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...
Alex Bagne, Steve Ruda Presented on Often Missed Tax Strategies, followed by Erin Brockovich at BE WORTH IT Conference
Alex Bagne and Steve Ruda exhibited as well as presented on Often Missed and Underutilized Tax Strategies at the Be Worth It conference in Omaha, Nebraska. This was followed by a very moving speech by renowned environmental activist and consumer advocate, Erin Brockovich...
Why Qualified Opportunity Funds Should Consider Cost Segregation
Alex Bagne, the President of ICS Tax, LLC as well as a former President of the American Society of Cost Segregation Professionals (ASCSP), co-authored an article on the interplay between Qualified Opportunity Funds and Cost Segregation for the ASCSP Summer 2019 Quarterly Newsletter...
“Taxpayer Certainty and Disaster Tax Relief Act of 2019” Seeks to Extend 179D Energy Efficient Commercial Building Deduction and 45L Energy Efficient Home Credit through December 31, 2020
Some promising news for responsible building owners, home builders, and those who design energy efficient public buildings...the "Taxpayer Certainty and Disaster Tax Relief Act of 2019" seeks to extend the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and the §45L Energy Efficient Home Credit (§45L Credit) through December 31...
The R&D Tax Credit for Manufacturers – Don’t Scrap the Benefit!
While many manufacturing tax breaks have been reduced or have expired, one tax incentive has been in existence for over 30 years and recently made permanent. The Research and Development (R&D) Tax Credit, a dollar-for-dollar tax reduction, has generated over $12 billion dollars annually for companies engaging in research activities...
Senate Finance Committee Established Task Forces to Consider Tax Extenders, which Include the 179D and 45L Energy Efficiency Incentives
The Senate Finance Committee has established bipartisan task forces to evaluate tax provisions that expired or expire between December 31, 2017 and December 31, 2019. Chairman Chuck Grassley said on the Senate floor that their work would begin immediately and wrap up by the end of June. Among other provision...
The Interplay of Cost Segregation with the Historic Tax Credit
Alex Bagne, the President of both ICS Tax, LLC as well as the President of the American Society of Cost Segregation Professionals (ASCSP), co-authored an article on the interplay between Cost Segregation and the Historic Tax Credit for the ASCSP Spring 2019 Quarterly Newsletter...
Proposed Legislation Titled “Tax Extender and Disaster Relief Act of 2019” Seeks to Extend §179D and §45L Energy Efficiency Tax Incentives through December 31, 2019
Today, the “Tax Extender and Disaster Relief Act of 2019” was introduced by Chairman Grassley and Ranking Member Wydenhis, which seeks to extend several expired tax incentives including the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and the §45L Energy Efficient Home Credit (§45L Credit)...
New Tax Court Case: Taxpayer Failed to Meet Definition of “Designer” under §179D Energy Efficient Commercial Building Deduction Allocation Rule
A recent court case denied a taxpayer the Energy Efficient Commercial Building Deduction under IRC §179D since it could not substantiate that it was the “Designer” under the incentive’s allocation rule...