander Bagne, JD, CPA, MBA, CCSP, is presenting accounting methods at the CCH Connections: User Conference in Tampa, Florida. The conference provides the skills, tools, and community that helps improve tax and accounting professionals. Alex’s presentation explains how accounting methods serve as a powerful mechanism to implement valuable tax strategies as well as how to maintain compliance or remove IRS audit exposure. ...