ICS Tax and ICS Inspectors are exhibiting at the International Builders' Show (IBS) in Las Vegas from February 25–27, 2025. Connect with our team and learn more about how we can support your business with our unique tax planning and home inspection solutions. Our team of HERS raters, engineers, and...

Alex Bagne, President of ICS, recently hosted a webinar on accounting methods in November 2024. The webinar drew an audience of over 1,000 participants, and we are now contributing our expertise by publishing answers to your accounting methods Accounting methods are the rules used to report income and expenses...

In a 2024 case, United States of America v. Oehler et al, the tax court denied the Energy Efficient Commercial Building Deduction under IRC §179D to a lighting contractor for work they performed upon public schools since it failed to meet the definition of a “designer”...

ICS Tax, LLC is thrilled to announce Tiffany Grimmer as its newest partner, who will serve as the Chief Operating Officer. She will continue to reside at its Savage, Minnesota headquarters. Tiffany has been with ICS for eight years, progressing in her career as the operations hub of the organization...

Join our exclusive webinar where Laura Steinbrink from Emerald Built Environments hosts an insightful discussion with Alex Bagne, Jason Puffenbarger, and Noe Montalvo from ICS Tax. Topics include: Federal tax incentives (179D, 45L, Cost Segregation, renewable energy tax credit), utility rebates, opportunity zones. How to layer incentives together to maximize...

The IRS recently announced several notable changes to the process of claiming the R&D Tax Credit, announcing welcome reductions to requirements for filing amended R&D Credit claims and reduced requirements for the proposed Form 6765. In response to feedback, the IRS has revised the draft Form 6765 and has also waived...

The IRS released final regulations and related guidance regarding bonus credits and deductions for taxpayers that satisfy prevailing wage and apprenticeship (PWA) requirements. The regulations apply to certain “green” energy tax provisions, such as the §179D Energy Efficient Commercial Building Deduction and the §45L Energy Efficient Home Credit, as well...

The IRS recently released Announcement 2024-24, notifying taxpayers that Reference Standard 90.1-2022 is the applicable reference standard required under the §179D Energy Efficient Commercial Building Deduction for ‘Energy Efficient Commercial Building Property’ (EECBP) placed in service after December 31, 2028, and the construction of which did not begin by December...

The recent MBJ v. Commissioner ruling highlights the important role of contract language in determining eligibility for Research and Development (R&D) Credits. MBJ, a structural engineering firm, had $190,000 in credits disallowed due to inadequate contract language. Although MBJ's contracts allowed for phase inspections and termination for substantial failure to...

A recent Tax Court ruling in S Moore v. Commissioner serves as a reminder of the important role documentation plays in supporting claims for research credits. In this case, the Tax Court disallowed a tax credit for research expenses claimed by a married couple due to inadequate documentation...

In an interview by Arda Bircan from STR Tax Loophole, Alex Bagne, President of ICS, explains how savvy investors combine cost segregation with the short-term rental loophole to minimize income taxes, grow a real estate portfolio, and build generational wealth. He discusses a real-life scenario in which a successful C-level...

On Thursday, March 21, the Senate Finance Committee held a hearing on the Biden 2025 Budget Proposal, questioning Treasury Secretary Janet Yellen on various aspects of the proposed budget, with many members noting concern about the proposed increase of the corporate tax rate and aspects of the budget that would...

The §179D Energy Efficient Commercial Building Deduction is a federal tax incentive encouraging energy efficient construction by providing building owners and designers with substantial financial benefits. An exciting aspect in 2024 is the inflationary increase of the maximum §179D Deduction to $5.65 per square foot for projects meeting the prevailing...

The proposed Tax Relief for American Families and Workers Act of 2024 changes the period for when companies must start the five-year period for the deduction of research and experimental expenditures from tax years beginning after December 31, 2021, to tax years beginning after December 31, 2025...

The short-term rental loophole allows investors in vacation homes and similar properties to offset wage income with accelerated tax deductions generated by cost segregation studies. The article titled "Expanding the Short-Term Rental Loophole with Cost Segregation," co-written by Alex Bagne, President of ICS, details the mechanics of this beneficial tax...