Ivan Tax, Author at ICS Tax, LLC

Nov 7, 2022 Travis Cansler-Pitt at a National Real Estate Conference

Travis Cansler-Pitt, Director of ICS Tax, presented at a national real estate conference. His session covered ROIs, tax breaks, and capitalizing on the §45L and §179D deductions to increase cash flow. Travis specializes in tax planning for real estate investors, home builders, and professionals within the construction industry. He is an expert in the §45L Energy Efficient Home Credit as well as the §179D Energy Efficient Commercial Building Deduction. His experience and expertise in tax planning has generated tremendous income tax savings. ...

Nov 3, 2022 ASCSP Celebrates 16 Years Serving the Cost Segregation Industry

ASCSP is celebrating 16 years of supporting the Cost Segregation industry by hosting its annual conference in Arlington, Texas. Cost Segregation professionals from ICS Tax, LLC are attending the annual conference to stay abreast of the latest updates within the industry. At ICS, all cost segregation studies are stamped by a Certified Cost Segregation Professional (CCSP), the highest credential in the Cost Segregation industry, which requires seven years and 7,000 hours of relevant Cost Segregation experience, passing of a rigorous exam, and peer review of a prior study....

Aug 22, 2022 The Inflation Reduction Act Significantly Changes the 179D Energy Efficient Commercial Building Deduction

The existing 179D rules continue through December 31, 2022, with new rules going into effect for property placed in service January 1, 2023. The act increases the 179D deduction while lowering the minimum required savings, and expanding allocations to all tax-exempt entities...

Aug 16, 2022 The Inflation Reduction Act: Impact on §45L Tax Credit

President Biden signed Into Law H.R. 5376, The Inflation Reduction Act of 2022. The Act extended the 45L credit for homes sold or leased during 2022 with little modification. Thus, residences sold or leased in 2022 would qualify for the 45L credit using the 2021 energy efficiency standards. However, from January 1, 2023 through December 31, 2032, the Act significantly changes the 45L Energy Efficient Home Credit with new provisions and requirements. ...

Aug 8, 2022 The Inflation Reduction Act of 2022 Provides Significant Changes to the 45L Energy Efficient Home Credit

The Inflation Reduction Act of 2022 made changes to the 45L credit. This legislation provides a higher tier credit of $5,000 for eligible single family and manufactured new homes certified as a Zero Energy Ready under the Department of Energy Zero Energy Ready Home Program....

Jul 26, 2022 IRS Releases Updated Practice Unit for Auditing the 179D Energy Efficient Commercial Buildings Deduction

The IRS Large Business and International Division released an updated Practice Unit for its agents to audit the 179D Energy Efficient Commercial Buildings Deduction. It confirms that taxpayers can use the ASHRAE Standard 90.1-2007 rather than newer, more strict standards but also could be an indication that the IRS will have added scrutiny on 179D projects. ...

May 24, 2022 The Importance of Integrity Within the Tax Consulting Industry

Choosing a tax consulting firm as a trusted advisor is an incredibly important decision for both businesses needing such services as well as accounting firms who refer them to their clients. Recently, a national tax consulting firm was raided by the IRS Criminal Investigation agents specializing in tax violations and financial crimes. It is unfortunate to see that the IRS felt the need to take such drastic actions within our industry....

May 4, 2022 Revised Build Back Better Legislation Could Extend and Modify the 45L Tax Credit

The new smaller version of the proposed Build Back Better legislation includes details that will extend and limit the 45L tax credit to Energy Star and Zero Energy Ready homes. The U.S. House Select Committee on the Climate Crisis met on April 7th and heard testimony from the American Public Gas Association, the Alliance to Save Energy, and the...

Apr 4, 2022 CW Suter Services. Iowa

ICS was easy to work with and we were able to secure more allocation letters than ever before. Most importantly, we were able to file our taxes on time and didn’t have to file for an extension. We highly recommend ICS and look forward to working with them for years to come....

Feb 3, 2022 Magnolia by the Lakes. Keego Harbor, Michigan

We needed to stay open because people live here, which was challenging especially since we had to close our doors to visitors, family and friends. ICS did a fabulous job helping us claim these tax credits. Thank you...

Author: Ivan Tax