Brew Up Tax Savings with the R&D Tax Credit
While the Consolidated Appropriations Act, 2021 clarified that expenditures paid with forgiven Paycheck Protection Program loan proceeds are deductible for federal income tax, the relief may be short-lived for state income tax depending upon that state's conformity with the federal tax code and as such, may also reduce R&D Tax...
Despite PPP Loan Forgiveness, State Tax Conformity Rules May Reduce R&D Tax Credits
While the Consolidated Appropriations Act, 2021 clarified that expenditures paid with forgiven Paycheck Protection Program loan proceeds are deductible for federal income tax, the relief may be short-lived for state income tax depending upon that state's conformity with the federal tax code and as such, may also reduce R&D Tax...
179D and 45L Energy Efficiency Incentives Extended
The passing of the latest coronavirus relief bill titled the 'Consolidated Appropriations Act, 2021' ("CAA 2021") made permanent the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and extended the §45L Energy Efficient Home Credit (§45L Credit) through December 31, 2021...
Proposed Coronavirus Relief Legislation Titled ‘Consolidated Appropriations Act, 2021’ Would Extend 179D and 45L Energy Efficiency Incentives
If signed into law, the latest coronavirus relief bill titled the 'Consolidated Appropriations Act, 2021' ("CAA 2021") would make the §179D Deduction permanent and extend the §45L Credit through 2021...
IRS Issued Final Regulations on Sec. 1031 Like-Kind Exchanges, Provides Definition of Real Property, Addresses Taxpayer’s Receipt of Personal Property Incidental to Real Property
The IRS released final regulations providing guidance under IRC Sec. 1031 to implement recent changes for like-kind exchanges. Sec. 1031 allows for the deferral of gain recognition on the sale of business property if the relinquished property is replaced with a similar type of property. Prior to the Tax Cuts...
Downsides to the COVID-19 Tax Relief Legislation That Could Impact the R&D Tax Credit
NOL rules frequently change and are oftentimes not favorable to a taxpayer. Prior to the CARES Act, the TCJA would not allow NOLs to be carried back and only 80% of NOL carryforwards would be allowed to offset taxable income effective for tax years commencing January 1, 2018...
Extender Coalition Pushes for Continuation of 179D and 45L Energy Efficiency Incentives
The §179D Energy Efficient Commercial Building Deduction and the §45L Energy Efficient Home Credit are valuable tax incentives that encourage energy efficient design in both commercial and residential construction set to expire at the end of 2020. However the Extender Coalition seeks to extend them...
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...