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 have added scrutiny on 179D projects. ...
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 financial crimes. It is unfortunate to see that the IRS felt the need to take such drastic actions within our industry....
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 Gas Association, the Alliance to Save Energy, and the...
ICS was easy to work with and we were able to secure more allocation letters than ever before. Most importantly, we were able to file our taxes on time and didn’t have to file for an extension. We highly recommend ICS and look forward to working with them for years to come....
We needed to stay open because people live here, which was challenging especially since we had to close our doors to visitors, family and friends. ICS did a fabulous job helping us claim these tax credits. Thank you...