The U.S. Treasury Department and the IRS has issued proposed regulations (REG-104397-18) providing guidance on Section 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA). The TCJA increased the allowable first-year depreciation deduction for qualified property from 50% to 100% for property acquired...

Simply put, accounting methods are how income and expenses are reported for tax purposes. Changing a taxpayer’s accounting method may seem as easy as switching a setting in QuickBooks, but it’s actually a complex process that requires knowledgeable, experienced professionals to help organizations deal with the required IRS formalities...

Peter Reilly of Forbes Magazine recently interviewed Alex Bagne, the President of both ICS Tax, LLC as well as the  American Society of Cost Segregation Professionals (ASCSP). It provides great insight into the cost segregation industry as well as highlights the need to hire a competent Cost Segregation provider...

ICS Tax welcomes Andrew Archambeau as a Senior Engineer in our Columbus, Ohio practice office. After graduating in 2014 from the University of Cincinnati with a Bachelor of Science degree in civil engineering, Andrew began his career in specialized tax consulting...

ICS Tax, LLC (ICS) congratulates Kevin Johnson and Thomas Fellure for passing exams administered by the American Society of Cost Segregation Professionals (ASCSP)...

With the signing into law of the Tax Cuts and Jobs Act (the “Act”), Congress has enacted the biggest tax reform law in thirty years, one that will make fundamental changes in the taxation of businesses, particularly those who own real estate...

The House Ways and Means Committee released draft tax reform legislation on November 3, 2017. The Tax Cuts and Jobs Act provides new detail on Republicans’ tax reform framework. It slashes the top corporate tax rate from 35% to 20% as well as significantly reduces tax for most individuals. Under...

ICS Tax, LLC (ICS) is excited to announce that its president, Alex Bagne, was elected as the President of the American Society of Cost Segregation Professionals (ASCSP). The ASCSP was founded in 2006 as the preeminent professional society for all members of the cost segregation industry. Headquartered in Washington, DC...

The IRS released Notice 2017-6, which better allows taxpayers to take advantage of the Tangible Property Regulations (TPRs). Taxpayers generally are not permitted to make an automatic method change if they made or requested a change for the same item during any of the five tax years ending with the...