Jul 6, 2021 Woltman Group. Sioux Falls, South Dakota
ICS Tax Engagement Review: We’ve worked with ICS Tax for several years now. We’ve found ICS Tax to be a valuable resource for our clients....
Jun 8, 2021 Biden’s 2022 Tax Proposals Bolster the 45L and 179D Energy Efficiency Tax Incentives
The Department of the Treasury has issued detailed information about the Biden Administration's tax proposals for fiscal-year 2022. If passed, the legislation would make both the 45L Energy Efficient Home Credit and the 179D Energy Efficient Commercial Building Deduction more advantageous....
Apr 13, 2021 Proposed Legislation Would Bolster the 45L and 179D Energy Efficiency Tax Incentives
The ‘Growing Renewable Energy and Efficiency Now’ (GREEN) Act, aims to extend and boost tax incentives for energy efficiency and renewable energy. If passed, the GREEN Act would make both the 45L Energy Efficient Home Credit (45L Credit) and the 179D Energy Efficient Commercial Building Deduction (179D Deduction) more advantageous while furthering the green missions of these incentives....
Mar 20, 2021 TDT CPAs. Burlington, Iowa
We truly appreciate the partnership we have to collaborate collectively to solve issues for our clients....
Mar 5, 2021 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 Credits....
Jan 31, 2021 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 Credits....
Dec 28, 2020 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....
Dec 21, 2020 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....
Nov 24, 2020 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 and Jobs Act (TCJA), both personal property and real property qualified for like-kind exchange treatment, but now only real property qualifies....
Nov 11, 2020 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....