Accounting Methods | Cost Segregation + Fixed Asset Review | Employment Incentives | Energy Efficiency Incentives | R&D Tax Credit
Client Sues CPA for Failing to Advise of IC-DISC Tax Strategy and Then Covering It Up
Client Sues CPA for Failing to Advise of IC-DISC Tax Strategy and Then Covering It Up...
ICS Tax Welcomes Steve Samos
ICS Tax welcomes Steve Samos as the Director of Inspections to assist with the 45L Energy Efficient Home Credit...
Temporary Procedures Allow Taxpayers to Fax Required Duplicate Copy of Form 3115, Application for Change in Accounting Method
Due to COVID-19 concerns, the IRS has provided temporary procedures that allow taxpayers to fax the required duplicate copy of Form 3115, Application for Change in Accounting Method, when making an accounting method change using the automatic consent procedures...
“The Moving Forward Act” Seeks to Modify and Extend 179D Energy Efficient Commercial Building Deduction and 45L Energy Efficient Home Credit
Some promising news for responsible building owners, home builders, and those who design energy efficient public buildings...the "Moving Forward Act" seeks to modify and extend the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and the §45L Energy Efficient Home Credit (§45L Credit)...
CARES Act Provides Unique Opportunities for the R&D Tax Credit
The CARES Act makes taxpayer-friendly changes to NOL carryforward rules commencing January 1, 2018...
Additional Tax Benefits for Real Estate Investors under the Coronavirus Aid, Relief, and Economic Security (CARES) Act
As part of a $2 trillion dollar relief package, two provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act benefit many real estate owners...
An Unfortunate Article, Clarifying Misconceptions in the Cost Segregation Industry
The primary mission of American Society of Cost Segregation Professionals (ASCSP) is to create quality standards for the cost segregation industry. As part of this role, it identifies and clarifies misconceptions. The ASCSP published an article that corrects several errors in a recent publication by the Forbes Finance Council...
EXTENDED: 179D Energy Efficient Commercial Building Deduction and 45L Energy Efficient Home Credit
The passing of the Taxpayer Certainty and Disaster Tax Relief Act of 2019, which is part of the Further Consolidated Appropriations Act, 2020, extended the §179D Energy Efficient Commercial Building Deduction and the §45L Energy Efficient Home Credit. The new Act extends these two incentives, which expired December 31, 2017...
House Reaches Deal to Renew the Expired Tax Incentives Known as the Tax Extenders, Includes 179D and 45L
Lawmakers negotiating a year end budget bill reached agreement on December 16 to include tax extenders, which the House passed on December 17th. The Senate is expected to follow by the December 20 deadline to keep the government open. President Trump stated he has agreed to sign the measures. The...
ICS Tax Welcomes Courtney Smith
ICS welcomes Courtney Smith as a Cost Segregation Engineer for our Twin Cities practice office...
Are Your Company’s Products Used in Canada, or Anywhere Else Outside of the U.S.? Get Ready for a Lower Tax Bill!
Manufacturers and processors are reaping large rewards for involvement with products used abroad – including in Canada and Mexico. Many, however, are still inadvertently passing on claiming the benefits that the federal government is offering. In the Tax Cuts and Jobs creation act of 2018, the federal government preserved the “IC-DISC” (Interest...
ICS Tax Welcomes Walker Willse
ICS Tax welcomes Walker Willse as a Regional Director for ICS Tax, LLC who resides in Nashville, Tennessee. He has over 15 years of experience in specialty tax planning as well as commercial real estate. Walker focuses upon establishing ICS Tax as the most trusted specialty tax consulting firm to...
The Fate of the §179D Energy Efficient Commercial Building Deduction and the §45L Energy Efficient Home Credit
Almost daily, I receive questions about the status of the §179D Energy Efficient Commercial Building Deduction and the §45L Energy Efficient Home Credit. These two incentives encourage sustainable building practices as well as stimulate the economy and create jobs...
IRS Publishes Updated List of Automatic Accounting Method Changes in Rev. Proc. 2019-43
The IRS recently published Rev. Proc. 2019-43, which is an updated list of automatic accounting method changes...
The R&D Tax Credit for the Construction Industry – Cementing a Favorable Tax Incentive
While many tax breaks have been reduced or expired, Research and Development (R&D) tax credit has been in existence for over 30 years and recently made permanent. The R&D tax credit has generated over $12 billion dollars annually for companies engaging in research activities. While most Fortune 500 firms claim...