News - Page 17 of 26 - ICS Tax, LLC

Jan 29, 2019

New Tax Court Case Confirms Burden is on Taxpayer to Substantiate Base Period for the IRC §41 Research Credit

A recent court case denied a taxpayer the Research Credit under IRC §41 since it could not substantiate proper use of the “start-up” base period to calculate its credit rather than use of the 1984-1988 base period. IRC §41 permits a taxpayer to use a base period of either 1984-1988 or, if certain criteria are met, an alternative base period intended to make the credit available to “start-up” companies that were not in business from 1984-1988....

Dec 17, 2018

New IRS Chief Counsel Memo Provides Clarification as to Eligible “Designer” for §179D Energy Efficient Commercial Building Deduction on Public Projects

On December 7, 2018, the IRS Office of Chief Counsel released AM 2018-005, which is a memorandum explaining the eligibility for allocation of the §179D Energy Efficient Commercial Building Property Deduction (§179D Deduction) for “designers” of public projects....

Dec 06, 2018

Alex Bagne Represents the ASCSP at the 2018 AICPA Real Estate and Construction Conference

Alex Bagne, President of ICS Tax, LLC as well as the President of the American Society of Cost Segregation Professionals (ASCSP), had the honor of representing the ASCSP at the 2018 Real Estate and Construction Conference hosted by the American Institute of Certified Public Accountants (AICPA)....

Nov 27, 2018

Proposed Legislation Titled “Retirement, Savings, and Other Tax Relief Act of 2018” Seeks to Extend §179D and §45L Energy Efficiency Tax Incentives

This week, the House released proposed legislation titled “Retirement, Savings, and Other Tax Relief Act of 2018”, which seeks to extend several expired tax incentives including the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and the §45L Energy Efficient Home Credit (§45L Credit)....

Sep 18, 2018

Journal of Taxation Article Highlights the Need to Hire Competent Cost Segregation Professionals

The September 2018 edition of the Journal of Taxation discusses the practice of cost segregation with a focus on IRS Chief Counsel Advice (CCA) 201805001. This CCA memorandum reasons that the preparers of overly aggressive cost segregation studies may be subject to penalties....

Aug 08, 2018

IRS Issues Proposed Regulations on 100% Bonus Depreciation

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 and placed in service after Sept. 27, 2017. This will get phased down by 20% per year beginning after Dec. 22, 2022. The biggest change that arose from tax reform was the ability to now take bonus depreciation on used property by waiving the original-use requirement. ...

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