The existing 179D rules continue through December 31, 2022, with new rules going into effect for property placed in service January 1, 2023. The act increases the 179D deduction while lowering the minimum required savings, and expanding allocations to all tax-exempt entities...

President Biden signed Into Law H.R. 5376, The Inflation Reduction Act of 2022. The Act extended the 45L credit for homes sold or leased during 2022 with little modification. Thus, residences sold or leased in 2022 would qualify for the 45L credit using the 2021 energy efficiency standards. However, from...

The Inflation Reduction Act of 2022 made changes to the 45L credit. This legislation provides a higher tier credit of $5,000 for eligible single family and manufactured new homes certified as a Zero Energy Ready under the Department of Energy Zero Energy Ready Home Program...

The IRS Large Business and International Division released an updated Practice Unit for its agents to audit the 179D Energy Efficient Commercial Buildings Deduction. It confirms that taxpayers can use the ASHRAE Standard 90.1-2007 rather than newer, more strict standards but also could be an indication that the IRS will...

Choosing a tax consulting firm as a trusted advisor is an incredibly important decision for both businesses needing such services as well as accounting firms who refer them to their clients. Recently, a national tax consulting firm was raided by the IRS Criminal Investigation agents specializing in tax violations and...

The new smaller version of the proposed Build Back Better legislation includes details that will extend and limit the 45L tax credit to Energy Star and Zero Energy Ready homes. The U.S. House Select Committee on the Climate Crisis met on April 7th and heard testimony from the American Public...

Our latest ERC experience includes an assisted living community that was mandating to stop showing its facilities to potential residents and otherwise lost revenues due to COVID-19-related issues. ICS analyzed their eligible wages and calculated their ERC claim for the 2020 calendar year. The total eligible wages were $519,635, which...

An accounting method refers to the set of rules used to report income and expenses for taxation purposes. Alex Bagne recently held a webinar on accounting methods and we are providing answers to your accounting methods questions...

The IRS announced more requirements are necessary for Research Credit Claims for Refunds. New rules are effective January 10, 2022 with a transition and grace period...

An accounting method refers to the set of rules used to report income and expenses for taxation purposes. Alex Bagne recently held a webinar on accounting methods and we are providing answers to your accounting methods questions...

Travis Mlodzik President of ASCSP will represent the Society at the AICPA & CIMA Construction & Real Estate Conference in Las Vegas. The ASCSP represents the best within the cost segregation industry, and Travis will be there to answer questions about the Society, selecting a cost segregation professional, and cost...

ASCSP completed its annual meeting in Austin, Texas. Travis Mlodzik, the ICS Central Practice Leader and the current ASCSP President, acted as host for the annual conference. Alex Bagne, the President of ICS and former ASCSP President, presented on the Asset Classes of Rev. Proc. 87-56, which details class lives...

The Build Back Better Act, if passed, has some significant changes to the 45L Energy Efficient Home Credit (45L Credit) and the 179D Energy Efficient Commercial Building Deduction (179D Deduction)...

"Maximizing Tax Benefits with Opportunity Zones and Cost Segregation" coauthored by Alex Bagne was recently published by Bloomberg Tax Management Real Estate Journal. Combined, these two tax planning ideas can tremendously increase investment profitability...

Alex Bagne recently spoke at a real estate conference on how developers and building owners can decrease their tax liabilities by utilizing several often-overlooked tax planning strategies including 179D and 45L energy efficiency incentives...