The American Society of Cost Segregation Professionals (ASCSP) just concluded its annual conference in Washington, DC. ICS Tax, LLC sent three of its cost segregation professionals, Alex Bagne, Roel Vicerra and Luis Barreira to stay abreast of developments within this ever changing industry. Alex Bagne, a Certified Cost Segregation Professional (CCSP)...

On September 27, 2023, the IRS released guidance on §45L New Energy Efficient Home Credit (§45L Credit) through Notice 2023-65. The guidance provided in this notice addresses: (i) the person that is eligible for the credit, (ii) determining the applicable amount of the credit, (iii) energy saving requirements, (iv) certification...

On September 8, 2023, the Internal Revenue Service (“IRS”) and Department of the Treasury (“Treasury”) released an advance version of Notice 2023-63. This Notice provides interim guidance intended to clarify the amortization and capitalization of specified research and experimental (“SRE”) expenditures under Section 174, amended by the Tax Cuts and Jobs...

An Internal Revenue Service new release previews proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities, commonly known as the Research & Development (R&D) tax credit. The IRS is soliciting feedback in the absence of the formal draft release process for form changes. The...

An Internal Revenue Service new release announced that the IRS would halt processing new Employee Retention Credits (ERC). The moratorium, beginning September 14, 2023, is expected to run through at least the end of the year. The news report stated that the IRS will “continue to work previously filed Employee...

ICS Tax, LLC is pleased to announce that Roel Vicerra has joined our team as a Cost Segregation Senior Manager. Based in Houston, Texas, Roel brings over a decade of experience in the cost segregation industry. He is an associate member of the American Society of Cost Segregation Professionals and...

The IRS has publicly issued several warnings on the aggressive promotion of the Employee Retention Credits, even making it onto their 2023 Dirty Dozen list of tax scams. Many ERC promotions can be based on misleading information related to eligibility and credit calculations. Radio and internet ads promising guaranteed credits...

In a recent case, Michael Johnson, et ux. v. Commissioner, the tax court denied the majority of a taxpayer’s Energy Efficient Commercial Building Deduction under IRC §179D since it claimed a §179D Deduction exceeding the cost of the Energy Efficient Commercial Building Property (EECBP)...

The IRS recently published Form 7205 and the corresponding Instructions for taxpayers claiming the §179D Energy Efficient Commercial Building Deduction. In prior tax years, the §179D Deduction was listed as an Other Deduction, but the new Form 7205 allows qualified business entities and individuals to claim the deduction under section...

The ICS team is sponsoring the NAHB International Builders' Show 2023 Las Vegas. The NAHB International Builders' Show Las Vegas is the largest annual light construction show in the world. Organized by the National Association of Home Builders (NAHB)...

The §179D Deduction requires energy modeling whereby the building is compared to the same building constructed to the minimum requirements of a specified ASHRAE 90.1 Reference Standard. In Announcement 2023-1, the IRS affirmed ASHRAE 90.1-2019 as the new Reference Standard. The new standard will be applicable for any projects placed...

IRS published Notice 2022-61 to explain how taxpayers can meet prevailing wage requirements to obtain higher credits and deductions with the §45L Energy Efficient Home Credit and the §179D Energy Efficient Commercial Building Deduction...

Alexander Bagne, JD, CPA, MBA, CCSP, is presenting accounting methods at the CCH Connections: User Conference in Tampa, Florida. The conference provides the skills, tools, and community that helps improve tax and accounting professionals. Alex’s presentation explains how accounting methods serve as a powerful mechanism to implement valuable tax strategies...

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...

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...