We are very pleased with our experience with ICS Tax! It was a win win for all involved. We are excited for the new alliance, and looking for other clients we can point in their direction. Allyson Chaudier. Vice President...
The ICS team is knowledgeable, responsive, and highly skilled at uncovering tax-saving opportunities that benefit our business. They made the entire process seamless, from the initial consultation to the final results, and helped us unlock significant deductions and credits. We anticipate continuing to rely on their expertise and professionalism in the future....
It has been a pleasure working with ICS Tax on the projects they have completed for us. They were very responsive, knowledge and available for questions throughout the entire process of completing our Cost Seg reports in a timely manor....
The IRS has updated its Practice Unit on the §179D Energy Efficient Commercial Buildings Deduction. While not official guidance, these units provide valuable insights into IRS audit and enforcement approaches. The latest §179D updates introduce new eligibility rules, compliance requirements, and higher deduction limits. Given the complexity of these provisions, non-compliance can increase audit risks. Engaging qualified tax professionals and engineers is crucial to ensuring compliance and maximizing deductions....
When converting personal property to investment use, taxpayers must maintain clear documentation of both the original cost and the fair market value at the time of conversion. This documentation is crucial for supporting depreciation deductions and avoiding IRS challenges. In Sherman Derell Smith v. Commissioner, T.C. Memo. 2025-24 (March 24, 2025), the U.S. Tax Court ruled against the taxpayer, who had disputed the IRS’s denial of a depreciation deduction for a rental property on his 2018 federal income tax return. The court found that Smith failed to establish a proper depreciable basis under IRC §167 and Treas. Reg. §1.167(g)-1. This case underscores the importance of maintaining accurate records when transitioning personal property to investment use....
President Donald Trump signaled a strong commitment to reinstating full bonus depreciation under the Tax Cuts and Jobs Act (TCJA), a provision currently set to phase out by the end of 2026. The reinstatement, according to Trump, would be made retroactively to January 20, 2025. If implemented, this move would have significant implications for real estate investors, making cost segregation studies even more valuable in maximizing tax benefits....